| Purpose
The purpose of the fund is to provide pensions and "Q" housing for union members.
Funding
The plan is unfunded. Members will fund the plan by the Union's Debit Card Shopping. A percentage of the transaction fees (no cost to the shopper) will be into the pension/housing plan of the members choice.
Benefits
Once the plan becomes funded, the plan will pay the retirement benefits to vested members. It will also invest in "Q" housing for members who opt for it in the plan.
Contributions
Members make no monthly contributions to the Pension / 'Q' Housing fund account. When a member shops a percentage of a members debit cardd transaction fee goes into his pension or housing plan.
Vesting
Being vested means a member has a right to receive a pension when he/she has been in the fund for five (5) years and reaches age 65 or beyond and has paid in to the fund the minimum threshold* amount allowable for eligibility. And if the fund is viable enough to support lifetime payments for the funds recipients.
Pension Service
Is the years and months a member is in the union and the amount of monies contributed to the members account.
Benefit Service
Is used to determine the amount*of a pension a member will receive when he retires. Also it determines his eligibility and place in the queue for "Q" Housing if he opts in the "Q" Housing plan.
Vesting Service
No Pensions will be paid until the fund become viable and can sustain dispursenents.
No Benefits
No benefits service is granted beyond the date of death or voluntary termination.
The Black Shoppers Union Pension and "Q" Housing Fund is a taxable, independent, Pension and housing plan. However, for low income earners its burden will be minimumAnd the union hopes that through political action it will be able to get federal, state and city tax exemptions in the near future.
The black Shoppers Unions Pension and "Q" Housing plan is a completely independent plan having no affiliations with any other entity.
Restoration of Pension and "Q" Housing
If a member shopper voluntarily terminates or makes no contribution to the fund for three months,he or she is considered voluntarily terminated.
Pension Earnings:
Will be determined by the amount of funds deposited into a members account and the viability of the fund.
Retirement Age:
The age for retirement is 65 years or older and a member has accrued six years in the union and is vested and the fund is viable.
Pension Earnings:
Will be determined by the amount of funds deposited into a members account and the viability of the fund.
"Q" Housing:
To sign up for "Q" Housing is a high risk option a member may elect to take. There are no "Q" houses built at present. The union plans on building "Q" Housing for the homeless and union members who want to live in them. When a member opts for "Q" Housing all of his rebate funds will be invested in 'Q' housing. If the investment pays off and "Q" Houses are built, the member who invested in the housing will be placed in the queue to own or live in a "Q" House according to the date of their investment and the amount of money invested from their Pension plan / 'Q' Housing.
Benefits can be lost:
If a member leaves the union and stops contributing to the plan before the member becomes vested.
Contributions does not reach the minimum threshold after five (5) years, a member may opt for a lump payment at the end of five (5) years.
Death during retirement. No benefits are payable after a member dies.
Death before retirement. No benefits are payable if a member dies before he retires.
Termination of plan if the plan is not viable and is terminated and no assets are available, no benefits will be paid.
A member's Pension / Housing Plan is considered voluntarily terminated if no transaction fees are entered into the plan of choice for a period of 3 months.
The union and fund mangers take a percentage of the transaction fees to manage the fund and the union. If the investment loses money benefits may be lost. At present there is no union dues structure.
Pension Earnings:
Will be determined by the amount of funds deposited into a members account and the viability of the fund.
Investment Managers:
The Pension and "Q" Housing Funds will be invested by Ariel Mutual Funds and the Vanguard Group. "These Thresholds will be determined by the actuaries after the first year if the pension and "Q" Housing Fund is in operation. The union reserves the right to make change in the allocation of the fund.
Black Shoppers Union is a non profit organization. It is not a 501c organization. |
