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Seafarers 401(k) Plan Announced

November 2007

A new benefit is being introduced for eligible Seafarers. As reported during the October membership meetings, a 401(k) plan will be implemented effective Jan. 1, 2008. “Seafarers has teamed up with Smith Barney and Mass Mutual to provide you with a 401(k) plan which offers world-class benefits and services,” Seafarers Plans Administrator Maggie Bowen said in her monthly report. “Smith Barney provides investment and financial consulting services to the 401(k) plan as well as individual family wealth management for participating Seafarers. Mass Mutual is a leading retirement services firm which specializes in the design and administration of retirement plans.” An introduction letter and “welcome kit” is scheduled to be mailed to participants in the very near future. It will include an enrollment form and a beneficiary designation form along with detailed descriptions of all investment choices and “model portfolios.” Also, Seafarers 401(k) Plan forms will be available on line at www.massmutual.com/retire, and a Smith Barney-SIU “hotline” will be available toll-free at 800-421-5127. Bowen also announced that the existing Seafarers 401(k) Plan —formerly known as the NMU 401(k) Plan—will be rolled over into the new plan as of Jan. 1, 2008. ING no longer will be the investment manager/third party administrator of that plan. “This change is an improvement over the current plan offering and will provide participants with several advantages, including an enhanced selection of mutual fund investment options,” she added. “Other advantages include state-of-the-art internet and interactive telephone systems allowing unlimited access to account information and the ability to carry out investment transactions.” There are no employer contributions associated with the new Seafarers 401(k) Plan. Voluntary contributions may be made by participants via payroll deduction through their employer. Several employers already have agreed to implement this system. Additional information about the new Seafarers 401(k) Plan will be published in an upcoming issue of the Seafarers LOG and also will be posted to www.seafarers.org.