| Print | Close Window | AMO Currents - Posted: January 29, 2009 |
AMO Pension Plan: certification of funded status
As permitted under Section 204 of the Worker, Retiree and Employer Recovery Act of 2008, the Board of Trustees of the American Maritime Officers Pension Plan (the "Plan") has elected to retain the October 1, 2007 funding status of the Plan under Internal Revenue Code Section 432 calculated as if the Pension Protection Act of 2006 ("PPA") had applied on October 1, 2007.
The funded percentage for the Plan as of October 1, 2007 exceeds 80%, and based on the valuation results as of October 1, 2007 an Accumulated Funding Deficiency does not exist and is not projected to occur within the next seven plan years. The projections used to make this determination were based on the facts and circumstances in effect on October 1, 2007. Reasonable actuarial methods and assumptions were used to project future results from this date.
As required under the PPA, the funded percentage for the Plan for the plan year beginning October 1, 2009 will be based on the valuation results as of October 1, 2009. The projections that will be used to make this determination will be based on the facts and circumstances in effect on October 1, 2009. Reasonable actuarial methods and assumptions will be used to project future results from this date.
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