Seafarers Pension Plan Administrator Lou Delma recently announced that the Plan’s Board of Trustees approved an increase of $100 in the basic Deep Sea Pension benefit, effective Jan. 1, 2002.As a result of this increase, the basic monthly pension amount for the Early Normal Pension was increased from $825 to $925 per month and from $600 to $700 per month for either a Regular Normal Pension or a Disability Pension. Deep Sea Deferred Vested Pensions would also be affected as the base used for calculation was also increased from $600 to $700.
Since the effective date of this increase was January 1, 2002, all deep sea pensioners who went on pension with an effective date on or after this date should expect to receive an adjustment check in the next few weeks. Future Deep Sea pension benefits will be calculated using this increased base amount.
Printer Friendly Page