SEIU 775 SECURE RETIREMENT PLAN

Dear Secure Retirement Plan Participant:

The Secure Retirement Plan is the first of its kind in the nation for homecare workers.  The goal is to provide additional financial security for members of SEIU 775 when they retire.

We are pleased to provide you a statement that reflects your account balance for the first plan year which ended on February 28, 2017.  Here’s what is included on your statement:

1. Total hours reported – this equals all caregiving hours reported between March 2016 and February 2017.  You must work 300 hours per year for three years without a permanent break in service to vest in the plan.
2. Status – your status is currently unvested because even if you worked 300 hours or more in the first plan year, you must have three years in order to vest in the plan. In addition to meeting this requirement, you must also meet the normal retirement age of 65 to withdraw a benefit.
3. Total contributions made on your behalf – this reflects contributions made by your employer on your behalf.¹
4. Dividends/(Adjustments) – this reflects an increase in account value approved by the plan.
5. Gains/(Losses) – this reflects an increase in your account value due to interest income earned by the plan.
6. Expenses – this reflects expenses allocated for the operation of the plan in the first plan year.
7. Year-end balance – the total account balance as of the end of the first plan year.  This reflects the sum of items three (3) through six (6) above.

If you have questions regarding the contents your statement or the plan itself, please contact our Administrative Office at 1-866-770-1917 and select option 3, 8 a.m. to 5 p.m. Pacific Time, Monday-Friday.  Additional information about the plan can be found at www.myseiubenefits.org/retirement or in your 2017 Benefits Book.

¹Contributions made on your behalf cover obligations as described in your employer’s Collective Bargaining Agreement.