By Willie Barrere
National President
Although our Defined Contribution (Pension) Plan is less than 20 years old, our members are benefiting through the company contributions into individual DC accounts, combined with contributions to individual Money Purchase Benefit accounts, and individual 401(k) accounts with corporate matching. The investments for all of these accounts are self-directed by each member and factor heavily into returns and account balances.
As of today, we have approximately 300 members and retirees with more than $1 million in their accounts, with some members having over $3 million, and these numbers will continue to grow. This is the result of continued investment by virtue of longevity within the Plan and upward mobility. With AMO’s retirement plans, we encourage people to move up in rank to achieve the higher contribution rates – the higher your pay rate, the higher the amount being contributed into your accounts based on a percentage of your pay.
As most of us are not savvy investors, AMO Plans offers financial investment assistance through Merrill Lynch. There are webinars for investing, and there is a plethora of information available to our members through AMO Plans and its advisors. It’s your money and we want all AMO members to make the most of their retirement accounts so they can make the most of their retirement years.
Included here is a redacted Estimated Retirement Projection Summary for a 23-year-old third assistant engineer with one year at AMO. The projections are very conservative and show over $3.5 million in retirement at age 65. These projections do not include promotions. I encourage all of our members to look at their statements and seek financial guidance to maximize their returns.
Recently, The Benefits Connection newsletter was sent out to AMO members – it goes out by mail and a download link is sent by email. If you do not receive a copy, it can be found on the AMO Plans website under Important Bulletins.
AMO Plans can also provide instructions for accessing the My Benefits – Secure Site, which can be found on the AMO Plans website (www.amoplans.com). Your My Benefits portal has detailed benefit information, including work history, vacation claims, tax documents, retirement, projections, etc. This is your information and you should verify it is correct and up-to-date.
The Benefit Connection newsletter has a wealth of information with respect to our American Maritime Officers vacation benefits, Medical Plan reminders and updates, and other recent updates. These include the new-for-2026 cap on the annual out-of-pocket maximum for those less than 65 years old. Also included is information on the 401(k), the new Roth 401(k) catch up rule, retirement benefits, and how to control the direction and risk of your own benefits through the online retirement investment portal. The online investment portal for your AMO Plans retirement accounts is provided by the AMO Plans record keeper, John Hancock. One note to avoid any confusion – John Hancock is the AMO Plans record keeper, but the investment advisor is Merrill Lynch. Each of these companies performs a different role for AMO Plans and AMO members.
Also in this newsletter is information about the STAR Center, class registration, credential renewals, AMO Coast Guard Legal Aid Attorney Mike Reny, and other valuable information, such as the contact info for Merrill Lynch.
If you haven’t recently, please log into the AMO Plans My Benefits portal and the John Hancock retirement investment portal. Confirm your information, take charge of your benefits and your investments.
Please review this accompanying article from AMO Plans.
AMO’s Modern, Flexible Solution for Building Your Financial Future
Planning for retirement is one of the most important financial decisions you’ll ever make. Today’s workforce is more mobile, financially engaged, and growth-focused than ever before and retirement plans should reflect that reality.
Defined Contribution retirement plans, such as AMO’s 401(k), Defined Contribution and Money Purchase Benefit plans, are designed to give you ownership, flexibility, and long-term growth potential, making them a powerful alternative to traditional defined benefit pension plans.
AMO members and retirees are increasingly seeing their balances over a million dollars, with more members crossing that threshold every month.
Your Retirement. Your Account. Your Control.
With AMO’s Retirement Plans:
- Contributions are made by you, your employer, or both.
- Funds are invested in options you select.
- Your account balance grows based on contributions and investment performance.
Unlike a traditional pension plan where benefits are determined by a fixed formula, a defined contribution plan gives you direct ownership of your retirement assets. You can monitor your balance, adjust contributions, and update investment allocations as your goals evolve.
You are in the driver’s seat.
AMO provides online account access through the Plan’s portal and John Hancock to give you real-time balance updates, clear contribution tracking and Investment performance visibility so you always know where you stand.
Take advantage of the financial support available to you through Merrill Lynch, where you can connect directly with a dedicated financial advisor to better understand and maximize your investment strategy.
We are committed to empowering our members with the tools and knowledge needed to make confident financial decisions. Through our educational webinars and The Benefits Connection newsletter, we provide valuable insights on your medical, vacation, and retirement benefits all in one place.
Our newly released edition features important updates and practical guidance, including how to access your AMO Plans portal account, an overview of the new Roth catch-up contribution rule, retiree medical benefit information, and step-by-step instructions for updating your investment elections with John Hancock.
Stay informed. Stay empowered. Make the most of your benefits.