May-June 2012 - The International Organization of Masters, Mates ...

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Masters, Mates & Pilots Plans Princeton, N.J. The Scholarship Recognition Award Program will review the qualifications of all applicants and then select the winners. The names of the winners will be presented to the Trustees for final approval at their meeting in June 2013. To request an application packet, please contact Madeline Petrelli at the Plan Office at 410-850-8615. Medicare Part D For pensioners and their dependents who are covered under Medicare and are secondary under the MM&P Health & Benefit Plan, the Plan’s Prescription Drug Program has been and continues to be comparable to the prescription coverage offered by the Medicare Part D Program. The Plan in September 2011 sent participants the required annual notice explaining that the Plan’s prescription coverage is “creditable” for 2012. This is why we advise pensioners and dependents not to enroll in the Medicare Part D program. The only exception is for retirees and dependents belonging to the Columbia Northwest Group; their prescription drug coverage is “non-creditable.” Participants and dependents in the Columbia Northwest Retiree Group should enroll in the Medicare Part D Prescription Drug Program. Because the MM&P Health & Benefit Prescription Drug Program is “creditable,” the Plan has applied for and received a subsidy for a percentage of the prescription drug costs incurred by Medicare-eligible Offshore retirees and dependents. To receive the subsidy, every year the Plan must file an application with the Center for Medicare and Medicaid Services (CMS). The subsidy equals approximately 28 percent of the cost of the prescription drug benefit of this Group. For the 2012 calendar year, the Plan’s application has been approved. For 2011, the Plan requested and received approximately $1,074,800 in subsidies, which have helped defray the costs of providing this benefit to the Plan’s Offshore retirees and dependents. IRAP and Pension Plan For your reference, we have listed below the Internal Revenue Service limitations for 2012. The defined benefit plan limits listed below apply only to participants in the Offshore Pension Plan. The 401(k) limits apply only to members whose collective bargaining agreements provide for IRAP/401(k) participation. IRS Limitations for 2012 2012 2011 Maximum Annual 415 Payout at Age 62 From a Defined Benefit Plan $200,000 $195,000 Maximum Annual Contribution to an Individual’s Defined Contribution Account Under 415(c) $50,000 $49,000 Maximum Effective 401(k) Deferral $17,000 $16,500 401(k) Catch-Up Limit- Age 50 and Older $5,500 $5,500 Maximum Amount of Annual Compensation That Can Be Taken Into Account for Determining Benefits or Contributions Under a Qualified Plan $250,000 $245,000 Wage Base: a) for Social Security Tax* b) for Medicare $110,100 No Limit $106,800 No Limit Please note that the Social Security tax withholding rate on employee salaries was reduced for the 2011 and 2012 tax years from 6.2 percent to 4.2 percent. The Medicare rate remains the same at 1.45 percent. May - June 2012 - 12 - The Master, Mate & Pilot
Pension Plan Annual Funding Notice As required by federal law, the Plan has mailed the Annual Funding Notice for Plan Year Jan. 1, 2011 through Dec. 31, 2011 to: all participants and beneficiaries, participating employers and the International Organization of Masters, Mates & Pilots. The notice was also e-mailed to the Pension Benefit Guaranty Corporation (PBGC). The notice was mailed at the end of April 2012. The Plan is required to report in the notice on how well funded it is on the basis of a measure called “funded percentage.” The percentage is calculated by dividing the Plan’s assets by its liabilities on the Valuation Date for the Plan Year. The notice is required to include the Plan’s funded percentage for the Plan Year and for each of the two preceding Plan Years. The notice also includes the year-end Fair Market Value of Assets as of the last day of the Plan Year and each of the two preceding Plan Years. The notice includes the total number of participants in the Plan and a breakdown of how many were active, retired or separated from service and receiving benefits, as well as how many participants were retired or separated from service and entitled to future benefits. The last chart on the notice shows how the Plan’s assets were allocated in accordance with the Plan’s investment policy. The chart shows these allocations as percentages of total assets. MM&P members can view a copy of the Annual Funding Notice in PDF format by going to www.bridgedeck.org and entering the Members Only pages. (You must have an account to log in.) Scroll down to “Offshore Pension Plan Information,” click on these words (which will bring up another screen) and then click on “Offshore Pension Plan Annual Funding Notice for the year 2011, mailed in April 2012.” Also posted for your reference are prior year notices. Vacation Plan Electronic Funds Transfer/Direct Deposit The Plan would like to remind Vacation Plan participants that they have the option of receiving their vacation benefits and Port Relief Officer (PRO) payments as a paper check or as an electronic funds transfer (EFT)/direct deposit into their designated bank account. An authorization to perform the transaction electronically must be on file. For any change to your bank and/ or account information, the Plan is required to process a verification (called a pre-note process) through the banking system. Once this process has been completed, each time you apply for a vacation or PRO benefit you have the option of receiving a check or having your benefit processed by EFT/direct deposit. The Plan Office processes the EFTs on a daily basis which allows members to have their benefits credited into their account in a shorter time frame. If you have any questions, please contact the Vacation Plan benefit staff at the Plan Office at 410-850-8625. The Master, Mate & Pilot - 13 - May - June 2012
Page 1 and 2: Vol. 48, No. 3 May - June 2012 The
Page 3 and 4: New MM&P Jobs With APL news briefs
Page 5 and 6: accordance with the ISM process, co
Page 7 and 8: Greetings From Maersk Wyoming! En r
Page 9 and 10: MM&P Members Aboard Maersk Alabama
Page 11 and 12: MSP and the cargo preference laws,
Page 13: Masters, Mates & Pilots Plans Admin
Page 17 and 18: Open an Account at the MM&P Federal
Page 19 and 20: Kenneth Orcutt, 86, died Feb. 6. A
Page 21 and 22: New York/New Jersey Steven Werse Vi
Page 23 and 24: United Inland Membership Group Mich
Page 25 and 26: PCF CONTRIBUTORS Mohamed A. Abbassi
Page 27 and 28: PCF Support the U.S.-Flag Merchant

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