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  On October 28, Mike Powell and the writer met with Ines Craviotto, Chief Financial
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Candidates for GENMO Director - 2016 to 2018
(4 positions available) Denise Cay (current Director)    Alanna Lyczba (


February 4, 2014
Pension Committee Meeting January 6, 2014

   On January 6, 2014, your pension plan subcommittee, consisting of Mike Powell and Garry Marnoch, met with Dave Courtney--Employment Cost Analysis Manager, and Jeff Rolfs--Vice President Finance and Chief Financial Officer to review the performance of our pension plan for the quarter ended September 30, 2013.

    Overall our pension fund is slowly improving.

    During the third quarter the plan assets decreased by $339 million as payments from the plan exceeded the income from investments and contributions from GMCL.  As of the 9/1/12 valuation, the solvency ratio is 76% of liabilities.  With rising interest rates and good asset returns we expect that the 9/1/13 filing will show improvement.

    The GM Canada salaried pension plan continues to beat the benchmarks in most investment categories.  Overall there was a 1.3% return for the third quarter with an annual return of 2.6%.  This topped the overall benchmark by 0.2% for the quarter and 0.7% annually. The plan outperformed the benchmarks for the last five quarters, and for nine of the most recent eleven quarters.  Virtually break-even to benchmark performance in the five-year view continues to reflect the market collapse of 2008-9 and will drop out of the calculations as the window moves forward.

    A very positive development is that there has been a significant improvement in investment performance stability.  When investing for pensions, stability is critical, and has improved significantly since 2008.  Stability is the purpose of the derisking strategy adopted for the plan since the financial crisis.


Friday, December 15, 2017