Valuation
The completion of regular actuarial valuations serves to bring a balance sheet approach to the ongoing monitoring of the accumulation of assets relative to earned pension benefit obligations.
Funded Status
The most recent valuation reflects a balance sheet that is in surplus. The Plan is considered very well funded given assets are 112% of pension obligations.
The recent historical trajectory of Plan funded status highlights improvement. Key driver being, during this period investment returns have exceeded expectations. Thus, the trend in funded status has had an impact on elements of the funding and investment decision frameworks, including the regular review of contribution rates.