Financial Matters:

Plan Position as at December 31, 2019

As noted in the audited Financial Statements of the Pension, the market value of the Plan’s solvency assets as at December 31, 2019, is $34,774,000. As the actuarial report was completed based on unaudited financial statements, the market value referenced in this report is taken from the audited financial statements, which represent a more accurate value. This will be adjusted through the 2020 actuarial valuation. The following chart highlights the balances for the most recent 3-year period:

	December 31, 2019	December 31, 2018	December 31, 2017
Market Value of Assets	$34,774,000	$32,956,000	$33,892,000
Face Value of letter of credit	$4,890,000	$4,814,000	$4,534,000
Solvency Liabilities	$37,466,000	$36,875,000	$38,668,000
Adjusted Solvency Ratio	105.3%	101.7%	100.12%

The Asset Value increased from December 2018 to December 2019 due to slightly higher investment earnings. At December 31, 2019, plan liabilities were $37,466,000. These amounts also fluctuate annually based on a number of factors, which can include interest rates, expected future benefit costs, and changes in life expectancy calculations.

Plan Contributions

As outlined in the discussion section, as a result of the improved solvency position for the Plan, the required minimum contribution into the Transit Windsor Pension Plan in 2020 is zero.

2020 Planned Contributions
	Current Service Cost	Solvency SpecialPayment	Total
Monthly Amount	$0	$0	$0
Annual Payment	$0	$0	$0