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Form 5305-S Wilmington North Carolina: What You Should Know

Benefits include (1) Medical, dental and lifetime. (2) Social Security benefits will be subject to payment plan and retirement benefits under which payment amounts are determined by formula and periodic payments are made based on the rate of inflation and not reduced by reduction in market value or any other benefit reductions. The total pay for a full-time employee will be reduced by any amount a union makes available to an employee under a benefit plan. (3) The employee has an additional option to participate in a defined contribution plan under which contributions must be set by the employee. The contributions to the defined contribution plan shall be made from the employee's regular wages. (4) An employee's benefits under the plan shall be based on the employee's contribution under a plan approved by the employer.

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