Not quite: see below,


As of January 1, 2010, the AFN indicates the funded level of the A Plan is 96.44%. This
compares with funded levels of 142% in 2008 and 104% in 2009. This decline in the funded
level can be attributed to the following factors:
· The January 2008 figure was artificially high due to the change in the mandatory
retirement age, accompanied with an increase in the discount rate used to calculate the
present value of the benefits earned under the plan.
· The high funded levels for IRC purposes in 2008 and 2009 meant that no A Plan
contributions were required for those plan years, nor were any made.
· Because additional pension benefits are being earned each year, and because previously
accrued benefits move “one year closer to being paid,” there is a natural tendency for the
funded level to decrease unless contributions are made to the plan. This tendency was
counteracted to some extent in the January 2010 figure by above average asset returns in
2009.
Because the plan was underfunded in 2010, a contribution will be required for the 2010 plan
year. This contribution will not be due until September of 2011. Required contributions for the
2011 plan year will have to be made quarterly, so the first one should have been made last
month.