The Standardbred Owners Association of New York (SOANY) is pleased to announce that, upon a motion made by its President Joseph Faraldo, its Board of Directors has unanimously authorized supplemental payments to participants in its long-standing retirement plan in the amount of $463,000.
These payments are being disbursed from the SOANY’s treasury to ensure that the participants are not negatively impacted by the recent rise in interest rates which would otherwise have had the effect of lower pension payments to the participants, whether in the form of lump sum or annuity payments. The decrease in payments that would have taken place is solely a consequence of government regulations that have been modified due to rising interest rates.
Effective January 2018, the SOANY launched a new defined contribution retirement plan which will provide enhanced benefits to the qualified participants who participate at Yonkers Raceway. In the span of four years, the SOA’s Trustees have awarded $3.6 million in benefits under the new plan, with $1.8 million being awarded to grooms — a unique feature of the SOANY’s retirement plans, both old and new.
“We have always recognized the tremendous and vital contributions of our grooms and have always felt that it was essential to include them along with our drivers and trainers in our retirement plans,” said Faraldo.
Fourteen drivers, 61 trainers and 220 grooms have met the requirements and will be awarded benefits under the new retirement plan. The SOANY is committed to ensuring that eligible participants will continue to receive retirement benefits in the future.
(SOANY)