PLAYING FOR A BETTER RETIREMENT

 
 

APRIL 2018

 
 

In Concert provides pension plan updates and explains how your pension plan works.

 
 
 
 

Comments or questions about this newsletter? We’d like to hear from you! Please email us: info@mpfcanada.ca.

 

STATUS OF THE FUND

Here’s a high-level look at the Fund’s 2017 financial results 1, based on the three things that determine how much money is available to pay pension benefits:

1. How much employers pay into the Fund

Employer contributions to the Fund increased less than 1% from 2016 to 2017. The Fund received $9.3M in employer contributions in 2017.

2. The Fund’s rate of investment return

The 2017 investment return was slighter better than in 2016 and it was above the benchmark of 6.9%. The 2017 rate of return was 8.3%.

3. How much money the Fund pays in benefits to retirees and beneficiaries

The number of retirees and beneficiaries—and the benefits paid to them—increased in 2017. The Fund had 3,250 monthly pensioners receiving a total of $43M in 2017.

While the Fund continues to have sufficient assets to pay benefits, the trend toward more retirees and beneficiaries, and more paid in pension benefits, continues. We will continue monitoring this financial challenge closely.

Look for the 2017 Annual Fund Report in early summer for more details.

1 Please keep in mind that these are preliminary numbers and may be adjusted after the Fund’s 2017 Audit is complete.

Ellen’s Retirement, Jill’s Promotion

With good wishes, we announce that Ellen Versteeg-Lytwyn, our long-time Executive Director, will retire December 31, 2018. Ellen has proudly devoted 46 years to the Fund. In that time, the Fund has grown dramatically—from just 18 pensioners and CAD $3,000,000 in assets to 3,300 pensioners, and just under CAD $800,000,000 in assets. Ellen plans to continue her ties with the Fund, through her work on Fund communications and planning continuing education opportunities for the Board of Trustees and Fund staff.

Ellen considers staff development to be her greatest accomplishment in her time with the Fund. That makes it especially fitting that we also announce the promotion of Jill Giustino to Executive Director, effective January 1, 2019.

Congratulations to Ellen on her well-earned retirement and to Jill for her well-deserved promotion.

Jill reflects on her upcoming new role

I first began working at the Pension Fund office summers, as a student, at age 15. I continued working at the Fund during my university years and Ellen took me on as her Assistant after my graduation.

It has been my pleasure working at the Fund office and learning so much from my mentor, Ellen Versteeg-Lytwyn.

I am excited to take on this new role and the responsibilities it will entail. I will continue with the practices that Ellen has put in place, especially providing consistent, clear, and transparent information for our members.

I will continue to work closely with the Fund office staff and the Board of Trustees to administer the Plan in a prudent manner to ensure its long-term viability in order to provide the best possible retirement benefits to the Fund’s members and beneficiaries.

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Ellen reflects on her career at the Fund

My career would not have been possible without the encouragement and mentorship of J. Alan Wood. As President of the Toronto Musicians’ Association and Senior Trustee of our Pension Fund, he gave me the opportunity to lead the administration of the Canadian Plan when I was only 22. With his guidance, I was able to play an integral part in the Fund’s growth and development. Many plan changes and improvements were a direct result of my connection with so many plan members and understanding of their needs.

Forty-six years—where has the time gone? So much has changed for the Fund. The number of Trustees has increased, and the staff has grown dramatically.

My greatest career accomplishment is the development of my staff. They’ve continued to take on greater and greater demands and responsibilities as the Fund has grown. I have all the confidence in the world that I leave the Fund in the best of hands.

My greatest satisfaction is the bonds and friendships I have formed with my staff, our members, pensioners, trustees and professional advisors who have become friends over these years. That will stay with me forever. I’m grateful and feel very fortunate.

My greatest personal accomplishment has been to grow our family and I now look forward to spending more time with my young grandchildren.

 

Office Hours:
Monday through Friday
8:45 am to 4:30 pm Eastern Time

Office Closures for
the Rest of 2018:

March 30 (Good Friday)
April 2 (Easter Monday)
May 21 (Victoria Day)
July 2 (for Canada Day)
August 6 (Civic Holiday)
September 3 (Labour Day)
October 8 (Thanksgiving)
November 12 (Remembrance Day)
December 24 (Christmas Eve)
December 25 (Christmas)
December 26 (Boxing Day)