Human Resources

Human Resources

Human Resources

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Monthly Pension Update: October 2020

Tuesday, December 15, 2020

Pension Plan Fund rate -2.44% through October 2020

Global equity markets continued to be negative in October as COVID infections surged, resulting in a loss of -1.6% (net of fees) for the month. Overall performance however was mixed -- returns were 33 basis points (0.33%) above the Fund’s benchmark return for the month but 89 basis points (0.89%) below benchmark for the 12-month period ending October 31, 2020.

The net return after the first two months of the 2020-21 plan year stands at -2.4441% (September 1, 2020 through October 31, 2020). 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.