February 1, 2010
National Trust has confirmed that Plan members who are not already in receipt of a pension and who have pre-integration benefits in the Plan (that is, for most members, benefits related to service with National Trust prior to August 2, 1999) have been, or shortly will have been, sent an information package explaining their options regarding their pre-integration Plan benefits, and requesting that they make an election regarding how they wish those benefits to be paid.
As advised in the December 23, 2009 update, the above pertains only to pension entitlements which must be dealt with before the surplus can be distributed. For this reason, not all surplus sharing group members will receive this mailing.
In light of the concerns expressed by members regarding the delay in finalizing the anticipated distribution of surplus, our legal counsel and the Committee have been in discussions with National Trust and its legal advisors regarding the timing of steps going forward. On February 2, 2010, National Trust reaffirmed its commitment to the Surplus Sharing Agreement, and advised that the delays recently encountered were associated with their preparation of applicable regulatory filings. However, they have assured us that they have the best interests of Plan members in mind, and that any regulatory delays if encountered are out of the control of National Trust and the Committee.
Your Committee will continue to work closely with National Trust and its advisors in the hopes of achieving the earliest possible distribution. If no unforeseen regulatory obstacles are encountered, it is hoped that the surplus distribution will take place in October or November of this year.