Human Resources

Human Resources

Human Resources

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Monthly Pension Update: December 2018

Thursday, January 31, 2019

Pension Plan Fund rate -6.13% through December 2018

Global equity markets experienced a significant sell-off in December, resulting in a loss of -2.8% (net of fees) for the month. Overall performance was also negative -- returns were 53 basis points (0.53%) below the Fund’s benchmark return for the month and 176 basis points (1.76%) below benchmark for the 12-month period ending December 31, 2018.

The net return after the first four months of the plan year stands at -6.1301% (September 1, 2018 through December 31, 2018). For additional detail, please see the monthly report on Fund performance prepared by Investment Services.

Note that the current fund rate, which is calculated monthly based on reports from both our managers and the Plan's trustee, is now used to determine final values for members who decide to initiate pension benefit payments as well as for those who elect to transfer their account balances following termination or retirement. Active and deferred member balances are updated once each year based on the fund rate of return following our year-end of August 31.

For more information, please contact the Pensions Services unit of the Department of Human Resources.