Sunday, April 22, 2012
ING Americas informs its retirees of its Annual Funding Notice
This weekend, the retirement plan for my “last major employer”, ING Americas, sent its “Annual Funding Notice,” as required by the PBGC.
The notice has the ironic mechanical wording “This notice does not mean that the Plan is terminating.”
There is a row called “Valuation Date” with columns noting January 1 of each of 2011, 2010 and 2009. But the text says that each column applies to that entire year.
The Funding Target Attainment Percentage is 81.9% for 2011, a slight improvement from 80.0% in 2010. But both are way down from 94.8% in 2009, still well after the 2008 crisis surfaced.