Tough Times, Tough Choices: NPF’s Rehabilitation Plan Protects Your Pension by Michael Sullivan

Brothers and Sisters,

By now, you have received NPF’s Notice of Critical Status and an Additional Explanation of the changes in store for active and retired participants. A copy of the Notice and an additional Supplemental Notice is in the Focus on Funds section of this Journal. The Notice and Explanation, as well as plenty of other information about the Pension Fund, the Rehabilitation Plan and the Pension Protection Act of 2006 (PPA), can be found on the Fund’s website at www.smwnpf.org. PPA is the biggest piece of pension legislation in over 32 years. It requires most plans to make wholesale changes in operations and design. Basically, PPA directs Trustees to use new tools, tough choices have been made in NPF’s Rehabilitation Plan. Now, it is time for all of us to recognize that these changes are necessary and to move forward implementing them.

Hundreds of you have written, called and emailed. Many complain about changes to COLA increases. Many have expressed support. I accept the complaints. I stand behind the choices made. In various communications, we have explained what brought the NPF to this point and what we need to do about it. Now that we have issued the Rehabilitation Plan, I will highlight the major factors behind the Rehabilitation Plan in a Q & A format.

To read the entire article published in The Journal March/April 2008 edition, click here.

For more information concerning the Pension Protection Act and
2008 Rehabilitation Plan, click here