PENSION FUND

I wll try to assist in entering the updates as they come across my desk, I will however tell you that they will not be immediate to you receiving them in the mail.

Pension Plan Highlights are as follows:
Minimum Contribution Rates (MCR)
* Under Amendment 7 and the current Funding Improvement Plan, an additional 8% increase over the 2013 MCR was due January 1,2014.
* This is the last additional increase at this time. However, the MCR must remain at the 2014 level until the Pension Trustees amend the Plan to allow for a lower MCR, which will not likely happen until we are in the Green Zone.
* For the Plan Year beginning January 1, 2014, the Pension Plan's actuary determined the Pension Fund to be at 75.3% funded (an increase from 74.9% in 2013).

Pension Target Asset Allocation courtesy of the Investment Group:
25% in Real Estate, Agriculture & Timber, Energy, and Other Alternative Investments.
25% in Core, Global and Fixed Investments
50% in Foreign and Domestic Equity Investments

As always, we get the question on the investment returns.
The returns offered to us periods ending December 31, 2013 are as follows:
* One year ending December 31, 2013 was 17.60% return.
* Three year average return back from December 31, 2013 was 10.40%.
* Five year average return back from December 31, 2013 was 12.50%.

On a good note, the Pension Plan is meeting the requirements for the Pension Improvement needed to bring the Pension Plan into the Green Zone in the future barring no major market crashes or changes.