GENMO Pension Committee Mtg. October 16, 2018
     On October 16, GENMO directors Tom Laurie, Mike Powell and Garry
GENMO Pension Committee Mtg. April 25, 2018
Quarterly Pension Committee Meeting April 25, 2018  On April 25, Tom Laurie—in
Pension Committee Meeting December 19, 2017
Pension Committee Meeting- December 19, 2017 On Tuesday December 19 at headquarters on Co
Pension Committee Meeting- May 12, 2017
Pension Committee Meeting- May 12, 2017 On May 12, 2017, GENMO’s Pension Review Com
Pension Committee Meeting October 28 2016
  On October 28, Mike Powell and the writer met with Ines Craviotto, Chief Financial


November 12, 2014
Pension Update November 2014

Quarterly Review of Retirement Plan with GMCL Financial

     On Friday November 7, 2014 Mike Powell and Garry Marnoch met with Dave Courtney at GMCL Headquarters to review the status of the pension plan for the quarter ending June 30, 2014.

     Assets in the plan increased slightly since December 31, 2013, and stand at $11.3 billion.  Payouts were higher than last year because of the number of folks who opted for retirement by June to capture benefits in retirement, who also chose commuted value instead of pension payments.  The remainder of the year will see much less of that, so payouts will trend down to a normal rate.

     Overall fund performance for the quarter was 2.8% overall return, slightly less than the benchmark; most of the folders in the portfolio were similar.  Calendar year-to-date was quite good, and one-year performance was excellent at 12.9% return for the salaried plan (and favourable to the benchmark).  Five-year returns look good, now that the awful year of 2008 has fallen off the chart.  For the seven quarters prior to this last, the fund managers taken together have bettered the benchmark   One underperforming management firm has been dropped.

     The GMAM policy for asset mix that was approved in February was completed by October.  To date the salaried and hourly plans have shared the same asset mix, which minimizes management fees.  However, the salaried plan is closed, there will be no new participants, so we anticipate asset mix differences in the future in keeping with the now less risky profile of the Salary plan.

     Interest rates have for some time been unhistorically low; at some point they will have to rise.  Dave showed a graph which displayed how a small increase in the prevailing rate increases by hundreds of millions of dollars the ability of our fund to meet its future commitments.

     In summary, a weak quarter but a good year.


Wednesday, January 23, 2019