Thank you, Chair.
Welcome, gentlemen.
I personally regard this--and I guess it's been noted--as a really good news story. It's a real challenge, the reserve force pension plan. As Rear-Admiral Smith alluded to, he'd probably do it in a little different way, but as you know, we don't always know where to go when we're first attempting something. As my colleague Daryl Kramp often says, we're in progress here--we're in solid progress--but we're not in perfection.
I have a couple of questions. There are numerous references to what is referred to as “pension modernization” throughout the chapter. Could you perhaps explain to the committee what is meant by pension modernization?