Received the following comment this morning on the pension letter that I was getting some comment on yesterday:
Just talked to Mike Ply. (Thanks, anonymous for the phone number, I left my letter at home.)
Nice guy. Very helpful. Answered my questions directly and succinctly.
The plan is NOT being terminated. (It IS being frozen.) This is new paperwork the government requires. The paperwork must outline what COULD happen, not what WILL happen.
The plan stands, he said.
It is continuing to be funded, he said. It is not being terminated, he said.
This is not a termination letter, he said.
He said we can expect the more "normal" 5500 form, etc, in the fall.
From my past knowledge, 81 percent funding isn't the greatest, but as he pointed out with a rueful chuckle, it is better than most of our 4019(k)s are doing.
Hope this helps.Todd Seibt"
Todd is my guru on all things financial, so I think this should put this to rest. Sorry about the folks who now have their pensions frozen. Wonder if the freeze applies to the editors/managers/content directors/etc.?