KINGSTON, Jamaica — The board of directors of Cable & Wireless Jamaica Limited (CWJ) today communicated their intention to distribute surplus funds from the pension plan to members on record.

On March 16, directors confirmed approval of a proposal from a task force established by the board of trustees of the Cable & Wireless Jamaica pension plan, to review a proposed distribution of the surplus in the plan.

In a note to the Jamaica Stock Exchange (JSE) the board said, “following extensive consultations, the consulting actuaries have advised the trustees of the Plan and CWJ, the principal sponsor, that the value of the assets of the Plan are sufficient to adequately fund the distribution of surplus without jeopardising its solvency.”

They asserted that, having received appropriate legal, tax, accounting, and actuarial advice, the board approved the recommendation to distribute a portion of the assets “equally to members of the plan and to the CWJ as principal sponsor, and to distribute any additional surplus after the provision for future employers contributions.”

The current asset value in the plan, the value of surplus and number of members in the plan were not disclosed. Dates for payment were also not shared.