In its year-end financial report this week,
Despite the ongoing funding shortfall,
In exchange for the changes in the plan,
In fiscal 2016,
"I think people can get distracted by the fair value accounting impact on a liability, but I think overall it's going to take a 20-year sustained commitment to this that we've made (to bring the pension to full funding)," Thomas told analysts and reporters during a conference call this week. "But it's a bit hard to look at this year-to-year and draw any conclusions. But I'm pretty pleased with what we saw in 2016."
The pension funding status improved from having only 53 percent of what actuaries said was needed a year ago to having 55 percent of the money needed today to meet all of the future funding obligations. The funding status would have been even higher had not
"There actually was very positive news for our pension fund (in fiscal 2016)," Thomas said. "The assets this year earned 11.2 percent, so
But retirees remain concerned about the underfunding of the pension plan, especially since the government plan does not enjoy the insurance backing of the
"Without help from retirees and employees, the pension plan funded status would have dropped to 51 percent," Pitts said. "I am encouraged that
"Ultimately, our goal is 100 percent funding for the pension plan," Fiedler said.
But Pitts said he worries that
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