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Welcome


June 13, 2013
Pension Committee Meeting June 12, 2013

Attendees- Jeff Rolfs- Vice President Finance and CFO, David Courtney- Employment Cost Analysis Manager, Lynn McCullough- GENMO

 We reviewed our pension plan fund performance for the first quarter of 2013.

 Overall, the funds performed very well in the first quarter with our asset managers beating the benchmarks for similar funds with every fund except one.  This was a very impressive performance by our fund mangers, very probably due to GM holding them highly accountable.  In fact in the past three quarters our overall plan has beaten the benchmarks.

 The investment returns and contributions well exceeded pension benefit payouts again.

 The market value of our assets went up by 3%, mainly due to US equities jumping about 14% in the first quarter.

 The performance of our sizeable bond funds was down as interest rates were up slightly but as interest rates go up the pension plan liability goes down.

 The yearly members update for pension plan funding will be sent out shortly by GMCL.  Although the plan is performing well, the falling discount rate which forces up the plan liabilities is having an adverse affect on the both the transfer ratio and windup ratio.

 


June 4, 2013
Court Case Summary May 27, 28 & 29 2013

The Summary Judgment motion for our class action lawsuit was held at Osgoode Hall, Toronto on May 27, 28 and 29.  It was initially scheduled for two days but the arguments were long and contentious requiring an additional two hour session on the third day.

 

Justice Belobaba ensured that both the plaintiff (retirees) and defendant (GMCL) had sufficient time to make their arguments and treated each quite fairly.  That’s all that we can ask of a judge.

 

We appreciate the high number of interested GENMO members who attended on all three days and provided overwhelming support.

 

Note that a British Columbia case which is quite similar to ours, Lacey verses Weyerhaeuser, was settled on May 28 at the BC Court of Appeal in favour of  Lacey (retiree).  It was an issue and probably favourable in our case as we used it as a precedent.

 

We are cautiously optimistic because of the excellent performance by our law firm (SGM) and the recent BC decision.  We have no doubt that our three lawyers (Christine Davies, Louis Sokolov and Steven Barrett) did a tremendous job.  Their knowledge of our documents, their research into precedents and their ability to counter GMCL’s arguments were outstanding.

 

Justice Belobaba will deliver a decision in mid-July.

 

Thank you for your support.  If you know of anyone who’s not a member of GENMO please recommend that they join.  We will make a difference.

 

 

Your GENMO Executive

 

Brian Rutherford, Lynn McCullough, Mike Powel, Jan O’Neill, Jo Ann Stuart, Garry Marnoch, Doug McDowell, Denise Cay, Alanna Lyczba

 




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