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In order to ensure sufficient funds exist to pay for future retirement benefits, CITGO makes contributions to a trust fund. That money is set aside for plan benefits and invested based on established investment guidelines. The timing of contributions is determined by federal guidelines. The amount of contributions is based on a review made by outside actuaries who look at both how much is in the trust (assets) and future obligations for benefits (liabilities). The Company is required to provide employees an Annual Funding notice for each Plan that addresses the financial status of the plan with regard to funding requirements. |