Posted: November 30, 2018
AMO Pension Plan certified officially as "green zone" plan at 82.3 percentThe defined benefit AMO Pension Plan is officially in the 2006 Pension Protection Act's "green zone" at a funding level of 82.3 percent.
This significant milestone was reached November 29, when the Plan's actuaries - Horizon Actuarial Services LLC - certified to the Internal Revenue Service that the AMO Pension Plan was in the green zone as of the end of its fiscal year on September 30, 2018. Certification followed an audit of the Plan's fiscal year results by an independent certified public accounting firm.
In addition to confirming the AMO Pension Plan's 82.3 percent funding status, the actuaries' filing with the IRS projected "no funding deficiency within the current or next six Plan years," said AMO Plans Director of Finance John Macuski.
Official certification of the AMO Pension Plan's funding status was announced as a union-employer subcommittee of AMO Plans trustees and AMO Plans administration began preliminary consideration of potential measures that would enable the AMO Pension Plan to meet its obligations to active deep-sea, Great Lakes and inland waters AMO members.
A pension relief strategy would also have to allow for the continued payment of monthly benefits to current AMO retirees and for benefits due at age 65 to individuals who are vested in the AMO Pension Plan but who no longer work under AMO contract.
The AMO Pension Plan will keep AMO members informed of all developments as they occur.
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