Notice of Election of Funding Relief
Earlier this year, Congress passed a law that relaxes certain minimum funding requirements for eligible mulitemployer pension plans. The relief gives pension plans a longer period of time to overcome the investment losses that they suffered in late 2008 and early 2009. For a plan to qualify for the relief, its actuary has to certify that the plan is projected to have enough funds to cover all benefit payments and expenses for the extended funding period.
We are pleased to report that, based on our actuary’s report, our Plan qualifies for the relief. We have decided to use the new funding relief as explained in the Notice of Election of Funding Relief that was mailed in November 2010.
By choosing to use this funding relief, we are able to keep the Plan in the Green Zone and, to the greatest extent possible, minimize future contribution increases. The decision to use the relief means that, for the next two plan years, the Plan cannot be amended to increase benefits unless there are new contributions to pay for those increases.
If you have questions about this notice or any other aspect of your Pension Plan, please contact the Fund Office.