The Pension Plan Board of Trustees have decided to restructure the management of the Pension Plan Assets effective April 6, 2006 as follows:
(i) McLean Budden Ltd. – Balanced Portfolio Fund Growth Manager for Canadian Equities and Bonds.
(ii) Foyston Gordon and Payne Inc. – Balanced Portfolio Fund Value Manager for Canadian Equities and Bonds.
(iii) Letko Brosseau & Associated to assume all foreign assets (EAFE, Global and U.S.) under a global mandate.
All of the above Managers have achieved excellent sustained performance in their respective investment discipline, and the trustees are confident that over the long term the pension fund will adequately meet its obligations from their combined rates of returns.
Pension Plan Administration (FSCO Review, Annual Audit, and Actuarial Valuation)
Recently, the Financial Services Commission of Ontario conducted an on-site examination of the Pension Plan under the authority of section 106(4) of the Pension Benefits Act of Ontario. Their primary purpose is to review the Pension Fund’s compliance with the requirements of the Act.
While the Trustees are awaiting the final written report from the FSCO, the examiner’s exit report after two full days of examination of the books and records indicated that the Trustees are in compliance with their duties as fiduciaries and administrators of the Pension Plan.
The Fund’s auditor, Hoecht, Galvin is in the process of conducting the annual audit and preparation of the financial statements of the Pension Plan.
The Fund’s actuary, Eckler Partners is also in the process of conducting an actuarial review of the Plan as at January 1, 2006.
The membership will be advised of the results at the meeting scheduled for Thursday, September 14, 2006 at 7:00 p.m. The audit statements and actuarial report will also be available for inspection during office hours at the administrator’s office by all interested members.