Participants will be receiving higher monthly benefits from both the Graphic Arts Industry Joint Pension Trust Fund and the GCIU-Employer Retirement Fund after recent decisions from both trustee boards.

Acting on an actuarial report showing the fund is in excellent financial condition, the Graphic Arts Industry Joint Pension Trust Board of Trustees voted to increase benefits, effective July 1, 2000.

The trustees voted to:

• Increase accrued benefits by 7 1/2 percent for active participants who have at least 300 hours of contributory service during the plan year ending June 30, 2000, and whose affective date for commencement of benefits is July 1, 2000, or later.

• Increase the future service rate, the rate used to calculate benefits earned on or after July 1, 2000, by 8 percent.

• Change the vesting requirement from age 65 or five years of vesting service to age 62 or five years of vesting service. This improvement will affect members who start participation in the Joint Pension Trust at an older age. Participants who attain age 62 on or after July 1, 2000, and work in covered employment until their 62nd birthdays will qualify for this provision.

Joint Pension Trust Co-chairman and GCIU Vice Pres. Leonard E. Adams noted that these improvements were possible as a result of strong investment performance that the fund has experienced over the last several years. He said the trustees will continue to monitor the fund's progress to provide benefit improvements whenever possible.

The GCIU-Employer fund trustees voted to improve the current benefit/current service factor from $12.35 to $13.00, effective July 1, 2000, and based on age 65 retirement effective date.

To be eligible for the new benefits participants must have earned 500 or more hours of service for which a contribution has been made and whose bargaining unit had not withdrawn from the fund prior to July 1.

Participants who do not meet that criteria can qualify by earning 500 hours of contributory service in each of three separate plan years after July 1.

The trustees also voted to increase the joint and survivor annuity and pre-retirement survivor annuity from 50 percent to 70 percent.

"These changes reflect the continuing good financial health of your retirement fund and the trustees' commitment to continue to provide the maximum benefits possible consistent with prudent funding policies," said GCIU-Employer Retirement Fund Administrator Mathew J. Wenner.