By: Dan Clay
President, Local 555
A few months back, a long term member from the Oregon Coast asked me to help him with a concern with his pension statement. We talked through the issue and I agreed that there seemed to be a problem, so I got to work figuring it out.
After consulting the professionals that work with your Pension Trust, I sat down with the Labor Relations Department from company in question. It was pretty clear that the folks I deal with in the Labor Relations Department there were as confused as I was about what had happened, but they promised to look into it and get back to me.
After a few weeks, we met again and they reported that the company had inadvertently underpaid contributions to the pension due to either a computer or clerical error. Either way, there is no question that this was simply an accident. The Labor Relations Department quickly worked to make it right. They immediately corrected the error for future contributions and began working on calculating the value of the back contributions they owed to the Trust. In the end, the company issued a check to your Pension Trust worth about $1.7M.
This is a big deal because it will increase pension benefits for at least 1,000 Pension Trust participants. Now that the check has been received, the Trust Administrator is in the process of crediting the appropriate money to each participant’s account. The next pension statement that you receive (if you are one of the affected members) will include this update and reflect the increased benefit. If you have any questions, you are welcome to call Pension Trust Administrator (Zenith American Solutions, 503-486-2100). Please know that you do NOT need to take any action; this update will happen automatically.