As many of you are aware, we "froze" the ARRL (defined benefit) Pension Plan a couple of years ago due to its escalating cost. As a substitute, a 403B (like a 401K, but for non-profits) was implemented.

Earlier this year, the A&F formed a Pension Sub-Committee to prepare for winding down the Pension Plan. The Committee has completed its work and recently reported to the A&F. For a couple of reasons, Cliff Ahrens, Chairman of the A&F, felt that it would be appropriate to now make ODV, and in particular the Board members, aware of Sub-Committee's findings and recommendations.

The first is to give you the opportunity to peruse the materials well before you're asked to vote on the matter. Secondly, since A&F is scheduled to take up the Sub-Communities' recommendations on Thursday (the 14th), your having the materials at this time affords you the opportunity to provide input, if you wish, to the A&F ahead of its meeting. Therefore please free to let us know your comments, suggestions, criticisms, etc., between now and next Wednesday if possible. You may direct them to me as Sub-Committee Chairperson or to Cliff, Chairman of the A&F.

It would be appreciated if you would not discuss this matter with any of the staff or outsiders, since only Senior Officers are aware of the conclusions of the Sub-Committee. Staff members were previously informed of the freeze and where the Pension Plan would be heading. Should you wish to discuss the materials among yourselves, of course feel free to do so.

We have by the way received input on this matter from outside experts as indicated in the attached memo from the Sub-Committee. Also, Barry has engaged the services of a Boston law firm, which will act as our ERISA (Employee Retirement Income Security Act) attorney. There are many filings that must be prepared and approvals to be acquired to complete the proposed transaction and thus we wish to assure ourselves that they will be properly and timely done.

Now hopefully I can manage to get all these attachments to you correctly---if I don't I am confident that I'll hear from someone.