Legacy Plan Notice of Critical Status – 2024

This is to inform you that on April 1, 2024 the plan actuary certified to the U.S. Department of the Treasury, and also to the Trustees, that the Legacy Plan of the National Retirement Fund (the “Fund”) is in critical status for the plan year beginning January 1, 2024. Federal Law requires that you receive this notice.

This notice is being sent to all of the Fund’s participants, beneficiaries, the participating employers, associated unions (Workers United, SEIU and former Service Workers United), the Pension Benefit Guaranty Corporation and the Department of Labor.

Critical Status 

The plan is considered to be in critical status because it has funding or liquidity problems, or both. More specifically, the plan’s actuary determined that the plan was in critical status beginning in 2010, and in 2024 the plan remains in critical status because it is projected to have an accumulated funding deficiency during the next 9 years.

 

Rehabilitation Plan and Possibility of Reduction in Benefits 

Federal law requires pension plans in critical status to adopt a rehabilitation plan aimed at restoring the financial health of the Fund. The law permits pension plans to reduce, or even eliminate, benefits called “adjustable benefits” as part of a rehabilitation plan. The Fund’s rehabilitation plan includes a reduction in future benefit accruals and adjustable benefits. Any reductions of adjustable benefits will not reduce the level of a participant’s basic benefit payable at normal retirement age. In addition, the reductions may only apply to participants and beneficiaries whose benefit commencement date is on or after June 1, 2010. But you should know that whether or not the Fund reduces adjustable benefits in the future, effective as of April 30, 2010, the Fund is not permitted to pay lump sum benefits in excess of $7,000 (or any other payment in excess of the monthly amount paid under a single life annuity) while the Fund is critical status.

Adjustable Benefits 

The Fund offers the following adjustable benefits which may be eliminated as part of the rehabilitation plan the Fund adopted: 

  • Disability benefits (if not yet in pay status); 
  • Pre-retirement guaranteed death benefits; and 
  • Post-retirement guaranteed death benefits 

Employer Surcharge 

The law requires that all contributing employers pay to the plan a surcharge to help correct the Fund’s financial situation. The amount of the surcharge is equal to a percentage of the amount an employer is otherwise required to contribute to the Fund under the applicable collective bargaining agreement. With some exceptions, a 5% surcharge is applicable in the initial critical year and a 10% surcharge is applicable for each succeeding plan year thereafter in which the plan is in critical status. 

Where to Get More Information 

For more information about this Notice, you may contact the Fund Office at 333 Westchester Avenue, Suite N101, White Plains, NY 10604-2938, (866) 493-0132. You have a right to receive a copy of the rehabilitation plan from the Fund. 

Benchmark Portal - Top Contact Center

Launches Member Portal Accessible 24/7 from Any Mobile Device

At the National Retirement Fund, we’re committed to providing you with the best benefits and service. To make it more convenient for you to access information regarding your pension at any time, from any mobile device, we launched an app that takes you directly to a user-friendly portal with many easy-to-use features, including:

  • Direct access to your pension benefit information, notifications and other important documents
  • Convenient form wizards enabling you to submit a pension application, manage your account, submit a change of address, sign up for direct deposit, and access your pension benefit history
  • Document look up feature giving you access to important Fund details
  • Resource library offering instructional materials, summary of plan description, links to federal and state tax resources, and Frequently Asked Questions (FAQs)
  • Two-factor authentication to protect your personal data and provide a secure online experience

In addition to the functions provided through the mobile app, members can also access their information through a web-based portal; which provides access to additional capabilities.

We are committed to providing you with the highest quality benefit solutions and service. As such, you can look forward to continuous review and enhancement of both the range of features offered and the overall user experience.

Lanza un portal para miembros accesible las 24 horas del día, los 7 días de la semana, desde cualquier dispositivo móvil

En el Fondo Nacional de Jubilación estamos comprometidos a brindarle los mejores beneficios y servicios. Para que sea más conveniente para usted acceder a la información sobre su pensión en cualquier momento, desde cualquier dispositivo móvil, lanzamos una aplicación que lo lleva directamente a un portal de interfaz amigable con muchas características fáciles de usar, que incluyen:

  • Acceso directo a la información sobre sus beneficios de pensión, notificaciones y otros documentos importantes.
  • Asistentes de formulario convenientes, que le permiten enviar una solicitud de pensión, administrar su cuenta, enviar un cambio de dirección, registrarse para el depósito directo y acceder a su historial de beneficios de pensión.
  • Función de búsqueda de documentos, que le brinda acceso a detalles importantes del Fondo.
  • Biblioteca de recursos que ofrece materiales didácticos, el resumen de la descripción del plan, enlaces a recursos fiscales federales y estatales y preguntas frecuentes (Frequently Asked Questions, FAQ).
  • Autenticación de dos factores para proteger sus datos personales y proporcionar una experiencia en línea segura.

Además de las funciones proporcionadas a través de la aplicación móvil, los miembros también pueden acceder a su información a través de un portal web que proporciona acceso a funciones adicionales. 

En el Fondo Nacional de Jubilación, estamos comprometidos a brindarle los mejores beneficios y servicios. Por lo tanto, puede esperar una revisión y mejora continuas tanto de la gama de características ofrecidas, como de la experiencia general del usuario.

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