Be prepared with LUSP, the Local Union Supplemental Pension Fund, designed exclusively for Union members.
The Trust is a tax-advantaged savings program that can be an extra resource for retirement income, or help create a financial safety net in retirement.
In the early 1970s, many Union locals in the Country took steps to provide members with a way to supplement their company pension by providing a savings plan to help insure their members a brighter future.
Many years of work have gone into the LUSP (Local Unions Savings Plan) to make the most secure savings and retirement plan available. Thousands of CWA members studied the plan, recognized its superiority, and are now enrolled and saving.
Nationwide Insurance Company, one of the largest insurance companies in the United States, was selected by the plan administer to provide guarantees for all member’s savings and earnings.
The Executive Committee strongly urges that you study the program and make a commitment to yourself and the future.
Some of the unique features of your Plan ……
Convenience: Savings by payroll deduction, deposits, or automatic payments.
Competitive Return: The current interest rate is generally higher than that earned through banks and similar institutions. The interest rates are negotiated annually with Nationwide and are fixed for the coming year. The Guaranteed Interest Rate for 2019 is 3.05%
Safety: Your principal is backed by Nationwide Insurance Company, a proven leader in administering savings and retirement plans…. Nationwide administers over a billion in pension and long-term savings plans.
Tax Advantages: Your interest earnings are not currently taxable… the money you would have paid in taxes keeps on working for you. You are never required to take any distributions, even when you reach age 70 1/2.
Flexibility: Your payroll deductions can be as much as you want and can be increased, reduced or stopped at any time without an interest penalty.
You are not committed… except to yourself!
Chairman: Richard Daly
