Academic Money Purchase Pension Plan
Annual Report to Membership
June, 2014
The primary purpose of this report is:
∗ to review investments and investment performance of the Plan in 2013
∗ to provide membership data information
∗ to report on the activities of the Academic Money Purchase Pension Plan Committee
(AMPPC)
INVESTMENTS of the PENSION PLAN at December 31, 2013
Market Value of Pension Plan Assets
By Investment Fund
Money Market Fund
Universe Bond Index Fund
Conservative Life Cycle Fund
Balanced Life Cycle Fund
Aggressive Life Cycle Fund
Canadian Equity Fund
U.S. Equity Index Fund
International Equity Fund
Total Market Value
2013
($000)
$ 8,258
13,237
23,455
353,721
21,088
22,587
13,232
8,121
$ 463,699
% of Market
Value
1.8
2.9
5.1
76.3
4.5
4.9
2.9
1.8
100%
By Investment Manager
Sun Life – Money Market
BlackRock Asset Management
Sky Investment Counsel
Triasima
2013
($000)
$
8,258
318,128
87,275
50,038
% of Market
Value
1.8
68.6
18.8
10.8
Canadian Equity Fund – Investment Manager Changes
The Canadian Equity Fund of the Academic Money Purchase Pension Plan was managed by
Jarislowsky Fraser (JF) and Sheer Rowlett and Associates (SRA) on a two thirds-one third
basis, respectively. Effective December 13, 2013, the funds are managed by BlackRock
Asset Management Canada (BRC) and Triasima Portfolio Management (TPM) on an
equal basis. Please see the communication from the AMPPC Canadian Equity Fund –
Investment Manager Changes dated December 10, 2013 at the following link:
www.usask.ca/fsd/faculty_staff/pension_plans/whats_new/pension_news_ampp.php
This communication, future communications and other pension plan information are available online at:
www.usask.ca/fsd/faculty_staff/pension_plans
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Investment Performance
As Plan members have differing risk preferences, the Plan makes several investment
options available to members. These options allow members to select segregated funds
with a mix of underlying assets that meets their investment needs.
Members are reminded of their responsibility to review periodically the portfolio
structure of their participation in the Plan and to revise it as appropriate given their
needs.
The investment risk profile, provided on the Sun Life member website, helps to determine
the type of investor you are, and provides information to help you understand risk, the
benefits of diversification and develop an investment mix to match your goals.
The benchmark portfolios for each of the funds have been determined using the actual
returns of the market indexes such as the DEX 91-Day Treasury Bills, the DEX Universe
Bond Index, the S&P/TSX Capped Composite Index, Standard and Poor’s 500 U. S. Stock
Index and Morgan Stanley’s Europe, Australia and Far East Index. The following is a
summary of the Plan’s annual investment performance as at December 31, 2013 exclusive
of Plan expenses:
Investment Performance by Fund
Money Market
Return
Benchmark
Bond Fund
Return
Benchmark
Conservative Life Cycle Fund
Return
Benchmark
Balanced Life Cycle Fund
Return
Benchmark
Aggressive Life Cycle Fund
Return
Benchmark
Canadian Equity
Return
Benchmark
U.S. Equity
Return
Benchmark
2013
Last 4 years
1.1%
1.0%
1.0%
0.9%
-1.2%
-1.2%
4.6%
4.6%
4.2%
4.1%
5.9%
5.9%
15.7%
15.6%
8.2%
8.3%
21.8%
21.7%
9.2%
9.5%
18.2%
13.0%
8.0%
6.8%
41.2%
41.3%
16.2%
16.3%
This communication, future communications and other pension plan information are available online at:
www.usask.ca/fsd/faculty_staff/pension_plans
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International Equity
Return
Benchmark
26.1%
31.0%
6.1%
8.4%
As part of the ongoing education and communication strategy, the AMPPC together with
Sun Life organized four enrolment and investment information sessions, two interactive
investment workshops and nine one on one consultation sessions on November 5th, 6th and
7th 2013 to familiarize members with the structure of the Plan and the principles of
building an investment portfolio, respectively. The Committee also partnered with Sun Life
to hold retirement planning workshops on March 10th, 11th and 12th, 2014. In addition to
these workshops for the first time Sun Life offered in-person individual pre-retirement
support to the members through meetings with their qualified Retirement Specialist during
these three days.
The Committee arranged for a general meeting on February 27, 2014 that provided
members with the opportunity to discuss the annual performance of the Plan with our
Investment Consultant representative. A Sun Life representative also provided a
presentation on the member website, including how to use the asset allocation and
retirement tools.
MEMBERSHIP DATA at December 31, 2013
Plan Member distribution:
Active members
Other members (inactive, deferred, pending transfers)
Total Plan Membership
2,080
377
2,457
Plan Member distribution by Fund:
Money Market Fund
Universe Bond Index Fund
Conservative Life Cycle Fund
Balanced Life Cycle Fund
Aggressive Life Cycle Fund
Canadian Equity Fund
U.S. Equity Index Fund
International Equity Fund
125
209
190
2,181
415
393
234
227
This communication, future communications and other pension plan information are available online at:
www.usask.ca/fsd/faculty_staff/pension_plans
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ACADEMIC MONEY PURCHASE PENSION COMMITTEE
Committee Members
USFA Representatives:
Robert F. Lucas (Vice Chair) Economics
Don Gilchrist, Economics
George Tannous, Finance and Management Science
ASPA Observer: TBD
Board of Governor Representatives:
Laura Kennedy (Chair) Financial Services
Mike Sander, Financial Services
Jim Traves, University Advancement
Meetings of the Committee
The Academic Money Purchase Pension Plan Committee met 7 times during the year.
Acting in its capacity as managing fiduciary; the Committee is responsible for the oversight
of the Academic Money Purchase Pension Plan operations, including investments,
administration, and overall governance of the Plan. The Committee activities over the past
year in fulfilling these responsibilities are outlined in the following table.
Meeting Date
September 17, 2013
Time
allocated
5.0 hours
Purpose
September 24, 2013
1.25 hours
November 27, 2013
2.0 hours
March 27, 2014
1.5 hours
April 23, 2014
2.0 hours
May 26, 2014
2.0 hours
*Quarterly Investment Performance Review to June 30th
*Quarterly Investment Performance Review to Sep 30th
* 2013 Investment Policy Review
*Plan Amendment M-10
*Quarterly Investment Performance Review to Dec 31st
*Review of Sun Life Financial
*Plan Amendment M-11
*Investment Manager Presentation: Sky Investment Counsel
*Quarterly Investment Performance Review to Mar 31st
*NNA Equity Manager Search Discussion
June 11, 2014
2.0 hours
*Financial Statement review December 31st
*Canadian Equity Manager Search Interviews and Selection
This communication, future communications and other pension plan information are available online at:
www.usask.ca/fsd/faculty_staff/pension_plans
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ACADEMIC MONEY PURCHASE PENSION PLAN INFORMATION
Plan Documents
Copies of the following documents are on file in the office of the Director of Pensions
(Financial Services). They are available for inspection by any member of the Plan during
regular working hours by prior arrangements.
∗ Plan Text
∗ Financial Statements
∗ Auditor’s Report
∗ Committee meeting agendas and minutes
Sun Life Financial Member web site:
www.mysunlife.com
∗ Investment risk profile
∗ Detailed investment performance information
∗ Account balance
∗ Asset allocation and transaction decisions
∗ Quarterly statements
Other Agents of the Plan
Investment Consultant:
Record Keeper:
Aon Hewitt
Sun Life Financial
Pension Administration & Support
Pensions Office, Financial Services
Room 220, Research Annex, 105 Maintenance Road
306-966-6633
pensions.inquiries@usask.ca
www.usask.ca/fsd/faculty_staff/pension_plans
Please contact the Pensions Office at 306-966-6633 or any member of the Academic
Money Purchase Pension Plan Committee if you have any questions about the items
covered in this newsletter.
This communication, future communications and other pension plan information are available online at:
www.usask.ca/fsd/faculty_staff/pension_plans
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