The National Pension Fund's Road to Recovery
Dear Brothers and Sisters,
Recently, the NPF reached two major milestones. First, I am pleased to announce that the Fund processed its 100,000th pension application. The 100,000 application was received in the Fund Office on Feb. 13, 2008. With your support, and the support of your Local Union leadership and your Employers, NPF will pay hundreds of thousands of more pensions.
Second, in the first week of March, you will find in your mailbox the Notice of Critical Status with an Additional Explanation. If you have not already received a copy, you will soon. As I have discussed often in the last year, the National Pension Fund and many other pension funds are now meeting the challenges posed by the Pension Protection Act of 2006 (or "PPA"). We’ve been sharing with you the upcoming changes in benefits and contributions, the Rehabilitation Plan, its Schedules and how all this may affect you.
The Notice of Critical Status and Additional Explanation provide an in-depth explanation of what the PPA means, the Fund’s Actuarial Status, 2008 Rehabilitation Plan, its Schedules and the type of benefit adjustments that will be made. Click here for a full copy of the Notice of Critical Status and Additional Explanation or go to our Pension Protection Page and download a copy. You can also learn more about the PPA and the 2008 Rehabilitation Plan by clicking on the Pension Protection Act line above.
Your sacrifices, perseverance and the leadership of your Local Unions and Employers will help secure our Fund. I remain convinced that the Rehabilitation Plan provides the best hope for the long-term financial health of the Fund.
We will continuously post updated information on the website. If you have questions or concerns, please contact the Fund at info@smwnpf.org or email the Board of Trustees directly at BOT@smwnpf.org
Fraternally Yours,
Michael J. Sullivan
Chairman, Board of Trustees
For more information concerning the Pension Protection Act and
2008 Rehabilitation Plan, click here
To view the Fund's 2006 Summary
Annual Report, click here.
To view the Annual Funding
Notice for Plan Year 2006, click here.
To view the Fund's September 30, 2007 unaudited
Financial Statement, click here.
To view the Fund's December 31, 2006 Financial Statement, click here.
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