Funding News

March 30, 2021 — At January 1, 2021, the plan had a preliminary surplus of $8.5 billion based on an average contribution rate of 11% and 100% inflation protection being provided on all pensions.

The January 1, 2021, valuation is not required to be filed with the regulatory authorities; however, the sponsors may choose to do so, in which case the report would be filed prior to the end of September 2021. If the partners choose to file this valuation, they will decide how to allocate the surplus, including whether or not to classify the surplus as a contingency reserve.