In a letter to Participating Local Unions dated April 28, 2023, the Union Chairman explains that despite negative capital markets in 2022, the Plan continues in the Green Zone and has done remarkably well. It has attained new highs in benefits paid, employer contributions, and PPA Funded Percentage. In addition, the Plan has no unfunded vested benefit liability as of December 31, 2022—the Plan is effectively fully funded for 2023. Active Plan participants grew for the 9th consecutive year, while the Plan remains positioned for continued strong future growth.
Please click here to view the Union Chairman's letter.