Investment Return VS 13th Check IP: 173.65.116.160 Posted on October 8, 2010 at 09:08:36 PM by Tommy Depolis
There is some incomplete information going around reference the pension fund's investment return and a possible 2011 13th check. I spoke with our Plan Administrator and will summarize the the information given to me:
1. The investment manager has indicated a PRELIMINARY rate of return at +12.7% for last fiscal year. But, this figure has not been reconciled and may change. 2. The plan accountant has until NOV to close out the books and reconcile these figures. 3. Then the plan external auditors must do their testing and issue a report in FEB or MAR of 2011. 4. These reports are then presented to the pension board for acceptance. 5. Then the plan actuary has 60 days to verify the fund's gain/loss position. 6. By MAY 31, 2011 the board must notify participants of the amount of the 13th check, even if it is ZERO.
Keep in mind the fund had two consecutive years of investment and actuarial losses, both of which have to be made up. Although the possibility of a 2011 13th check seems unlikly, it's really premature to speculate at this time. Replies: