Human Resources

Human Resources

Human Resources

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Monthly Pension Update: May 2020

Tuesday, June 30, 2020

Pension Plan Fund rate 1.15% through May 2020

Despite ongoing pandemic concerns global equity markets continued to post positive returns in May, resulting in a modest gain of 1.83% (net of fees) for the month. Overall performance however was negative -- returns were 39 basis points (0.39%) below the Fund’s benchmark return for the month and 218 basis points (2.18%) below benchmark for the 12-month period ending May 31, 2020.

The net return after the first nine months of the 2019-20 plan year stands at 1.147% (September 1, 2019 through May 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.