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CWA Local 4050/4090

220 Bagley
Suite 832
Detroit, MI 48226

Phone: (313) 963 - 1873
Fax: (313) 963 - 8577

Info Line

(313) 963 - 2160 ext-33


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EXECUTIVE OFFICERS

President:
Dave Skotarczyk

Executive Vice President:
Troy Smith

Secretary/Treasurer:
Gerald Sokoloski

Vice President at Large Global Services:
Keith Valko

Vice President at Large National Units:
Mike Klein

Vice President at Large Special Services:
Anthony Swayne

Area Representative Global Services:
Jim Adamowicz

Area Representative Maintenance:
Artistine Taylor

Area Representative Provisioning:
Ken Williams




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Mike Killewald



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Member Info > Benefits > Pension Deferral Information
Pension Deferral Information
Published by Dave Skotarczyk [Dave Skotarczyk] on 2009/2/11 (1009 reads)
PENSION DISTRIBUTION - LEAVING PAYROLL BEFORE 12/31/xx

Prior to 2005; we had 60 days to request a Lump Sum, but today that IS NO LONGER TRUE. The 2004 Collective Bargaining Agreement [Election Period – Page 253/254] eliminated that limitation.

The only limitation we now have electing a lump sum is the need to do so before Age 65.

An Employee can leave the payroll prior to 12/31; and defer their lump
sum election until the following year [or after; as long as they do so
prior to age 65].

In this case; the employee is entitled to receive the GATT Rate, Age and Mortality Table in effect for the year the lump sum is distributed.

Pension band increases for the following year[s] DO NOT APPLY.

Entitlement to vacation for the following year’s DO NOT APPLY.

GATT Rate
The GATT rate needs to be declared/announced by ATT before it is
official. We do not yet have the declared rate and neither does Fidelity.

The 2007 GATT rate was 4.69% - 2008 GATT rate is currently 4.52%

When the GATT rate goes down; lump sum values go up. If the rate goes up; the lump sum value goes down.

RETIREMENTS 1/1/xx [when possible] In order to gain next years GATT rate, next years pension band increase and next year’s vacation; an employee must declare their last day on payroll as 1/1/xx or after.

RETIREMENTS 12/31/xx [when possible]
The 12//31/xx date is used as the last day on payroll when the employee wants the current year’s GATT Rate and next years vacation*; however they are not entitled to any band increase for the following year.

*Vacation Year – Defined in Article 2 as Dec 31 – Dec 30. Legacy SBC
policy is that an employee has to work one day into the vacation year to gain access to.

2009 PENSION BAND INCREASE
There is a pension band increase effective 1/1/09 @ 2.25% + applicable
cola.
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Tale of Two Countries Video

Canadian members of CWA talk about their country's health care system and how it compares with the costly system in the United States in a video that the Canadian Media Guild produced for last year's CWA convention in Toronto.

In the video and in other interviews, Canadians indicate they don't understand why Americans cling to a staggeringly expensive system that leaves so many people without health care.

For more information, and to find out how you can make a difference, visit www.healthcarevoices.org/canada. The Health Care Voices website features hundreds of stories, ideas and concerns of CWA members and their families as part of the union's fight for health care reform in the United States.
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