Recently, statements were mailed that provide lifetime income illustrations for participants in the SMPPP. This statement is in addition to the one that you will receive in April of each year.
New federal regulations require us to send you an estimate of your SMPPP benefit if it is paid as a monthly annuity beginning at age 67. In that case, your current account balance is converted to monthly payments.
The example in the notice assumes that payments began December 31, 2021 and that you were at least age 67 on that date. If you are younger or older when you retire, and elect a monthly benefit payment, that will affect the amount.
Please note that this statement does not reflect any benefit that may be available from the Seafarers Pension Plan.
The notice may be confusing, so if you have any questions, please contact the Membership Assistance Department (MAP) at 1-800-252-4674.