Long Term Funding Policy. 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:
(a) Projections will take into account only negotiated contributions.
(b) Adoption of the Unit Credit actuarial cost method effective with the April 1, 2003 actuarial valuation.
(c) Adoption of the amortization extensions available under IRC Section 412(e) effective with the April 1, 2003 actuarial valuation (or such later date as the IRS may approve), but only if such changes are actually approved by the Internal Revenue Service.
(d) Using the assumptions in the then current annual actuarial valuation as jointly agreed to by the Fund's co-consultants.
(e) No unanticipated actuarial gains or losses during the projection time period. If the annual projection indicates any future funding deficiencies during the seven-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. In the event that the IRS does not approve the Fund's request for implementation of IRC Section 412(e) effective with the plan year beginning April 1, 2003 the Board of Trustees will immediately reduce future benefits by the amount required to eliminate any future funding deficiencies (using the seven-year projection as detailed above). If the IRS approves the application of IRC Section 412(e) for a valuation year after 2003, the actuarial projections will take into account the effects of IRC Section 412(e). In the event that the contributing Employers are required to make any additional contributions above the negotiated contribution rates in order to avoid funding deficiencies, the contributing Employers will receive a dollar for dollar credit for additional contributions. When the Board of Trustees reduces benefits to eliminate the future funding deficiencies they shall take into account that these contribution credits w...
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:
(a) Projections will take into account only negotiated contributions.
(b) Adoption of the Unit Credit actuarial cost method effective with the April 1, 2003 actuarial valuation.
