Post by Okwes on Mar 22, 2007 15:11:37 GMT -5
Mille Lacs Band starts pension plan for members
ONAMIA, MINN.
- The Mille Lacs Band of Ojibwe is creating pensions for its retirees in
an effort to give more support to the band's elders. While pensions will
be small at first, band leaders say that in about 50 years they could
total $1 million for each member. Don Wedell, the band's long-range
planner, said the pension is unusual because most tribes put money aside
for their young people instead. "I think many tribes have trust funds
that they keep for minor children until they reach age 18 or 21, and
this would be a similar thing, only it would be extended out until you
were 62," Wedell said. The band's chief executive, Melanie Benjamin,
said that it will set aside 5 percent of net revenue each year, and that
pensions will be funded from the interest generated. The first
pensions, for those retiring soon, will be about $1,500 a year. The band
has about 3,800 members. The pension payments would be in addition to
Social Security payments and casino profit payments that retirees
already receive. Last year, each band member received a $5,600 check
from casino profits.
ONAMIA, MINN.
- The Mille Lacs Band of Ojibwe is creating pensions for its retirees in
an effort to give more support to the band's elders. While pensions will
be small at first, band leaders say that in about 50 years they could
total $1 million for each member. Don Wedell, the band's long-range
planner, said the pension is unusual because most tribes put money aside
for their young people instead. "I think many tribes have trust funds
that they keep for minor children until they reach age 18 or 21, and
this would be a similar thing, only it would be extended out until you
were 62," Wedell said. The band's chief executive, Melanie Benjamin,
said that it will set aside 5 percent of net revenue each year, and that
pensions will be funded from the interest generated. The first
pensions, for those retiring soon, will be about $1,500 a year. The band
has about 3,800 members. The pension payments would be in addition to
Social Security payments and casino profit payments that retirees
already receive. Last year, each band member received a $5,600 check
from casino profits.