One of the primary goals of our current struggle for a new union contract is to secure for St. Vincent nurses a defined benefit pension, one that will provide our members with lifetime retirement security, similar to plans long enjoyed by unionized teachers and firefighters as well as MNA members at UMass Memorial.
Now that goal is within our reach, with the MNA’s recent creation of the Nurses’ Pension Fund, a multiemployer pension benefit plan that offers the opportunity for our employer to participate in this fund along with other participating hospitals where the nurses are represented by the MNA.
What are the benefits of an MNA defined benefit pension plan?
- It provides a guaranteed annual benefit (issued in monthly payments) for life.
- Unlike 401(k) type plans, where fluctuations in the market can cut or even wipe out your benefit, with a defined benefit plan, your retirement income is guaranteed for life.
- The MNA plan is better for those who must work parttime or step out of the workforce for childcare/family responsibilities.
- It provides a much stronger return for younger nurses, which improves nurse recruitment and retention.
Your St. Vincent Hospital MNA negotiating committee now has a contract proposal on the table that would require St. Vincent management to provide this benefit in our new contract.
Enclosed with this mailing is information about the proposal and the plan, with answers to commonly asked questions. We have also enclosed a recent Time Magazine cover story that highlights the advantages of defined benefit pension plans as a vehicle for building a secure retirement. You can also find more information on this benefit on the St. Vincent web page on the MNA web site.
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