Human Resources

Human Resources

Human Resources

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Monthly Pension Update: March 2020

Wednesday, April 15, 2020

Pension Plan Fund rate -6.70% through March 2020.

Pandemic concerns continued to impact global equity markets in March, resulting in a loss of -8.25% (net of fees) for the month. Overall performance was also negative -- returns were 167 basis points (1.67%) below the Fund’s benchmark return for the month and 389 basis points (3.89%) below benchmark for the 12-month period ending March 31, 2020.

The net return after the first seven months of the 2019-20 plan year stands at -6.7015% (September 1, 2019 through March 31, 2020). 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.