If there is more than one such child, each will receive a proportionate share of the monthly benefit. Plaintiffs assert, in part, that . You have at least 10 years of Pension Credit including at least 1,500 hours of Future Service or have at least five Years of Vesting Service. benefit payable at normal retirement age. Non-covered Masonry Employment means employment in the Masonry Industry on or after June 1, 1988 for an employer which does not have, or self-employment which is not covered by, a collective bargaining agreement between the Union and the employer. Toms early retirement pension is calculated as follows: In this example, Toms early retirement pension would be $333.00 a month because pensions between whole dollar amounts are rounded to the next higher dollar. Online| In a defined benefit pension plan, employers (and in some cases employees) contribute to an employees retirement. You've been working for more than 40 years, and you deserve to relax for a change and live off the savings your hard work made possible. 023 . Participants work in a wide variety of industries: field construction, manufacturing shops, shipyards, forging and metal trades so it is comforting to know these Pension benefits are portable which allows you to continue coverage under the Plan if you change from one participating employer to another participating employer. H[O0+;1A5'7iXWzcmwciH:}?y f9!7]QAVipL{M>Q%j Some boilermakers will try to find work in fields that are less taxing. The penalty will be loss of your benefits for six months plus the months you received a Disability Pension after your loss of entitlement. As a result, the Fund will accept pension monies that you earn under other pension funds maintained by local unions of the Bricklayers and Allied Craftworkers that have also signed the International Reciprocal Agreement which do not participate in the International Pension Fund (IPF). The Trustees will be the sole and final judges of total and permanent disability and of your entitlement to a Disability Pension. As soon as the president and Congress can agree on the details, that bill will become law. Other benefits available to members include the Boilermaker Scholarship Program, UnionPlus, Legal Services, and Boilermaker Vacation Trust (available to members in the Western States Section). Online| Market Return: Although the Plan met the assumed rate of return in 2016, the market value of Plan assets in 2015 was -1.14%. hbbd```b``n Sd dqL3&|Y""`Z`N04l`X$=@ vgDrGE:L` }0 [ %%EOF When filing a Social Security Disability claim as a disabled boilermaker, you may want to retain the services of a Social Security Disability advocate or attorney. Betty Boilermaker came to Purdue to start a second career at age 45. Earlier this year, with strong urging from the Boilermakers and other Building and Construction Trades unions, U.S. Representative Robert Portman (R-OH) sponsored a bill to revise Section 415. Copyright 2022 The International Union of Bricklayers & Allied Craftworkers. The actual value of the different forms of payment will vary depending on how long the individual and spouse or beneficiary in fact live and on their ages when payments start. The full retirement age further increases in two-month increments each year to 66 and 10 months for those born in 1959, up. Since our founding in 1880, the International Brotherhood of Boilermakers has sought to improve the quality of life for our members through better wages and benefits. Except for these limitations, you will be free to work at anything else, without effect on your pension. When am I eligible for a lump sum pension benefit? Employers may or may not contribute, as it varies depending on the workplace. His benefit will be less if he chooses the 50% or 75% Joint and Survivor Annuity. hb```a``R700 #PcB# "But that's my money," you say. This law puts a cap on the amount a retiree can draw from a multiple-employer pension plan, such as the Boilermaker-Blacksmith National Pension Trust. Whatever disability benefits you received will not affect your eligibility for Normal, Early or Deferred Vested Pensions. It is the normal pension amount, reduced by 1/2 of 1% for each full month that you are younger than 60 when the early retirement pension begins. $675 divided by 1500 hours = $.45 weighted average Contribution Rate. There will be no additional reduction for years prior to age 60. In some form, that tax bill will pass and be signed by the president. What types of pension benefits are available? No one deserves retirement more than a 647 Boilermaker. The Disability Pension will continue for life, provided you remain totally and permanently disabled until age 64. If you have any questions regarding your account, please contact John Hancock at 800-294-3575. Example #4: (Same facts as in Example #2), except Tom submits his application on May 16th but continues to work for his employer until he retires on November 1, 2016. The Bricklayers and Trowel Trades International Pension Fund has signed the International Reciprocal Agreement for Bricklayers and Allied Craftworkers Defined Contribution and Defined Benefit Pension Funds. We will also provide you with the details of the actuarial assumptions used to make the comparison. In the Senate, Frank H. Murkowski (R-AK) sponsored a similar bill. Through expert management of the National Pension Trust, the trustees announced good news earlier this year that the changes implemented to secure the health of the pension have worked. When am I entitled to a deferred vested pension? But if you do have a pension, and your company wants you to vote to end pension contributions in favor of a 401(k), beware: Its not in your best interest. In fact, Boilermaker man-hours have trended downward since 2009. And return on investments has not made up the difference. Months between age 62 and full retirement age 2. A domestic relations order (DRO) is a court order which specifies how marital assets and child support responsibilities are to be divided among the divorcing parties. They are independent attorneys or advocates who pay a fee to be listed on the website and have their names provided, on request, to website users. If the Husband-and-Wife pension is payable his spouse may not elect the death benefit if the actuarial equivalent lump sum of the Husband-and-Wife pension is greater than $5,000, and greater than 100% of the employer contributions. The surviving spouse has the option of receiving an immediate lump sum instead of waiting until the employee would have been age 55. Volume 61, Number 4 View the Plan highlights page to learn more about the annuity. endstream endobj 19 0 obj <>stream How do I figure the amount of the Normal Pension? From the age of 60 to 64, the benefit will be reduced by 8% each year, and from 55 to 60 the benefit will be reduced by 5% each year, as follows: % of Normal Retirement Age Pension Payable Early. These limits apply regardless of how much money the plan says you should get. This actuarial increase will be 1.5% for each month following the first 60 months after Normal Retirement Age. Online access: Mylife.jhrps.com. This is important in the determination of actuarial value because investment earnings provide some of the money used to pay benefits. What this did was place all the burden to save for retirement on the workers while failing to guarantee lifetime income upon retirement. What Are The Relative Values Under Our Plan? If you leave covered employment now, when you apply, your pension will be based on the $.40 rate. Pension Benefits - Boilermakers' National Benefit Plans (Canada) Map, International Brotherhood of Boilermakers. Fortunately, bad laws can be fixed. What are Joint & Survivor regular forms of payment? When would I be eligible to retire on a Disability Pension? EC - ANU - Summary Plan Description (effective 07012019) and Plan changes thru 07012020 An InactiveVested Participant may become entitled to an Early Retirement Benefit at any time if they return to active service with a contributing employer and earn at least three years (4,500 hours) of Future Service Credits. Thus, in order to accumulate any additional credit under the Plan, members would need to return to covered employment and earn sufficient future service credit to offset any past service credit canceled due to Non-covered Masonry Employment. Early Retirement Factor: From Table 1 above the factor for 58 years of age is 58%. Early retirement benefit or retirement-type subsidies . We need to make phone calls and write letters. If you lose your Disability Benefit after you reach 62, payments will continue even if you recover, but subject to the rules governing work after retirement. Participants work. What is a Social Security Disability technical denial? They apply regardless of how much money has been paid into the Boilermaker-Blacksmith pension on your behalf. It is customized with your personal information, and will help you better understand your pension from the Boilermakers' National Pension Plan (Canada) and how it fits into your overall retirement strategy. As plan benefits are solely employer funded they are considered taxable income. expect to be out of work for at least 12 months? John McGreevy (320)259-4473. For 2022 the age 62 limit is $19,560. Tony Stewart in a dark suit at Daytona looked like Grandpa Munster. We intentionally negotiate high hourly pension payments in our contracts because we know that construction work is not always available. Please note that these accruals do not apply to benefits suspended for continued employment and only apply up to the mandatory pension start date of April 1 of the year following the calendar year after the attainment of age 70 years and 6 months. Its primary goal is to improve the lives of Boilermakers National Funds participants and their families by providing a comprehensive portfolio of collectively bargained employee benefits. If you leave covered employment with a right to a Deferred Vested Pension payable after age 64, your pension will be based on the rate applicable when you left the Plan. [Call to Action] Effective boilermaker job postings invite interested candidates to apply. As we said earlier, basically, this means that the optional forms of payment provided by the Plan have relatively the same value as the normal form of payment under our Plan. To obtain an individual relative values estimate, please send a written request to The Bricklayers and Trowel Trades International Pension Fund at least two months prior to your intended retirement date. Year of Birth 1. Actuarial values of benefits are determined using: Under our Plan, the normal forms of payment are the: In general, optional forms of payment available under our Plan have approximately the same actuarial present value as the normal form. If a participant (or retiree) is divorced, the courts often consider the participant's pension benefit an appropriate issue for the couple's divorce decree. Bill would receive a Normal Pension of $879.00 per month. Employment with any contributing employer; Employment or self-employment in the same or related business as a contributing employer; Employment or self-employment in any business, which is under the jurisdiction of the Union; Employment with the Union or any Fund or program to which the Union is a party by virtue of a written document. The QDRO does not mandate how you and your former spouse should divide your pension benefits and you are not obligated to use the model QDRO; those decisions are between you and your legal counsel. Upon your written request, you will be provided with the relative values, based on your own age and estimated benefits, between your normal form of payment and on any other forms of payment that you are eligible for. Education: The applicant must have a high school diploma or GED. The pension offers a lifetime benefit in specific monthly payments, based on hours and contributions worked and reported to the Plan. Upon his death, George's wife will receive a benefit equal to 50% of what he was receiving, or $126 per month. k*"9#|5pp.rVHUT3JnV%x AXbP"uCpq "& QW^d&#I&$""3(F6sl3\s#IXdv/6 2cu+NzTeUX>YS,67Ry{#n_WCC@0Ub+^KO\CvC> VSK"+.Itf}w`g7Kp\kr(je=7AR'48QPZl%?-lc U&e9E(LU/[K,%=`@j2Gz>R5Ri=8Ptz_y67VOLA 6VtgH{HSBocwwAPnjd}T{7W}zvVV3{ 58 These individuals can work in a wide range of industries including power plants, paper mills, cement plants, water treatment facilities and breweries, just to name a few. Volume 61, Number 4 It provides that the benefit is for the pensioner's lifetime, his or her designated beneficiary will continue to receive monthly payments until a total of 60 monthly payments have been made, counting both payments to the pensioner and to the beneficiary. Man Hours: In 2016 Pension Hours were the lowest they have been since 1985. endstream endobj 144 0 obj <>stream Some Facts about the Boilermaker-Blacksmith National Pension They will then be eligible to receive an Early Retirement Pension benefit, assuming they meet the other requirements under the Plan document. IVP-NE John Fultz, Secretary for the Boilermaker-Blacksmith National Pension Trust and also Secretary for the Boilermakers National Health and Welfare Fund, said it takes a lot of hard work from the trustees and the Boilermakers National Funds (BNF) team to oversee our Boilermaker Pension, Health & Welfare and Annuity Funds. How is total and permanent disability defined? Example #3: Same facts as in Example 2 above, except that Tom retires on September 1, 2016. The job of a boilermaker requires very specialized training. basic'. Participants not covered under a Collective Bargaining Agreement are described in Question 1 of the booklet. 626 0 obj <> endobj When a boilermaker becomes disabled, it is usually impossible to continue work in their chosen field. Not only will these individuals usually have some sort of formal education, but they often perform years of apprentice work before actually being able to work in their chosen trade. If you retire on or after turning 55 years of age, you are eligible to continue your coverage under the Plan until you . With 25 years, you can retire with full benefits at 62. 4 Common Questions To Prepare for at your ALJ Hearing, Autoimmune Conditions and Social Security Disability. If you have spent your life working as a boilermaker and are suddenly faced with a disability that prevents you from performing your job duties, it can be a frustrating and emotional experience. endstream endobj startxref We must change it. The employer or organization manages the risks of investments; and as the employee continues to work, they see a steady increase in their pension, resulting in a true deferred compensation they can count on. To find an independent attorney or advocate in your area who subscribes to the website, click here. The amount of the reduction in your normal or early benefit depends on your age and your spouse's age. UjW8k[V'TNY}5Xa\Q^PMrf^C\=St/g #x`[BuQmv3 EQ65T&{S4Ss)\&_RKsf44yk\MD.^VcqK|;Chg=<1 !?. Early Retirement Pension (or $501.00): $500.08 138 0 obj <>/Metadata 160 0 R/Pages 135 0 R/StructTreeRoot 203 0 R/Type/Catalog>> endobj 140 0 obj <>/MediaBox[0 0 612 792]/Parent 135 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 141 0 obj <>stream His benefit is based on a contribution rate of $.90 per hour. A 401(k) plan allows employees to contribute a percentage of their pretax income to retirement savings. The banker tells you that the Internal Revenue Service has a rule for people who retire before 65. Trustees oversee . Canadian Boilermakers have access to separate national benefits through the Boilermakers National Benefit Plans (Canada). endstream endobj 16 0 obj <> endobj 17 0 obj <> endobj 18 0 obj <>stream You have not worked in Non-covered Masonry Employment. Communities benefit from unions as well. The page you are currently on contains links to information on benefits specifically for Boilermakers and their families. Based on living an average lifetime and the current earning rate for your savings account, you can withdraw enough each month to live comfortably the rest of your life. Kansas, and administered by our Board of Trustees, the Boilermakers National Annuity Trust was added as a benefit in 1985. However, if you work on or after January 1, 1999 and have earned at least six years of Future Service Credit in Covered Employment following your work in Non-covered Masonry Employment, your Early Retirement Pension will not be delayed. But if you have accumulated a lot of money in your pension fund or if you plan to retire early, it may affect you. Those born between 1943 and 1954 have a full retirement age of 66. Early Retirement Reduction: Volume 61, Number 4 They do this in order to determine whether or not you are able to perform any type of work in the national economy even though you are unable to continue working as a boilermaker. The Plan provides that a retiree may not work for an "Employer" as defined by the Plan and continue to receive retirement benefits. He has worked at the $1.00 contribution rate of his Home Local through his retirement on May 1, 2005. The table applies to US participants who earn at least one hour of service after January 1, 2001 and who retire on or after November 1, 2001. "We are thrilled to announce and congratulate the graduating apprentice class of 2023 from Boilermakers Local 363!". You'll have to live on a smaller amount. Section 415 doesn't affect bank account withdrawals, but it may limit your pension benefits. Early Retirement Reduction: -31.92 The Normal Pension is a monthly pension based on your employers contribution rate. When am I eligible for an Inactive Vested Pension? xc```b``h``e`_ B@1V2p\` HHQAa+LAL[X1cf`{jHS#n~nd_ I Interest assumptions, which estimate the likely investment earnings, over time, of the money put aside to pay benefits. They are nearly twice as likely to have an employer-paid pension as nonunion workers. Minor welding jobs or administrative positions are sometimes possible and career changes are not uncommon if the individual's disability does not interfere with the ability to obtain retraining or education. If you apply for a Disability Pension you are also required to provide a medical statement from a physician, who indicates the nature of your disability and states that you are totally and permanently disabled from the trade. If you fail to allow enough time for review, you may incur additional court costs, even after your decree is final. If you leave the jurisdiction of your Home local and work in another local with a higher contribution rate you must earn 3 years (4500 hours) of future service credit in the other local for the higher rate to be used as the basis of your benefit. PDF, The International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers, AFL-CIO/CLCCopyright 2019, L-374 puts Boilermakers in the spotlight as SkillsUSA host, L-11 member advocates for labor in Montana Statehouse, L-13 member takes Boilermaker pride to new heights, Boilermakers National Health and Welfare Funds benefit helps apprentice find sobriety. Boilermaker awarded with Merrill's Marauders Congressional Gold Medal. Example #2: Tom retires on September 1, 2016. endstream endobj 142 0 obj <>stream Please bear in mind that you or your spouse should submit your domestic relations order for review in plenty of time to allow for ruling on its status as a QDRO, prior to the entry of the divorce decree. Corporate officers who are employees of the corporation may also participate subject to the approval of the Trustees. These labor-management trusts offer participating members the opportunity for a more secure retirement as well quality health care for themselves and their families. Sign for L-242 highlights retiree skills. If the trial work period is successful and your Social Security Disability benefits are suspended, you must notify the Fund office as your IPF benefits will be suspended. If you fail to notify the Board, you may be penalized when you subsequently retire. Because the Social Security Administration is not just interested in whether or not you are able to continue work as a boilermaker. endstream endobj startxref = $31.92 This tool is designed to help you plan for your retirement. Toms early retirement pension is calculated as follows: In this example, Toms early retirement pension would be $333.00 a month because pensions between whole dollar amounts are rounded to the next higher dollar. But in the 40 years since the 401(k) became synonymous with retirement, its become clear the benefit was for employersnot so much their employees. Volunteer Coordinator. hSMo0+E8Y`IrPl`K~(O$HI q"@CG!;d` ld-M+?fuSTRT>DkNEHhq/F`BC'sd~e/@Di{v8C(m*6S1-(eLC2ovmT)8`.; 4h,*"HtRQ|l=o~Ti|+qhmqq\];L& `9B@ You work at a dangerous, physically demanding job that takes its toll on your body, sometimes putting in 60 to 80 hours a week, and you can't keep working that hard into your late 60s when Social Security becomes available. More than 115 representatives cosponsored the bill. Obviously, you could not perform work as a boilermaker. In general, your pension benefit will be based on the highest contribution rate under which you earned at least 1500 hours of future service. However, IRS regulations require that we provide this information to you. If you worked in Covered Employment after January 1, 1999, you may retire on a Disability Pension if: Between the ages of 60 and 64, the disability benefit will be subject to an actuarial reduction factor of 8%. HWMk@=xH$(h!*hlGwVD-fe!f73+g|*vrUt6/~4_iU; When am I eligible for an Early Retirement Pension? You have attained Normal Retirement Age as defined in the Plan while still employed. HJ1E)f$b!haX vX)/.K7sr w])3nB8q; B;LXIP:,R:L1YJ):F(tp@LNbRJ[Q/jw>>Q)Bh + m4$!dihVu 1x!z@"C$!$o0 `!B)PR,cb6TV4P?D*6VcVGk,R2U-VF*_+G $ IBEW Local 104 has partnered with John Hancock for Retirement plan services. The Fund will pay benefits awarded only pursuant to a qualified domestic relations order, a "QDRO," directly to the former spouse, child, or other individual specified in the decree. The Boilermaker-Blacksmith National Pension Trust ("the Plan"), established in 1960, is one example of a pension that is committed to the dignified retirement for members of the Boilermakers union. )4e~0-%o/Y5wz F(dx-):kF,#:hhJ#5b x"5q*l\XWTBu5)CUL}8%9ENzq"T You have attained age 55 but are not yet eligible for a Normal Pension. These professionals also work in conditions that can result in muscular or skeletal injuries that may be long-term or permanent. Example: George is 64 and entitled to retire on a normal pension of $280 per month. In order for the spouse of a non-retired employee to be entitled to a Husband-and-Wife pension, the couple must have been married throughout the one-year period preceding the employee's death. The first things they will look at is the extent of your disability and your residual functional work capacity. The retirement benefit is reduced by 4. Boilermaker work takes a toll on your body. Then in 1981, through an IRS rule, employees were allowed to contribute to their 401(k) by simple salary deductions, which opened the door to companies across the United States ending pensions and installing the 401(k) system for retirement savings. "I worked hard for it, and any actuary in the country will tell you that what I want per month is a reasonable amount, based on how much I have in the bank. aP _)0q+V5q)=*Ab8BUVSmW7 If you lose your Disability Benefit after you reach 64, payments will continue even if you recover, but subject to the rules governing work after retirement. This is true for participants retiring between ages 40 and 69 with a spouse up to 10 years younger or older. Eligible Members are entitled to the following Life Insurance Benefit, which is payable to your beneficiary upon your death. Scam Alert for Boilermaker Retirees . %rjY9Rw+HU$ .ZXnX(7L;0 How do I figure the amount of my Disability Pension? Early Retirement benefits for months before the Social Security Disability date are subject to reimbursement. His benefit will be less if he chooses the 50% or 75% Joint and Survivor Annuity. A QDRO is a domestic relations order which has been submitted for review and has been found by the funds administrator to satisfy the Government Code provisions and the QDRO requirements. The Boilermakers National Annuity Trust is a defined contribution plan administered by the Board of Trustees and offered as a benefit to you. Include instructions for how to apply from the job board or your company's website. Such benefits will be paid to the legal guardian. Participants experiencing delays in receiving benefits from the Social Security Administration should apply to the Fund office while waiting for the Social Security Award to comply with the 12-month rule. The retirement age gradually increases by a few . After age 62, a pensioner, may return to covered employment and continue to receive retirement benefits until their earnings exceed the social security earnings limitations for pensioners age 62 and older. 139 0 obj <>stream At 60, you decide to retire. That is only fair. These methodologies are fairly technical and can be difficult to understand. You are totally and permanently disabled; You have at least 150 hours of Future Service in the year of disability or the year prior to that year or at least 1,500 hours of Future Service in the five calendar years preceding the date of disability (unless failure to meet this requirement was due to disability or employment on referral); and. As bad as it is, Section 415 was not created to punish workers. Participation is available to employees working in covered employment, which is employment in a job classification covered by a local collective bargaining agreement, which requires contribution to the IPF. These skilled professionals have completed their rigorous training and [] endstream endobj 143 0 obj <>stream For additional information on these three Taft-Hartley Trusts, visit www.bnf-kc.com. Boilermaker work takes a toll on your body. %PDF-1.6 % In addition, the monthly benefit of a pensioner may be suspended six (6) months for each calendar quarter of Non-covered Masonry Employment after retirement. The date they could become eligible for vested or early retirement benefits is automatically postponed six months for each calendar quarter they engage in non-covered employment. But Section 415 reduces pension benefits for many people who retire before the Social Security retirement age. Enhanced Pensioner Benefit: $30,000. JG0VGKlUxmCdU1t6P^uk"R6!!Y]eCt2plAeC.BG: \D- xf It doesn't protect pension funds. Some boilers can be more than ten stories tall and a boilermaker must work at great heights to complete their work. 3 "always protecting the Boilermaker family" Boilermakers National Funds 3 Why did the Trustees make changes? Peter's early retirement benefit would be computed as follows: ", "Sorry," the banker tells you. endstream endobj 89jsfIQX/pdi&9xCh*G89YujeNV*BDnU]:0Z87bzl>[e[`K%2Jr You attain Normal Retirement Age as defined in the Plan Rules while still employed. A 401(k) shifts risk to individual employees. If you have been married for at least one year at the time benefits begin, your pension will be paid in this form unless you and your spouse elect to receive a full pension. Email jmcgreevy@charter.net . Before age 62 you may not be engaged or employed, without limit to the geographical area covered, in any of the following: Pensioners under age 62 must have their benefits suspended for any months they engage in such employment. $338.00/month Early Retirement Pension $337.79, Normal Pension to which Tom would be entitled if he were 64 = $572.50, $333.00/month Early Retirement Pension $332.05, You have at least 5 Pension Credits, including at least 1,500 hours of Future Service Credit, or 5 years of Vesting Credit; and. If, however, you were in your twenties it would not be unreasonable to expect you to obtain retraining or education that would allow you to work in an administrative position that your disability would not interfere with. How will this affect my Pension benefits? You have earned at least 3/10 of a year (450 hours) of future service credit after attaining age 50, unless your failure to meet this requirement is due to disability. 2 If you leave Covered Employment now, when you apply, your pension will be based on the $1.50 rate. The weighted average contribution rate upon which John's pension is based is computed as follows: Since John is 64 with 25 pension credits he is entitled to a normal pension of $295.00 per month. Have trended downward since boilermaker retirement age before 65 spouse up to 10 years younger or older risk... Pension based on hours and contributions worked and reported to the legal guardian Service has a for. Xf it does n't protect pension funds when you subsequently retire may limit your pension be! For years prior to age 60 when am I eligible for an early retirement benefit would computed! Considered taxable income, International Brotherhood of Boilermakers actuarial value because investment provide... 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Pretax income to retirement savings '' the banker tells you that the Internal Revenue Service has rule... Covered under a Collective Bargaining Agreement are described in Question 1 of the reduction your. One deserves retirement more than one such child, each will receive a proportionate share of the money to! May not contribute, as it is usually impossible to continue work as a boilermaker must at. Canadian Boilermakers have access to separate National benefits through the Boilermakers National Annuity Trust was added as a must. Depends on your pension some boilers can be more than a 647.. The reduction in your Normal or early benefit depends on your employers contribution rate # `` but that my... High hourly pension payments in our contracts because we know that construction work is always... Frank H. Murkowski ( R-AK ) sponsored a similar bill also participate subject to the plan page... 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