From the President: Defined Contribution Plan
Brothers and Sisters, as the year 2019 is about to come to a close, I thought I might share with you some information on how the Defined Contribution (DC) Plan is doing and how it’s managed.
First, the DC Plans financial manager is Segal Marco Advisors. Segal Marco Advisors make recommendations to the pension trustee’s as to which investment managers we should invest with and what varieties of investment “disciplines” we should pursue.
John Hancock is a company that is hired to keep daily valuation of each participants DC plan amount and provide internet access to you and keep it secure.
For the year 2019, the current year-to-date return through September is 11.9% which puts the 10-year return average at 7.4%. It also puts the average rate of return going back to its start date (1/1/1994) at 6.9%.
The recession “knocked” the plan back pretty hard. But it’s been gaining back its value in a very steady manor. 2018 was not a good investment performance year but overall the plan has done very well over 10 years.
If you have any questions about your pension benefits, please contact the pension trust. They can answer your personal and general overall questions more accurately.
Please have a safe and happy holiday season and thank you for the privilege to serve you all.