The defined benefit AMO Pension Plan's actuaries have certified to the Secretary of the Treasury that the Plan is funded at 88.7 percent in its current fiscal year, which began October 1, 2020. Such certification is required annually under the Internal Revenue Code.
This funded level holds the AMO Pension Plan in the "green zone" under the Pension Protection Act of 2006.
The December 23 report from Horizon Actuarial Services LLC projected that the AMO Pension Plan would not fall into the 2006 law's "endangered" or "critical" status in its current fiscal year or in the next four fiscal years.
"The Plan is not in critical status for the 2020 Plan year because none of the applicable tests (under the Internal Revenue Code) are met," the report said. "More specifically, the Plan is not projected to have a funding deficiency in the current or next four Plan years, and it is not projected to go insolvent."