Individuals who worked under a Local I-60 Collective Bargaining Agreement between July 1st, 2004 and February 29th, 2016 are eligible for an employer funded defined benefit pension plan, provided the five year vesting period is met, or will be met without a break in service after March 1st, 2016.
The plan will become frozen to new benefit service accruals as of June 30th, 2016, and to new participants as of March 1st, 2016. The pension plan benefit is being replaced with a tiered 401k defined contribution program with up to 7% dollar-for-dollar match calculated bi-weekly. The change to a 401k program does not reduce or diminish any accrued or vested benefits.
The defined benefit pension plan is managed by Willis Towers Watson (Actuary Dan Stanley, 602-279-3600), and the plan title is Southwest Ambulance Pension Plan. Normal Retirement Age for the plan is 65 years, however an unreduced benefit may be available upon completing twenty years of service. (Please consult the plan document for other exceptions for early retirement.) Lump-sum payouts are only available to vested employees who have terminated employment and have a value of less than $5,000.
Important documents relating to the defined benefit pension plan can be found below, and will be updated as applicable and appropriate.
Implementation of Second Plan Amendment (March 17th, 2016)
Arbitration Ruling – Estimated Effect on Contributions (April 17th, 2015)
Arbitration Ruling – Estimated Impact on Contributions (August 18, 2014)
Arbitration Plan Amendment Implementation (July 28, 2014)
AFTAP / Annual Valuation
2016 AFTAP Only Report (March 31st, 2016)