Interest for the past five years has averaged 8.9%. The table below shows average annual interest credits for periods ending 6/30/2009:

1 Year	3.0%
5 Years	8.9%
10 Years	8.4%
20 Years	9.6%
30 Years	11.2%
Since 1922	6.8%

 

At the September 17, 2009 meeting of the Fund's Board of Trustees, Management recommended, and the Board decided, to credit 2% annualized interest to participants for the period October to December 2009. Taken with 3% from the period January to June, and 1% from July to September, this provides our participants with an average interest credit of 2.25% for 2009.

The Fund's practice had been to declare annualized interest in six-month increments. However, in light of the ongoing market volatility, the Board is carefully monitoring investment market conditions and making quarterly interest credit declarations.
 

At the November 19, 2009 meeting of the Fund's Board of Trustees, Management recommended, and the Board approved, 3% annualized interest to participants for the period January to March 2010.

Protecting participant account balances and monthly annuity payments will always be the Fund's primary objectives. Accordingly, should conditions deteriorate, we will not hesitate to again reduce the interest level in future decisions. Interest rates will vary according to performance and conditions. The Fund will continue to make decisions in the Fund's and its participants' best long-term interest.