The essence of this brief report is that following a fairly good year of investments (to June 30, 2014) of 16.79%, our 5-year average rate of return reached 9.79%. This being 3.79% above our 6% assumption, allowed for all retirees within the Plan to receive the maximum CPI increase of 1.41%. There is also a supplemental increase of 2.347% totalling 3.79%. This amount of supplemental increase is for all who retired prior to July 1, 2010. For those who retired after this date up until June 1, 2013, there is a calibrated scale that reduces the supplement down to 0.081%. This is due to the 3-year average calculation of this benefit.

This is the first increase since 2008 and we must continue to hope for a continued improvement in the stock markets going forward.

From your pension reporter, Cliff Andrews, I take this opportunity to wish all a wonderful 2015.