|
|
 |
|
|
|
March 13, 2008
We have been notified by Tower Automotive Retiree Customer Help Line, that they are replacing Sun Life as the Insurance Company, Tower decided to have Metropolitan Life Insurance Company provide life insurance coverage effective March 1, 2008.
They have assured us that "There is no action required on your/our part", Your current elections, coverage amounts and beneficiaries will stay the same.
If any one has any question regarding the life insurance program, please feel free to contact the Tower Automotive Retiree Customer Service Help Line at 616-802-1543, or you can call me at 414-871-2460 and leave a message and I will get back to you as soon as possible.
Donald Schrauth
--------------------------------------------------------------
|
|
|
|
|
|
Important Telephone Numbers / Websites
For people that are looking to start their retirement at age 57: remember you must submit to both!! Read about it HERE.
|
|
|
There is a new "Cerberus portfolio of companies" and here's the deal.
Now, all retirees are eligible for 1% below factory invoice on the purchase or lease of most new Chrysler, Dodge and Jeep vehicles - including the Dodge Avenger, the Chysler Town & Country and the Jeep Wrangler Unlimited.
If you combine this with current incentives and you will pay thousands of dollars under MSRP.
Here's how:
- First, check out chrysler.com, dodge.com and jeep.com for the full lineup of vehicles and current incentives.
- Then, for your Control Number, visit dc-rewards.com or call (888) 444-4321. Your Company Code is S35104
- Take your Control Number, with proof of eligibility (company ID, recent paycheck stub) to any participating U.S. Chrysler, Dodge or Jeep dealership.
On another note, the insurance letters have been sent out for all who are participating in the "Benestar" insurance and will be going thru 2008, we hope to have some things worked out by that time and are really trying to get something in place.
I hope everyone has a Very Merry Christmas and let's all have a good New Year.
If you have any questions or problems, call 414-871-2460
Donald Schrauth
--------------------------------------------------------------
|
|
|
|
|
|
August 22, 2007
On Monday August 21, 2007 I received a letter from "OPPENHEIMER", I imagine it was sent to everyone that still has an open account in Tower Automotive Union 401(k) Plan. In the letter it states that,"With the recently announced changes affecting the Retirement Plan, you are faced with important decisions about what to do with the savings you have accumulated in the Plan." Well, there were no recently announced changes and that does not mean they may in fact be coming, but not yet and we don't know what they will be and the current Tower Automotive Retirement Plan will not be terminated very soon as indicated.
I received a statement from Dawn Walker - Manager Health and Retirement Programs at Tower Automotive and it is:
"Recently, participants may have received a letter from Oppenheimer related to the 401(k) plan accounts under Tower Automotive. Participants received the letter because they no longer actively work for Tower and continue to have an account. Oppenheimer performs investment advisory and educational services on behalf of the retirement plans. As part of their services, from time to time they will mail communication to the homes of terminated participants with active account balances, and offer complimentary appointments to discuss participant retirement goals and options.
Tower does not know when the retirement plans will file an application with the IRS to approve the plan's termination, and it could take 12 to 18 months from the date of the filing with the IRS before the IRS reviews or approves the termination. Participants will be notified when the plan files the application with the IRS. If the IRS eventually approves the termination, the plan will notify participants before processing a distribution. Of course, terminated participants may elect to receive a distribution, or transfer their accounts to another qualified plan at any time, by contacting www.bcomplete.com, the administrative web site available to all participants."
So, there is time and no need to stress about this immediately, but just let me caution you on one thing, IF YOU TAKE A DISTRIBUTION FROM A PLAN SUCH AS THIS - IT MAY CAUSE HUGE TAXABLE CONSEQUENCES FOR YOU.
So, make sure if you are about to do something with any type of account like this seek advice.
If you have any questions that I may help you with please feel free to give me a call.
Donald Schrauth
--------------------------------------------------------------
|
|
|
|
|
|
August 8, 2007 Notice from National Labor Relations Board
Everyone that received their check from the "Transmarine Remedy" have received an NLRB notice to employees signed by Tower. That notice should have gone out with the Transmarine checks that we received in July. The statement about back pay refers to the Transmarine payment you received in July. There is no additional payment: the notice was drafted and should have gone out earlier.
Donald Schrauth
--------------------------------------------------------------
|
|
|
|
|
|
Tower completed the sale to Cerberus July 31, 2007
Kathleen Ligocki is stepping down after being CEO for four years and taking a consulting job with Cerberus, with an announcement coming at the end of the week according to "Tower spokesman Joe Kirik".
Tower emerged from Chapter 11 bankruptcy protection today, 185 pension fund intact - according to the PBGC.
"PBGC Interim Director Charles E.F.Millard said in a news release. Tower Automotive and its asset purchaser, Cerberus Capital Management, are to be commended for keeping this commitment to their workers' retirement security."
If we get any news of any up coming changes in addresses or suppliers of benefits we will forwarding to you.
Please remember that if you move - please supply them with a correct address and a means to be able to get ahold of you.
Total.Compensation@towerautomotive.com
616-802-1656
fax 616-802-1527
You can also use this email address for: Human Resource Inquiries, Address Changes, Employment Verifications.
Donald Schrauth
--------------------------------------------------------------
|
|
|
|
|
|
July 12, 2007
TOWER AUTOMOTIVE CHAPTER 11 PLAN CONFIRMED
BANKRUPTCY COURT APPROVES TOWER SALE TO CERBERUS
The U.S. Bankruptcy Court on Wednesday July 11, 2007 expressed its approval of Tower Automotive Inc.'s (TWRAQ), $1 billion sale to TA Acquisition LLC, an affiliate of a private equity firm, Cerberus Capital Management. The Court also expressed its approval of the auto parts maker's reorganization plan. It is expected that formal orders will be signed on Thursday July 12,2007.
Tower expects the sale to be completed by the end of July 2007.
As soon as we have any information on pension payments and contact information for pension at TA Acquisition we will relay that information to everyone.
Tower is expected to emerge as a private company.
Judge Allan Gropper, said "I understand how disappointing this case is to the unsecured creditors and to the unions involved and to the retirees," Gropper said "All the parties made great effort to resolve differences, recognizing there's nothing we can do in a courtroom to cure the fundamental economic problems. All we can do is get a company out of bankruptcy sooner rather than later."
Unsecured creditors will recover less than a penny on the dollar of what they are owed. and get next to nothing and the Tower. Stock traded over the counter will be canceled.
When we get an update on the proceeding I will try to get it to you.
Donald Schrauth
--------------------------------------------------------------
|
|
|
