Human Resources

Human Resources

Human Resources

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Monthly Pension Update: September 2020

Thursday, November 19, 2020

Pension Plan Fund rate -0.85% through September 2020

Following four consecutive positive months global equity markets turned negative in September, resulting in a modest loss of -0.85% (net of fees) for the first month of the new plan year. Overall performance was also negative -- returns were 27 basis points (0.27%) below the Fund’s benchmark return for the month and 128 basis points (1.28%) below benchmark for the 12-month period ending September 30, 2020.

The net return for the 2020-21 plan year stands at -0.8496% (September 1, 2020 through September 30, 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.