August 25, 2011

Specified Plan Change (SPC) Proposals

A mediation/arbitration decision was made regarding SPC #06-11(a) – Supplemental Plan Contribution Rates, affecting the contribution rates and rebound costs for the Supplemental Plan. (Read more about the approved 2011 SPCs.)

Independent Actuarial Review

As part of SPC#07-11(a) – Contribution Rates for 2012, it had been agreed to initiate an independent review to provide advice and assistance in determining principles to guide the allocation of contribution rates. A request for proposal (RFP) was approved, potential service providers identified and the basic process for the review was determined, in order to have the review completed prior to commencement of the next specified plan change cycle.

Governance

Three OAC Board member terms are due to expire at year-end and the affected sponsor organizations had been contacted by the SC, requesting nominations prior to September. The SC confirmed the re-appointment of Gene Swimmer, PAO nominee to the OAC Board, commencing January 1, 2012. Two nominations are pending.