A Pension Investment Committee meeting was held on May 22,2020

Due to the current economic conditions, as of March 31, 2020, the Funded Status of our pension has dropped from around 100% to 90.1%.

It is estimated that from the end of March to the end of April it has bounced back roughly 2% which would make it around 91.9% funded.

It is projected to remain flat at that rate through to the end of May.

We are in much better shape than many of the other pension plans out there. Some suffered way greater losses than we did.

We are optimistic that our funded status will continue to improve over the next short while. 

In regards to the “Pension Freeze” that was recently implemented, we have been assured by the Company that they are working diligently to have that “Freeze”  not apply to our pension. 

This does not affect a person applying for or receiving a monthly pension but only to those who qualify for, and wish to receive a commuted value pension. We will provide any updates on this issue as we receive them from the Company.