AMO and AMO Pension Plan on positive side of investment ledger

American Maritime Officers and the defined benefit AMO Pension Plan are on the positive side of the investment market ledger again, having recovered all of the money lost during the catastrophic first quarter of 2020.

These first-quarter union and benefit fund losses were among the economic consequences of the COVID-19 pandemic.

AMO investment accounts June 11 totaled $12 million after appropriate asset reallocation, and the AMO Pension Plan showed a return exceeding the total amount lost in the first quarter.

The AMO Executive Board will continue to work closely with AMO Controller Thom Heaton to monitor investment returns, revenue and expenses to sustain sound management of union revenue and expenses in further response to the coronavirus pandemic.

The AMO administration remains alert to the potential of indefinite loss of jobs and of employer contributions to AMO Plans resulting from the layup of vessels because of weak cargo demand - another COVID-19 consequence.

The AMO Plans administration will continue to safeguard AMO Pension Plan assets in daily consultation with investment managers, counsel, certified public accountants and actuarial consultants.

The AMO Pension Plan remains in the federal Pension Protection Act's "green zone," with a funded status of 85 percent, and the January 1, 2020 10-percent increase of monthly benefits due upon retirement to active AMO members vested in the AMO Pension Plan remains in place.