NERC Seeks Approval of Supplemental 2009 Budget and Funding Request for MRO
- Filter By Electric Reliability Law Blog
On August 6, 2009, NERC submitted a request to FERC seeking approval of a supplement to the 2009 Business Plan and Budget and assessments of the Midwest Reliability Organization (MRO). MRO’s need for a supplemental budget arises from the decision of the pension plan sponsor of the multiple-employer defined benefit pension plan in which MRO has participated, to terminate the plan. MRO has determined it will be more cost-effective and conducive to attracting and retaining employees for MRO to move to a defined contributions plan, rather than to continue to maintain, fund, and administer the defined plan on its own. Under this approach, MRO must make a one-time contribution of $1.12 million to the pension plan in order to have its existing plan fully funded at termination. Because the $1.12 million contribution cannot be funded from MRO’s approved 2009 budget, it is submitting a supplemental budget request. To view MRO’s filing, click here.