Funding relief notice FAQs
Why did the Plan send me this notice?
The Retirement Plan is required to notify you that its Trustees have decided to elect special funding relief provisions available to all plans nationwide under the Pension Relief Act of 2010. Consequently, the Notice of Application of Special Funding Relief Rules (funding relief notice) was mailed to all Plan participants in late July 2011.
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Does the funding relief notice change any AFTRA Retirement Plan benefits that I have earned or am now receiving?
No, this notice does not affect your benefits. It is provided for informational purposes only, and no action on your part is required.
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Does funding relief notice affect my future benefits?
Because of the election of funding relief, the Trustees are temporarily restricted from making any benefit improvements under the Plan. This restriction will apply through November 30, 2016 at the latest, and since the law allows Trustees to “opt-out” of funding relief at any time, this restriction may be lifted earlier.
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Is the Retirement Plan endangered?
No. As defined by federal law, the AFTRA Retirement Plan’s funded status is currently in the desired Green Zone – meaning that the Plan it is not endangered, even without the election of these special funding rules.
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If the Plan is not endangered, why does it need funding relief?
The election of these special funding relief rules will provide cushion to enable the Plan to remain in the Green Zone more easily than if the special funding rules had not been elected. The majority of pension plans nationwide – including plans (like this one) that were already in the Green Zone, even without funding relief – have similarly chosen to apply one or more of the funding relief provisions available to them under the new law.
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