Long Term Funding Policy. 1. The parties recommend to the trustees that a Minimum Reserve Requirement be established equal to IBNR reserves plus a lag month reserve. The Fund consultants shall calculate the IBNR and lag month reserve requirement at least once every twelve (12) months beginning on (date) and report these amounts to the Trustees at their next regularly scheduled meeting. Any withdrawing employer shall reimburse the Fund for their participants’ claims run off.
Long Term Funding Policy. The parties agree to direct the Trustees of the Pension Plan to use their best effort to effect a merger with the Denver Area Meatcutters Pension Fund with the Rocky Mountain UFCW Unions and Employers Pension Plan with the objective of accomplishing the merger on or about July 1, 2016 and give full authority to effectuate such merger to the Board of Trustees of the two pension plans without further approval of the parties of this Agreement.
Long Term Funding Policy. The Board of Trustees is authorized and directed to adopt the following long-term funding policy immediately: Southern California United Food and Commercial Workers Unions and Food Employers Joint Pension Trust Fund Long Term Funding Policy The co-consultants will produce with the annual actuarial valuations a seven (7) year actuarial projection with the goal of identifying future funding deficiencies (defined as where the negotiated contributions are not enough to satisfy the minimum required contributions under Internal Revenue Code Section 412). These annual projections will be based on the following:
Long Term Funding Policy. The Board of Trustees is authorized and directed to adopt the following long-term funding policy immediately: The co-consultants will produce with the annual actuarial valuations, a seven (7) year actuarial projection with the goal of identifying future funding deficiencies (defined as where the negotiated contributions are not enough to satisfy the minimum required contributions under Internal Revenue Code Section 412). These annual projections will be based on the following: Projections will take into account only negotiated contributions. The adoption of actuarial changes as follows: Effective for the 2003 Plan Year, the actuarial cost method shall be changed from the entry age normal cost method to the unit credit cost method, and for purposes of determining the actuarial value of the Plan’s assets, the corridor shall be modified from 90%-110% to 80%-120% of the market value of the Plan’s assets. Using the assumptions in the then current annual actuarial valuation as jointly agreed to by the Fund’s co-consultants, no unanticipated actuarial gains or losses during the projection time period shall be considered. If the annual projection indicates any future funding deficiencies during the seven (7) year projection, the Board of Trustees is authorized and directed to amend future benefit accruals (or any other non-protected benefits), effective immediately, in order to eliminate the projected future funding deficiencies. Notwithstanding the above, the projections accompanying the annual valuations for 2006 and 2007 shall end with the year 2012 (i.e., any deficiencies projected to occur after 2012) and shall not be taken into account until the valuation for 2008. In the event a reduction or suspension of future benefits is insufficient to eliminate all future funding deficiencies, the contributing Employers may elect to make additional contributions above the negotiated contribution rates in order to avoid such funding deficiencies. If such additional contributions are made, the contributing Employers will receive a dollar-for-dollar credit against future negotiated contributions due to the Plan until such time as such additional contributions have been fully offset. Any deadlocked Trustee motion relating to a reduction in benefits required under the Long-Term Funding Policy shall be arbitrated on an expedited basis, with the arbitration to take place not later than sixty (60) days following the Trustees’ meeting at which the deadlock occurs.
