Benefit Plan Opt-Out Proposal The company is not proposing the elimination of any of the Teamsters' benefit plans or any reduction in coverage or benefits. However, it has proposed giving employees the choice to opt out and receive cash compensation if they decide they do not want or need the healthcare plan or the legal and educational assistance plan. Historically, employees have been required to participate in these plans regardless of whether they want or need those benefits.
Retirement Plans In addition to maintaining vested pension benefits, under the company's offer the Teamster pension fund would be replaced with a 401K plan. The 401K features a dollar-for-dollar company match up to the first 4% of annual income.
"The Teamsters pension has a history of underfunding, and we have concerns about whether our associates will receive the benefits they have been promised," said Michael. "In addition, this fund has been a source of frequent litigation."
About SCI Illinois Services, Inc. SCI Illinois Services, Inc. manages the Dignity Memorial® network of funeral homes and cemeteries across Chicagoland. It is part of Service Corporation International, headquartered in Houston, Texas. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about the Dignity Memorial network, please visit www.dignitymemorial.com.SOURCE SCI Illinois Services, Inc.