Queens Pension Plan Fund rate 14.55% through August 2013

Global equity markets were mixed in August but nonetheless produced a small gain of 0.4% to the Fund. Overall performance continues to be positive -- returns were 9 basis points above benchmark for the month (0.44% vs. the benchmark return of 0.35%) and 576 basis points above benchmark for the 12-month period ending August 31, 2013 (15.09% vs. 9.34%, before fees).

The net return for the plan year has been confirmed by the Plan's actuaries as 14.5535% (September 1, 2012 through August 31, 2013).

Note that the current fund rate, which is calculated monthly based on reports from both our managers and the Plan's trustee, is now used to determine final values for members who decide to initiate pension benefit payments as well as for those who elect to transfer their account balances following termination or retirement. Active and deferred member balances are updated once each year based on the fund rate of return following our year-end of August 31.

Posted: 2013 October 09