APRIL 22, 2010 - In April, the Pension Annual Funding Notice for the 2009 Plan Year was released for distribution along with the Plan Funding Status Notice. The Boilermaker-Blacksmith National Pension Trust is required by federal law to supply participants with this information.
The Pension Annual Funding Notice contains important information about:
- Funded percentage
- Fair market value of assets
- Participant information
- Funding and investment policies
- Critical or endangered status
- Events with material effect on assets or liabilities
- Right to request a copy of the annual report
- Rules governing plan in reorganization and insolvent plans
- Benefit payments guaranteed by the Pension Benefit Guaranty Corporation (PBGC)
- Where to get more information
As explained in the required Plan Funding Status Notice, our Plan is considered to be in endangered status because at the beginning of the Plan Year, the funded percentage of the Plan was less than 80 percent.
Trustees of an endangered plan are required to adopt a funding improvement plan. Funding improvement plans establish steps and benchmarks for pension plans to improve their funding status over a specified period of time. You can find additional information about the funding improvement plan in the Plan Funding Status Notice.
We will keep you updated on the Pension Plan status. If you have any questions after reviewing these notices, please contact Customer Care at 866-342-6555, 7 a.m. to 5 p.m. CST, Monday through Friday.