Cut Pension Benefit By 26 Percent

On July 1, 2006 The Unity Team CUT your pension benefit by an astounding 26% but failed to mention the word CUT!

Instead the Unity Team misled and deceived you by referring to the pension benefit "CUT" as a "Material Modification" for the change in the benefit formula!

In the Summer Issue of the Carpenter Magazine 2006, The Unity Team actually had this pull quote:

"For 1500 hours, at the new 1% formula, YOU WILL GAIN A BENEFIT."

This is DISHONESTLY at its BEST!

Let me quote from the full article on page 32:

"You all should have received the Summary Material Modification for the change in the pension plan benefit formula by now. Although there is a small reduction in the formula, the net benefit is still greater than what is was under the old benefit credit formula."

"Example: prior to 1999 fifteen hundred hours gave you one benefit credit, which was worth $80.00. The current pension contribution rate for an outside journeyman is $7.81, so, for 1500 hours, at the new 1% formula, you will gain a benefit of $117.15 for the year."

That is just plain BULLSHIT!

That would be like me cutting your salary by $5 an hour today and telling you its an increase because you are still making more money than you did 7 years ago!

Unity Team, NEW MATH: 2 + 2 = 5

Let me explain, on June 30, 2006 your pension benefit formula was:

Pension rate x hours x .0135 = benefit credit

Using their example your benefit credit would be worth $158.15

$7.81 x 1500 x .0135 = $158.15

After the benefit "CUT" on July 1, 2006 or the “Material Modification” as the Unity Team calls it, your new pension benefit formula is:

Pension rate x hours x .0100 = benefit

Using their example your benefit credit would be worth $117.15

$7.81 x 1500 x .0100 = $117.15

Clearly $158.15 on June 30, 2006 is more than $117.15 on July 1, 2006, the very next day working the same hours.

So YOUR pension benefit was CUT by 26% or $41.00

In the Unity Team world of deception your new July 2006 pension benefit of $117.51 is more than your old pension benefit of 1999 which was $80.00, so in the Unity Team world of deception your pension benefit has Increased on July 1, 2006!

Brothers and Sisters the truth is we are really being misled and not being told the truth about our pension fund. We should demand a Full Independent Investigation and a Full Independent Accounting reported to the membership.

PS: As the Unity Team "CUT" your pension benefit by 26% they INCREASED their pension benefit! Where is the Outrage!!!

Click here to read mail out

This is why you cannot trust anything The Unity Team says!