York University Pension Fund Leona Fields Manager, Pension Fund Annual Pension Meeting April 2010

Download York University Pension Fund Leona Fields Manager, Pension Fund Annual Pension Meeting April 2010

Post on 21-Dec-2015

214 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

<ul><li> Slide 1 </li> <li> York University Pension Fund Leona Fields Manager, Pension Fund Annual Pension Meeting April 2010 </li> <li> Slide 2 </li> <li> 2 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Quick Facts One pension plan for all York University faculty and staff Plan membership Active:4,400 Deferred:1,340 Retired: 1,740 In 2009 $ 54.7 M in contributions in $ 62.0 M in benefits paid out $ 6.9 M in expenses 2009 rate of return 16.0% (net) Current value of the Pension Fund is $1.25 Billion </li> <li> Slide 3 </li> <li> 3 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Yorks Pension Governance - Internal Plan/Benefits side Board of Governors Vice President, Finance &amp; Administration Pension &amp; Benefits Office All University Committee on Pensions Fund/Investments side Pension Fund Board of Trustees Sub-Committee on Investment Performance Pension Investment Staff </li> <li> Slide 4 </li> <li> 4 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Yorks Pension Governance - External Investment Managers Custodian - CIBC Mellon Auditor - Ernst &amp; Young Investment Consultant - Towers Perrin Actuary - William M. Mercer Pension Administration System Seclon Logic Lawyer McCarthy Ttreault </li> <li> Slide 5 </li> <li> 5 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Pension Plan Overview Hybrid Pension Plan: DC and DB combined Members and University make contributions (DC part) All contributions are invested in the Fund and earn the Fund rate of return At retirement, the pension amount is calculated from the accumulated value of the the members Money Purchase account The minimum pension amount is calculated from a formula based on members salary and years of service (DB part) Throughout retirement, pensions are adjusted annually by the excess of the 4-year Fund return over 6% Pensions paid will NEVER be reduced </li> <li> Slide 6 </li> <li> 6 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Key Differentiating Factors for York Pension Fund Primarily a Defined Contribution Plan But members do NOT have investment options Benefits depend on investment returns Adjustments after retirement continue to depend on investment returns not inflation Investment policy decisions must consider multiple risk profiles Plan Sponsor New plan members Members close to retirement Retirees </li> <li> Slide 7 </li> <li> 7 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Pension Fund Investment Overview </li> <li> Slide 8 </li> <li> 8 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Investment Performance in 2009 </li> <li> Slide 9 </li> <li> 9 Go to 'header and footer' under the 'view' menu to add or remove text to in area. Whats in store for 2010? Year to date 2% return Economic outlook is positive but many uncertainties remain Key Initiatives for 2010 Longer term bonds New Global equity manager Continued investment in infrastructure Continuation of Risk Management / Asset Allocation Review X </li> </ul>