Pension update

Volume 123, No. 6June, 2023

Recently the AFM-EPF (the pension fund) sent a legally required annual notice. Here is what you need to know:

  • The fund’s condition described in this notice does not reflect the financial relief expected later this year
  • The fund applied for $1.5 billion in financial relief on March 10 2023. The PBGC has 120 days to review it and expects to send the relief money within 60-90 days of approval
  • The relief money is intended to support all pension payments to be made in full until at least 2051
  • The fund is already considered eligible to receive relief money. If there is an issue with the application the fund will have the opportunity to fix it
  • The funding notice reflects the pension fund’s condition as of April 2022
  • The critical & declining status is as of January 2023 — remember this is without the relief money
  • You received this notice earlier in the year than you have in the past. That is because the fund changed its fiscal year to January-December instead of April-March
  • Separately, there is often confusion about the difference between a pre-retirement beneficiary and a joint annuitant. This page from the AFM pension fund should clarify the difference

Questions? Contact the pension fund directly at