4 3 5 6 7 8 Ret ac t Me o ac coun di ire 401( coun a Cov e H t ag keal t)- pa g bas er rteg ag h C red c tat ie of car i ion, pan on e t:he sum tfs a 201 ri g n p er rea hea 1 lans t HCS erl t un th ha p der tl of an st fs e am rndi ed ak ng tes hem o under f i r n 2007 ols lov tandi erts, a hr ng oug of nd h 2009. ana the le yfsi fec s o T th s o fe c sp n hea on end si-l st dow th o entut n beha gc roup of omes vi and c or from ost ? Also see Chapter 10 of the EBRI Databook on Employee Benefits for further detail on income in —Dallas L. Salisbury President’s Report bot esse h D par ntial C ti p ctio lpan ans inft or s w and I mer ing R e pl A tho san . se C w des om hpar io w gn, po ier son o e liin a cy f any , and i pla as n tnd sh et at i v al o idu lfo fer ca ale de td a ion c ciT si hang D on m F in 2 es ak a 007, w is i ngnd . iv eirdua e in p ls m lans ov t e a hat cr w oss er p e lst ans ill ? ? From r A et ug irem ust Sept ent 2011 :. A 27, 20 g Ng orteg es 11, t at ar e Tr ti o O cle en , ct? ds i .T 27, 2 hn D e Im 011, pa epac fined Ben t of rt R ial ep ef trea ia tck and ling ing D PP fef ound A in C ed At on Sav he 2 Con011 H tribut ing iC on R s Neede S m eent tird em ioned i for ent H Pla ea n tln w th o Fall 2011 and a of cfcoun ering ts wi TDFs ll al in 2008 so be a and cent2009, and ral focus o w f ter he work e still i of n th te he dat Ca en sour ter. ce Pr o in 2008 jections and 2 of flow 009. s a nd future per Expense Sponsor iodica shi s f ls, on o p, Pa r Pe e ne r rson ticw ipa s El sptape ion igirbl and , and one e fV ores Me ti We ng di.ca br -e bas .?— ed o Thut is a letr.t icle examines the impact that repealing r EB etiR rem I fi ent nanc inc es om hav e s e r tre em am ai s wil ned s l tal rong so be th unde rough 2011 rtaken. . As with all nonprofits, full financial details are ? PP Also s ACA ee w Coul hap d hav ter 13, S e on s ecav . 4i01( ngs t k)a Pla rget ns, s for in h thea e lEB th RI D care at expe aboo nsk on Em es in retip rlem oye ent e Ben . The ef es its.t i mates suggest “Justify the value of the benefit you are providing (or being av Ret ai ire lab m len e itn Itncome A he IRS F dor equa m 9cy 90 t hat we file each year and are made publically available by the IRS. Heal tha th Bene t retirfeies ts w and Tax ith high l Reev form els of : prescription drug use throughout retirement would see their savings provided).” Retirement Confidence Survey: More information about the Center is online here. ? ? t J Sept ar ulg yet 2011 em s iber ncr I 20 ea ssu se 11 e Br r oug Not ief es hl , ?Em y a 30 rtic ?40 pe pl leoy , ?m Is T ent rce h -n er B t w as e a Fu ed Heal ere tthe c ure f th B ov orer R eag nef ete g ii rtem s ap r and ent educ ? T?a — xat tiT on ihi on i s a n PP : Irm tic pl A le s iC cat A um i r ons o epe mar ai f lz ed Ef es . f tor he ts to That message has become all the more important as the nation faces nd T EB he R y I beg ear 201 an i2 w ts work ill m i ar n D k th ece e 2 m 2ber anni 1978 vertsa hrro yug of h t th he v e Re isi tion o rement f the CE Confi O den s oce f 13 Suac rvtey ua r(iR alC and e S). Tm he 2012 ployee pr Indi esv ent idual ations s at t and d he m iedi scuss an ( iom ns a idpoi t the nt Em ) lev pl eloy of ee p B res ene crifpt iti R on d esea rug rch I use nst thr itut oug e’hou s Ma t r ye 1 ti2, 2011, po rement wou lilcy d no t Reduce the Deficit and National Debt.?—The purpose of this Issue Brief is to examine the slow economic growth, growing public deficits, and heightened th th Test bene RCS if m w itony o con ill be sul n Tax R fite il ng ded fief rim n os Ja rm O . nu As EB ar ptyi on a R nd r s and R I and eleIas m et ed o ire v on e t me ow T nt ue S ar sda e d cur 2012 and y, Ma ity: rch 13 the, 2012 34 y. ea Ther r ofe i our s st w il or l tk i,m te t he nee o bec d f om ore a se for e a um ny , on t chah ng e t e i op n ic s:av ?I ing s T s t he ar re a get Fu s. ture for Retirement?? This was EBRI’s 68 policy forum and was implications of changing the tax treatment of employment-based health coverage. The report concern by public and private employers about future costs and liabilities for health, retirement, and other subscriber to the 2012 RCS. Please contact Ken McDonnell at mcdonnell@ebri.org if you are interested ob On Sept jective . 1 fac 5, 2011, ts to inf D orr. m Ja pl ck an de VanDe sign and pub rhei testifiled be ic polfior cy e has the Se nev nat er e Fi beenanc n gree Com ater. Tm he ittb ee yl aws ado hearing pt on ed on ? at di The tsc ende f uss ole d low s t by he c i about ng cha urrent p 120 po ter tax s of tlr t ie che at y and m EB ent RI Da pr of of h es ea taboo silona th cov k on Em l ex er per agtes. p , l v oye arie Be ous p nef ropo its sa prlov s tio cha de fur ng th e t erhe dettax ails t ron eatr m et ent iree employee benefit programs. It is a legitimate question for individuals to ask what current benefit promises i r Sept n be etirem .com 28, 1978, ent ing se a s curst ubsc itat y and e t rih ba er tt he . P the I pot ast ns R en tiC ttiu al St e s riepo m hal pac rtls f t o unc and f vtar i fon ac iou t sh sts rit ee ct ypes tls y ar i of n an e a tax vobj air lab eec for lte im von e and u opt line he ions nbi ron r e. ase ed m tirem anne entr and n income ot ? A of hea ug he ltust h c alt 2011 h cov are. er Nag otes e, a ar nd t ticlhe e, ? im Th pl e I ica mtpor ions of tanc cha e ofng Dieng fine the t d Bax ene trfea it tPla ment ns t io R n the eticont rement ext I of ncom heal e th reform. will be kept in the decades ahead, whether one looks at the new law in the State of Maine that slices $1.5 ade as an ad quacy voc . Aa copy te or oppo of the t nen es tt of im any ony pos , ?Tiax Re tion. f T oh rat m O prpt oviio si ns: on m Prom akes ot EB ing R RIet uni irem que a ent S mec onur g r ites y,? ea m rch ay be Adequa o cy Chapt .?—e T rh 36 is — artH icea le ls th I how nsur s th ae t nce rem Cov endous erage of im por the E tanc lde of erly .def ined benefit plans in achieving billion from future pension liabilities (including COLA reductions for current retirees); the proposal from Media Coverage of the 2011 RCS: or dow gani nload zatied f ons,r om as ne EB ither RI’ t s websi he Insttie tu , ton e no line r ith s er aut e. hor s recommend or advocate, but instead provide analysis Consumer retiro em ism i ent Chapt in H ncom eeal r 37 e a th C — dequa Em arepl :c y oym forent Baby -Bas B ed Re oomer tir s a eend G Heaen Xers lth Insur . O anc ve er . all, the presence of a defined Democratic Governor of California Jerry Brown to move to a hybrid pension system while increasing the t hat allows others to make informed plan design and policy decisions. And it has allowed EBRI to have ? From March 15, 2011, to October 27, 2011, partial tracking found the 2011 RCS mentioned in 103 beneo fi t ac Cc hapt ruale a r 38 t ag — e 65 Mer de iduce care Enr s the ol?a lee t-sr.i sk? percentage by 11.6 percentage points. ? May 2011 Notes article, ?Characteristics of the CDHP Population, 2005 ?2010.?—This article earliest age for full retirement benefits for civil service workers to 67; the steady string of announcements m Cent em newspap er ber fo s a r Res nd ot erear s,her 67 W ch on H fund eber -bas e s al fr ted om h B out al ene l let f si is, 33 b td s es Inno of m lvat og ost s, 25 b ions em : pl road oyee cas bene t out fl it et pol s (suc icy deba h as N te PR s, sha , CN riN ng Mone a com y.com mon , o Chapter 39—Medicare Covered Services. ? J exa uly m 2011 ines tN he pop otes ar ul tiac tl ie, on w ?Ciappi th a c ng onsum Tax P er ref -dr erir ved Re en hetal irtem h pl ent an C (C ont DH ribu P) a tio nns: d how Pre i litm di inar ffery s Ev from idenc the e of by the nation’s largest employers of the movement of their health plans to full-replacement, high- Launche belief and Fox B in d i the v n 2010, al us uie of netss he ob ), 29 p R je es ct eiar v er el ch iodi y dev Cca ent lel s, er oped d 16 newsw focusat esa o and in he re san e lp ral v ing iy csi es em s, and . F pl or oy f tou er has a r t, I news ss thank ess l etthe ea teris c m .h pac of t the o thatr pl gani an zations o Chapter 40—Medicare Finances. popul the Im apac tion w t ofi tth he N tradi attiiona onal l C hea om ltm h c iss ov ion on Fi erage. W sc ha ill R e ie t i sponsi s very bi di lit fy fi and Ref cult to go ene rmr R ali ec ze t om he d menda iffer tenc ions es ?— in deductible consumer plans; the ongoing corporate announcements of moving from defined benefit and and desig th ne — in w di itv h idu the alg s wh oal o ha of inv cr e c eaont sing in con ued sum to be er l eng ieve i ag n em that ent v— alu has e a on nd hav cose pr t, qua ov li it de y, and a d the rc es ce our ss t ce o hea s—da lth ta, o Chapter 41—The Future of Medicare. cha Amrong acter the de istics a btm -reduc ong C tio D n r HP enr ecomo m llenda ees, hi tio gns by h-deduc the N tibla e he tiona al lt C h pl om an ( miH ssD ion on F HP) enr isc olal lee R s, and esponsibility hybrid retirement plans to DC-only arrangements; or the statements of candidates for election and re- t ca Ihoug ndi re. vi Iht du ni, tal i ia ns R l f iet g ind ht ire , t ing m im e s f nt e, a r Ac om nd f co thi unt inanc s Cen s: iatle — r a to m re sche ake t du he work led to be r of EB eleaR se I poss d Fali lbl 2011 e. T. hank you! i and Ref ndividuor alm s wi is a th t prrad opo itisa ona l tlo ca cov p an erag nua e, a l ? few di tax-pr fef fee ren rre cd c es st ont an rid ou butit o.ns to [the] lower of $20,000 or 20% election in 2012 about the necessity of reforming the tax system, cutting Social Security, vouchering ® ? October 2011 Notes article, ?Ownership of Individual Retirement Accounts (IRAs) and 401(k) Type of income? for 401(k)-type retirement plans. New results from EBRI’s Retirement Security Projection Me A ? m di A eca r lso s ican S re, ee cut C avin tihap ng Me tgs E er 30, C dic dai ud c o , and at stion Ma t Coun o ?r nagem epeent c al il a an St nd r rd at Choo epl egiac ese , ? se in the t EB o S new RI’ ave s Da fede tr aboo al hea k on Em lth lawp . loyee Benefits. TM H The eal EB th C Ronf I tea iden m ice s c Su om rv m eiy, tted 201 to 1?t : ell it like it is? with ?just the facts? in year 34, just as it has over the Plans, 1996?2009.?—The percentage of workers ages 21?64 with an individual account plan (IRA or Model (RSPM) show that the highest-income quartile within each age cohort would see the largest The Fall 2011 ASEC Partners Meeting was held on Oct. 19, 2011. The agenda along with the th pas Thits y 33 ea yrea m rar s. k T s t ha he t i s our 14 anni guar van ersa tee! ry of the Health Confidence Survey (HCS). The HCS was released 401(k)-type plan) grew significantly in the late 1990s into the early 2000s. By 2009, 33.0 percent of average percentage reduction in projected balances at retirement. However, for each age cohort other For EB Health C RI are , rec Pent lan Pa mont rtihs cipa hav nte i Dncl emogra uded phi tescs tim : ony, studies, and briefings that quantify what is and is not presentations are available on-line. The next ASEC Partners Meeting will be Wednesday April 11, 2012. ® Sept . 27, 2011. See below for further details on the 2011 HCS. workers owned a 401(k)-type plan and 20.8 percent owned an IRA. than the oldest one, the lowest-income quartile would see the second-highest average percentage A ? bei n updat ng O ac ctobe ce on om r 2011 pltihe she ac N d t ot by ivei t s tiod es art ay iof cl ’ A e, s pr SE ?Tr og C ac r and Cho am king s, t H he g ea ose laps th I to Sa nsur thatv st an e,ic lle Cov i e s a xiv sai t, er ltabl he age by e i roln t e of Mont he em Fah pl l: l oym T 2011 A renent ds i SE -n Em bas Ced U pl pdat oym e.ent - The EBRI team extends its best wishes to all for the coming holiday season and the new year, and looks ? May 2011 Notes article, ?IRA Asset Allocation.?—EBRI collects data from IRA plan administrators, reductions. Phrased another way, the proposed cap would, as expected, most affect the highest- progB ram ased Hea s, and t lth h I e e nsur ffect anc s oe f C var ov iou erag s re A efom rm ong proposa Workler s. s, a The n d A House cces s t Com o C m ov itter ee ag oe Am n Educat ong U ion niand nsur ted he f M or ay 2 war011 d to w Poor lic ky For ing wum ith y : ou in 2012! and i incom ts I e work RA dat ers; aba but se i cu t al rrso entw ly oul cont d cai aus ns i e nf a v oer rm yat bi ion on g reduct 14.1 m ion in pr illion ac ojectcoun ed ret ts o irem f 11 ent .1 m accum illion ul uni ations que Workforce was provided testimony and numbers on the effect on Americans’ retirement readiness of Workers, 1995?2010.?—This analysis examines ### em ployment-based health benefit coverage rates on th T he presentations from EBRI’s 68 policy forum, ?Is There a Future for Retirement?? are available individuals with total assets of $732.9 billion, as of year-end 2008. In this database, 38.5 percent of for the lowest-income workers. propos a m al ont s fhl rom y bas the Si is frm om pso D nec -B em ow ber les 1995 t Comm o A issip on ril. 2010 The Sena , to m te F ore c inan lea ce rl C y show ommicha ttee was p nges in rov trends ided and the on Wa lirne. m R A eg gar av ds, el- to-gavel webcast of the forum is available at the link provided. the assets were in equities, 22.3 percent in money, 13.6 percent in bonds, 12.1 percent in balanced ? June 2011 Issue Brief, ?The Impact of Deferring Retirement Age on Retirement Income testief mf ony ects of and num recesber sion s on s and the un eem ffec pl t o oym f pr ent opos on cov als to er ch ag ang e. e the tax treatment of contributions to defined funds, and 13.6 percent in other assets. contA ribu dequa tion p cyl?ans —I, t n t est hiis ng Iss m ue anBri y di ef f, EB feren R t a I’ss s R um etp irtem ionent s about Secur ind ityi Pro vidua jec l and tion Mo plan s del ponsor is modi beha fied vi to o a r. l low ? September 2011 Issue Brief, ?Sources of Health Insurance and Characteristics of the Uninsured: Upcoming Issue Briefs: ? The following chapters of the EBRI Databook on Employee Benefits provide further detail on income retirement at ages other than 65 and assess the value of deferring retirement age for increasing the Analysis of the March 2011 Current Population Survey.?—This Issue Brief provides historical data ? Consumer Engagement in Health Care. pr in r obab etirem ility ent of . retirement income adequacy. We get a steady demand for updated numbers on the status of participants in DC plans as market and through 2010 on the number and percentage of nonelderly individuals with and without health ? 401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2010. o Chapter 15—Individual Retirement Accounts: Participation. interest rate volatility continues. EBRI has been able to do that work because of its Retirement Security ? J insu une 20 ranc 11 e. Bas Notes ed on EB article, R ?I H es ow tim Cat hang es fr es om in Lo the U.S ngev . C itye nsus Annui Btu yr Pr eau ice ’s s a Ma nd L rch 20 ong 11 evi C ty ur R ren isk t Pop Affe ul ct a tion ® ? Healo th R C ei hapt mbur ers 16 em — ent Indi Acc vidual ount R /He ea tir lt em h S ent av iA ng cs Accou counts ant nd K dateo a fg rh A om t ss he ets. C onsumer Engagement in ProjR ect etiion rem Mode ent Incom l, other e Adequacy EBRI-de?v— eloped m Building odel on t s, han e M d iay ts l 2011 argesEB t-inRI -the worl Issue Br d m iefi, cr thi o-sdat ara tiba cle a se nal on D yzC es a nd Survey (CPS), it reflects 2010 data. It also discusses trends in coverage for the 1994–2010 period and Health Care Survey. I RA participants. EBRI analyses have consistently been in the top 10 of studies accessed and downloaded how changes in longevity annuity prices and longevity risk affect retirement income adequacy of highlights characteristics that typically indicate whether an individual is insured. Dallas Federal Government Employees’ Pension Plan: f ?r om U rpdat esear e c on da h nettw a or frk om w t eb he I sites RA , a dat nd t ab he I ase nst . itute is the most-frequently cited employee benefits and retirees facing three different types of risk—investment income, longevity, and long-term care risk. ? July 2011 Notes article, ?Union Status and Health Care Coverage Among Workers: The Impact of the _________________________________________________________________________________ ? r ?et irJ R em uet ly ent i 2011 rem re ent seIa C ss rch o u onf e Br irde giani ef nce , z ?at Su Ti w on by rent vey y,- t Fi 2012 he m ve Year .edi a, wh s Afitlee E r Fede BRIr R al P esens eari ch D on R ie rec for to m r .? Ja — ck C V on anDerh gress cei rea w ted as rta he nked ? May 2011 Issue Brief, ?Retirement Income Adequacy with Immediate and Longevity Annuities?— Recession.?—Union workers are much more likely to have employment-based health benefits than Dallas L. Salisbury in thFe e tder op 2 al0 b Em usi plnes oyee s au s Re tho tirrs em ba ent sed o Syn t stem he Soc (FEiR alS) Sc in 198 ience R 6, i es n t ea he m rch N ost et swe work epi ’s A ngut ov hor er- haul Lev o elf Eig retienf rem act ent or ? T Pri hiv s at Iss e hea ue Br lthi i ef n sur upda ance tes wi excha th rng ecen es.t information and estimates on retirement and health care nonunion workers. In 2009, 80.4 percent of union workers were covered by health benefits through President, Employee Benefit Research Institute www.ebri.org salisbury@ebri.org Scorbene e. fits for civilian workers in modern times. The law is now 25 years old, has changed little (other ? Expendi t expe heir ow nditn tu urjre ob, e p s aat p com trer ev n par is o ous EB ed wi f older R th 52.2 A I ana mer ly per isi ca s ce n(s, 200 fn rt om of 2006) 1 nonun ?2009. , w ion hi w ch q orkuan ers. Ov tifieer d h alow l, 9 d 1 pe iffer rce ent nt t of ypes uni of on w risk or kers _________________________________________________________________________________ than a modest expansion of investment choices), and remains the basis for retirement benefits (investment income, longevity, and long-term care risk), asset allocation, and percentage of had coverage either through their own job or as a dependent, while 70.6 percent of nonunion workers EBR pr I ca ovpabi ided li tto som ies wer e 3 m e exp illande ion ci d v in N ilian ov fede ember ral w wor ith ker ths. e l aunch of the EBRI Center for Research on Upcoming No had a annuiny tiz em ati ton es pl A oym af rt fec icent ltes ret - :bas irem ed c ent ov incom erage. I e a n 2009, 5.6 per dequacy. cent did not have any health insurance Retirement Income (CRI), and the addition of Nevin Adams, JD, to the team as director of Education and ? Also see Chapter 18, Federal Retirement Plans, in the EBRI Databook on Employee Benefits. ? T cov heer fo ag lle. Am owingon cha g nonuni pters ofon the w EB orkRI Da ers, 20. taboo 2 pek on Em rcent wep rl eoye uni e Be nsur nef ed i its n p 2009. rovide f urther detail on income ? Additional analysis of the Health Confidence Survey, 2011. Developments External Relations and co-director (with VanDerhei) of CRI. Adams is both a retirement-sector veteran ? i Jn r une 20 etirem 11 ent Not . es article, ?Tracking Health Insurance Coverage by Month: Trends in Employment- ? Retirement Age Expectations of Older Americans Between 2006 and 2010. and a media veteran who will add to the knowledge base, analytic capabilities, and educational activities Research —Health Care Based Hea o Chapt lth I ensur r 6— anc Incom e Coe St verag atie A stics m of ong the Wor Popu kerls, a ation A nd A gcc e 55 ess t and Ov o Cover erag . e Among Uninsured ? Employer innovations in controlling health care costs. Nevin Adams joined EBRI November 1, 2011, as Director, Education and External Relations: of EBRI. Health Coonf C iden hapt cee Su r 7rv —eS your (Hc C es S) o : f Income for Persons Age 55 and Over. Workers, 1995?2009.?—This analysis examines employment-based health benefit coverage rates on The 2011 a mont o H hl C C yS w hapt bas as ies f r f 8 irel om — ded R D etec iin m rem em ient d ber -Ma A 1995 t n ynui thrtoug o D y and h ece m Em m idber -pl Ju oy 20 ne 2011 m 09, t ent-o B . al as Res led Pens ow ul f ts oof r m i on I the 2 ore a ncom 01 ccur 1 e HCS at . e i den werte if irca elea tion sed of Research —Retirement nd th Press release online here. EBRI will soon go into the field with the 22 annual Retirement Confidence Survey. Results of the 14 in the September 2011 Notes, ?The 2011 Health Confidence Survey: Most Americans Unfamiliar with changes in trends, and to more clearly show the effects of recessions and unemployment on changes To obtain a copy of any of the Issue Briefs or Notes articles referenced below, please go to www.ebri.org annual Health Confidence Survey and the seventh annual Consumer Engagement in Health Care Survey K 401( ey A k) Plans spects o : f Health Reform.?—Findings from the 2011 HCS demonstrate that, despite the passage of in coverage. EBRI to Launch Center for Research on Retirement Income: were recently released, documenting both the importance workers place on their work-place benefits and health reform a year ago, most Americans are unfamiliar with health insurance exchanges, a key aspect of ? ? T Ohe ctobe folr low 2011 ing cha Note pst er ars of ticle t,he ?O EB wner RI Da ship o taboo f Indi k on Em vidualp R loye etir e Be ement nef A itscc po rov unt ide f s (IR ur A th s) er and 4 detai01( ls on h k) Tea ype lth Participation in Employment-Based Retirement Plans: The Center will begin its work in 2012 under the leadership of co-directors Jack VanDerhei and Nevin the ongoing shift to account-based health plans and individual health responsibility and decision-making. the health reform law (the Patient Protection and Affordable Care Act of 2010, or PPACA). Furthermore, Plans, 1996?2009.?—The percentage of workers ages 21?64 with an individual account plan (IRA or care plan participant demographics. ? October 2011 Issue Brief, ?Employment-Based Retirement Plan Participation: Geographic Adams. The Center will house the integrated EBRI Defined Contribution and IRA database and will dissatisfaction with the American health care system remains widespread; while confidence regarding 401(k)-type plan) grew significantly in the late 1990s into the early 2000s. By 2009, 33.0 percent of o Chapter 26—Health Insurance Coverage of the Nonelderly. Differences and Trends, 2010?—This Issue Brief examines the level of participation by workers in undertake research using that unique dataset, the largest of its kind in the world. No personal or employer The EBRI Center for Research on Innovation in Health Benefits, under the leadership of Director Paul various aspects of today’s health care system is not high, it has neither fallen nor increased as a result of workoer s owned Chaptera 401 27—(H k) ea -tlype pl th Insur an a ance nd 20.8 p Coverag erc e of ent o Wo wned a rkersn I . RA. public- and private-sector employment-based pension or retirement plans, based on the U.S. Census identification capability resides in the database, meaning there is no risk of any privacy breach for Fronstin, has built an initial database of claims information on nearly 15 million workers and will soon the passage of health reform. ? August 2011 Issue Brief, ?Target Date Fund Use in 401(k) Plans and the Persistence of Their Use, Bureau’s March 2011 Current Population Survey, the most recent data currently available (for year- individuals, employers, or service providers, but the nature of identifiers and integration will allow publish study results on pre- and post-conversion behavior and cost. The steady movement of employers 2007?2009?—This study examines the use of target-date funds (TDFs) by a consistent group of end 2010). EB EB EB EB EB EBRI RI RI RI RI RI Pre Pre Pre Pre Pre Presid sid sid sid sid side e e e e en n n n n nt’s t’s t’s t’s t’s t’s Rep Rep Rep Rep Rep Repo o o o o ort rt rt rt rt rt— — — — — —Fa Fa Fa Fa Fa Fal l l l l ll l l l l l 2 2 2 2 2 20 0 0 0 0 01 1 1 1 1 11 1 1 1 1 1