New contribution rates to take effect March 22, 2020.
[Information provided by MPI – December 20, 2019]
“Currently, contributions for Employees working under an East Coast Agreement with Local 600, Local 700, Local 52, Local 161, Local 817 (Location Managers/Scouts) or the Communication Workers of America, or any other Agreement that contains rates that are based upon the hourly cost of benefits per Participant, are due at the composite rate of $14.788 per hour. Note that such composite rate does not include any applicable Individual Account Plan percentage contributions.
Pursuant to the terms of the MPI Trust Agreements and based on analyses from the Plans’ actuaries, MPI’s Board of Directors have determined that the hourly contribution rates to the Pension and Health Plans shall be adjusted, effective March 22, 2020, as follows:
- Pension Plan: increase from $4.413 to $4.734 per hour
- Active Health: increase from $8.415 to $8.975 per hour
The Retiree Health contribution rate shall remain at $1.9600 per hour.
Effective March 22, 2020, the new total composite rate will be $15.669 per hour.
Updated Rate Group 43, 79 & 81 Contribution Reporting Forms may be downloaded from MPI’s website at www.mpiphp.org. Please do not submit reports with the new contribution rates for hours worked prior to March 22, 2020.
Please note that the above rates do not apply to an Employer, or its related entities, who has made Supplemental Markets payments in an aggregate amount of not less than $15,000,000 over a three consecutive year period.
This information in this communication is general in nature, and is not intended, nor should it be construed, as legal, accounting, tax or other professional advice rendered by GreenSlate, LLC. The reader should contact his or her attorney, CPA, or tax professional prior to taking any action based upon this information.