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Many years ago, DPFP made large investments with two private equity managers. The investments with these two managers are material to the overall financial statements of DPFP. These two managers have not provided the required information to DPFP to complete the actuarial valuation and we cannot complete the annual audit without knowing the value of these investments.

Certain people have been circulating misleading information about the funded status of the plan. These people have no new information on which to base their claims. It is true that contributions are less than benefit payments each month. This is not a new issue. This has been discussed many times over the last few years at Board meetings and was widely discussed last year during the legislative process. The difference between contributions and benefit payments has absolutely been included in the funding level calculations every year.

The Court in the Degan case has ruled in favor of the DPFP Board and has granted DPFP’s motion to dismiss the case.

As many of you know, DPFP is beginning the process of annuitizing DROP accounts as required by the provisions of HB 3158.

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