The UMWA Cash Deferred Savings Plan of 1988 (“Savings Plan” or “CDSP”) was established under the National Bituminous Coal Wage Agreement of 1988 and became effective on May 1, 1988.
The Savings Plan is designed to help mineworkers meet their financial needs during their retirement years. It is a defined contribution 401(k) plan, through which miners may reduce their annual taxable income by deferring a portion of their compensation, through payroll deductions, into the Savings Plan as 401(k) contributions. In addition, certain mine workers are eligible for contributions on their behalf by their employers because of their years of service, or in lieu of retiree healthcare and/or participation in or future accruals under the 1974 Pension Plan.
Prudential Retirement provides administrative services for the Savings Plan. However, all major policy decisions for the Savings Plan are made by the board of four trustees. The UMWA and the Bituminous Coal Operators’ Association (“BCOA”) each appoint two trustees. Michael H. Holland and Micheal W. Buckner have been appointed by the UMWA, and Michael O. McKown and Michael D. Loiacono have been appointed by the BCOA. Mr. Holland is Chairman of the Board of Trustees.