SUMMARY:- MINUTES OF THE RPA COMMITTEE MEETING

HELD IN MONTREAL 11TH. MARCH 2010

DEPARTURE:

Effective April 1st., 2010, Francois Currie, actual president of the RPA retirement committee, is leaving the company. His successor has not been named and should be soon. This means there are two vacancies for company representatives.

ARTICLES IN LOCAL NEWSPAPERS:

Concerning these articles, they consist of the different rules of the fund that have been modified during the year 2009 and that must be disseminated to the members according to the law. Why this has been done through the media is because it would be onerous to send a copy to each member and would create more confusion than positive results. I emphasized to the committee while asking if the social services representatives of the plants could answer questions concerning these rules; the answer being known to us was "no". In the near future, the social services representative of each plant will be trained to answer questions pertaining to changes in the rules regulating our fund.

REQUEST BY ROCCO BONARIGO:

Since we contacted the new retirees listed for 2009, he has received many telephone calls for information about our group. He would like to have a telephone number to be able to refer them to us.

He also requested to be placed upon the distribution lists of the different publications we send to give information to our members.

INDEXATION: RPA VS. RAPA AND KITIMAT MEDICAL INSURANCE

Vincent Morin was absent from the meeting due to the birth of his child. He advised he would contact me as soon as he returns to work so we can agree as to how we can disseminate the information described above.

LETTER FROM RCRA:

In answer to my comment to the effect the reply or acknowledgement of receipt was late in coming, Francois stated it was due to a misunderstanding between himself and Marc Quinton. Each relied on the other to send a reply.

RETIREMENT FUND

The retirement fund was 2.5 G at the end of 2009.

At the 31st., December 2009, our fund was capitalized at 92% with a deficit of ($228,677)

At the 31st., December 2009, the degree of solvency of our fund was 92% with a deficit of ($236,043)

The yield of investments is 14.3% and the median of comparable funds is 14.6%.

The consumer price index is 1.3

As a whole, investments excluding private debt and real estate performed well.

Canadian stock exchange TSX is actually at 11,960 vs. 7,567 at the beginning of 2009.

The American stock exchange is 1,146 vs. 676.53 at the beginning of 2009.

 

ACTUARIAL EVALUATION 2008

The 2008 actuarial evaluation was presented to us and already the actuary has prepared the evaluation for 2009. For those who would like to see the 2008 document I have it in hand.

INDEXATION POLICY

In the personal information booklet that will be sent to you at the beginning of May, you will be able to see for yourselves the changes that have been brought to the policy of the management of the surplus of our funds. We do not approve of these changes and have made our position known to the company.

HEALTH INSURANCE

As of the month of July 2010, Sunlife Insurance Company will terminate its contract and will be replaced by Manulife. Information about this change will be sent soon by the company. It will be the same for all Rio Tinto installations in Canada.

Michel Fortin

Elected Representative:- RPA Committee.

 

 

 

 

 

HIGHLIGHTS OF THE RETIREE RPA MEETING

HELD IN MONTREAL ON DECEMBER 8th 2009

 

 

 

There is good news and that is that our fund has progressed 139 million dollars in the trimester ending September 30th 2009 and at the end of November another 15 million dollars was added.

 

The yield for the trimester ending September 30th 2009 was 6.8% and up to date 11.3%.  The Canadian equities have performed very well and so have the American and International equities.

 

QUEBEC LAW 1

 

Rio Tinto advised us of its intention to use the dispositions of Law 1, which gives them authorisation to refund the solvability deficit within a period of 10 years with the result of reducing considerably the amount that should have been invested by the company in 2009.

 

DELEGATION AGREEMENT

 

Every year the committee must revise the Instrument of Delegation and Agency Agreement.  A motion of proposal was seconded and accepted unanimously at this meeting.

 

ACTUARIAL EVALUATION

 

The actuarial evaluation that was supposed to end December 31, 2008 was presented to us.  The reason for this delay is that the rule of Law 1 was delayed in being presented to the enterprises.  After this evaluation,  Rio Tinto established the amount that it must invest in the fund in 2009.  According to Law 1, there will be an actuarial evaluation every year.

 

HEALTH INSURANCE

 

At the beginning of July 2009, Sunlife Company, who is presently our insurance company,  will be replaced by Manulife Insurance Company.  No changes will be made to our protection and our monthly fees will remain the same.  Every member and participant of the insurance will be  contacted and informed  adequately.

 

RESULTS OF THE ELECTION

 

In the next publication of the Ingot (Le Lingot) there will be an article with all the details and results of the election with the names of the elected members of the retirement committee.

 

I would like to take this moment to thank each and everyone who voted for me and who have given me the opportunity to be your representative for the next three years.

 

 

RIO TINTO CANADA MANAGEMENT INC.  (RTCMI)

 

This is the new name of the entity that has been formed to manage all of Rio Tinto’s business groups in Canada.  This new entity, RTCMI, will replace Alcan Adminco by amalgamating the two companies by the end of the year.  This change will not affect us as all the present employees will remain at their present jobs.  Each member of the RPA will be personally advised of this change with all the details.

 

NEXT COMMITTEE MEETINGS

 

The next committee meeting will be held on Friday, March 26th 2010 at Rio Tinto, Montreal office. 

 

The annual meeting of the RPA will be held at the Manoir du Saguenay in Jonquière, on June 22nd 2010   at 19:30 p.m.

 

 

 

 

 

Michel Fortin

Retiree’s representative

 

 

 

Alcan staff APP retirees association

Here are the results of the last election (2009) for the representatives on the APP managing committee.

 

For the retirees:

 

Michel Fortin :      1558  elected with the right to vote   (RCRA)

Richard Yank:       1325  elected without the right to vote  (RCRA)

Yvonne Flavelle:     970  

William   Garvin:     683

Congradulations to Michel Fortin and Richard Yank

 

For the active workers :

 

Jean Aubut:        809  elected with the right to vote

Martin Guy:       357   elected without the right to vote

Serge Michaud:  347

Denis Laberge:   220  

 

 

 

Thanks to all the peoples who have participate in the election.

 

Réginald  Cantin, Président

 

 

 

 

Rio Tinto Alcan Pension Plan Committee