Pension Board Meeting

At todays board of trustees meeting the plan's investment manager, Jay Bowen, reported that as of 12/31/11 investment returns were +9.8% and the market value was $1.469 billion. However, he went on to say that since then, up to todays date, the return had increased to +15.8% and had additional gains of $220 million. This demonstrates the markets ups and downs with a gradual increase as Europe's, China's and the US economies slowly improve.

Of further interest today we found out that the board's attorney Mr. Cohen, has resigned as counsel for the plan. There were lively discussions between board members as to how this came about and what should be done about it. A recommendation was made by the board to ask Mr. Gonyea, the insurance attorney, to act as intrim counsel until a permanent replacement is hired. I spoke against Mr. Gonyea to the board since his role has been to oppose retirees in litigation and therefore I have no confidence in his abilty to represent the interest of plan members, both active and retired, as plan counsel. What will happen still remains to be seen.


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