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August 11, 2020
U-40 -- Cash Balance / 401K Conversion
Updated On: Jul 17, 2020

Sisters and Brothers,

Duke Energy has informed the Union that the one-time opportunity to transition from the Cash Balance plan to the enhanced 401K will run simultaneous with Benefits Enrollment beginning October 19th and ending November 6th. Please remember, this was a Union proposal (U-40) negotiated on your behalf to provide a one-time option, however, System Council U8 neither encourages nor discourages your personal decision; please discuss this very important option with your spouse and/or financial advisor. The Company will be mailing pertinent information to your home as well as providing tools accessible through the Portal to assist you.

Attached is the negotiated and ratified (Item 48, U-40) language from the 2020 Memorandum of Changes.

Fraternally Yours,

Phil


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