Human Resources

Human Resources

Human Resources

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Monthly Pension Update: July 2017

Pension Plan Fund rate 6.30% through July 2017

Global equity and bond markets were mostly lower again in July, resulting in a loss of 0.5% (net of fees) for the month and the Fund’s second negative return since October 2016. Overall performance however was positive -- returns were 68 basis points (0.68%) above the Fund’s benchmark return for the month and 270 basis points (2.70%) above benchmark for the 12-month period ending July 31, 2017.

The net return after the first eleven months of the plan year stands at 6.301% (September 1, 2016 through July 31, 2017). For additional detail, please see the new 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.