FROM: Michael A. Nystrom, Executive Vice President
RE: Operating Engineers Pension Fund Rehabilitation Plan
You are receiving this memo because you are on the MITA Labor List, which includes ALL MITA signatory contractor members regardless of union affiliation.
You may have received a mailing from the Operating Engineers Local 324 Pension Plan Fund within the last couple days requesting that you sign and return an Agreement to Adopt a Preferred Schedule for a Pension Rehabilitation Plan. This matter is currently being reviewed internally at MITA with legal counsel since this is an issue that ultimately impacts each of the three collective bargaining agreements that MITA has with the Operating Engineers Local 324, so please do not sign this document until given further guidance.
We understand that the document is time sensitive (May 1 deadline) and ultimately suggests that a 10% surcharge could be charged if an election is not made and therefore, MITA will send out information as to how this issue is to be addressed sometime later this week.
It is important to understand that many companies have given Power-of-Attorney (POA) authority to MITA to deal with all collective bargaining matters and thus the association will ultimately "negotiate" a vote on your behalf if you have given MITA your POA (meaning that you will not have to sign and return this document). However, if you are signed directly with the Operating Engineers, you will have to make an election representing your own company as to which Plan you choose. Either way, the information that will be sent out later this week will give guidance to the overall industry.
If you have already signed this document and sent it back, or if you have questions regarding this matter, please contact me immediately.