In April, the board of directors spent a considerable amount of time reviewing historical data and recent disciplinary trends. It was noted that multiple carriers have been more aggressive in the assessment of discipline in recent years. The percentage of occurrences that result in our members being dismissed is at an all-time high. The aggressive discipline assessed by railroads has resulted in the Fund experiencing monthly net operating losses. To combat this trend, the board of directors took prudent action by adopting an amendment to the BR&CF Constitution adjusting the monthly dues rate effective August 1, 2018, from $3.80 to $4.50 for each $10.00 level of membership.