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York University Pension Fund Leona Fields Manager, Pension Fund

York University Pension Fund Leona Fields Manager, Pension Fund. Annual Pension Meeting April 24, 2009. Quick Facts. One pension plan for all York University faculty and staff Plan membership Active: 4,330 Deferred: 1,320 Retired: 1,700 In 2008 $ 52.8 M in contributions in

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York University Pension Fund Leona Fields Manager, Pension Fund

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  1. York University Pension FundLeona FieldsManager, Pension Fund Annual Pension MeetingApril 24, 2009

  2. Quick Facts • One pension plan for all York University faculty and staff • Plan membership • Active: 4,330 • Deferred: 1,320 • Retired: 1,700 • In 2008 • $ 52.8 M in contributions in • $ 60.3 M in benefits paid out • $ 8.6 M in expenses • 2008 rate of return -19.2% net • Current value of the Pension Fund is just over $1.0 Billion

  3. 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 member’s Money Purchase account • The minimum pension amount is calculated from a formula based on member’s 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

  4. 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

  5. Pension Fund Investment Overview 5

  6. York’s Pension Governance - Internal • Plan/Benefits side • Board of Governors • Vice President, Finance & Administration • Pension & Benefits Office • All University Committee on Pensions • Fund/Investments side • Pension Fund Board of Trustees • Sub-Committee on Investment Performance • Pension Investment Staff

  7. York’s Pension Governance - External • Investment Managers • Custodian - CIBC Mellon • Auditor - Ernst & Young • Investment Consultant - Towers Perrin • Actuary - William M. Mercer • Pension Administration System – Seclon Logic • Lawyer – McCarthy Tétreault

  8. What Happened in 2008?

  9. What’s in store for 2009? • Instability in the markets continues • Some positive signs but likely still a long way until we’re out of the woods • Key Initiatives for 2009 • Investment in Infrastructure funds and selection of additional Infrastructure manager • Implementation of Active Currency Hedge • Risk Management / Asset Allocation Review Project

  10. Contact Information Leona Fields Ext. 55122 fieldsl@yorku.ca http://www.yorku.ca/finance/divisions/pensioninvestments.htm

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