CSI Pension Plan:  What’s Happening

Since it was first established in 1943, the CSI Pension Plan has been providing retirement benefits to more than 2,000 retirees.  Currently there are more than 9,000 participants who have benefit credits in the plan. This valuable benefit is designed to work with Social Security and your personal savings to give you an income you can count on when you retire.
Today, there are some important challenges facing the Plan. The main issue is that each year we’re promising more in future benefits than we’re receiving in contributions to the Plan. There are two main reasons for this:

The Plan has seen a number of changes since it was first established - changes made with the best interests of schools and participants in mind. While the Plan is currently financially sound, we must ensure the Plan remains viable for our future retirees. CSI has been working closely with a consulting firm, Mercer Human Resource Consulting, Inc., to examine proposed solutions to these challenges. The Board of Trustees looked at numerous studies to make sure we understand the problem and the proposed solutions. We presented our research to a sampling of participants, retirees and school administrators in December and now want to discuss the possible solutions with everyone who participates in the Plan.

Please watch for information about your school’s upcoming meeting and plan to attend so you can learn more about the issues and proposed solutions and ask questions.

Full Issue: No. 161 - February 25, 2004

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