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Thursday, October 8, 2020

NASI Pensions Fund Notice

October 8, 2020
Annual Pension Statements

Many have noticed that the Annual Pension Credit Statement that is usually mailed to all Participants in the summer has not yet been sent this year. It remains our intention to send every Participant a pension statement that shows Pension Credits earned through 2019. Statements have not been mailed, as of yet, because the statements produced by the Funds’ new computer system do not correctly show the information on a small fraction of Participants. Our computer system contains all of your correct information. However, the program that produces the new Annual Pension Credit Statement is not faithfully reproducing that information in the way we are comfortable sending out. Even if 95% of the statements are completely accurate, that would still produce way too many inaccuracies to allow them to be sent out. We are also investigating whether we can reliably segregate the statements that are correct from the “problem” statements so we can send out the major fraction that are good-to-go.

One way or another, you can expect to receive your pension statement for 2019 in the coming weeks. They will look different than past statements as the system that is producing them is completely new to us. Thank you for your patience in this period of transition.