News & Seminars

Interest Credit Announcement for January to June 2017
John M. Preis, President and CEO

At the November 17, 2016 meeting of the Fund’s Board of Trustees, Management recommended, and the Board approved, 3% annualized compound interest credits to participants for the period January to June 2017.

Despite the very recent U.S. equity market improvement following the election, the interest credit decision is based on the continuation of low rates, low returns, and market uncertainty. This makes it difficult for institutional investors, such as pension funds like ours, to find attractive opportunities and earn returns approximating the rate at which their liabilities grow. As of October 31, 2016, the Fund was 92% funded. Although this level is not problematic, returning to 100% funding is very important for the long-term strength of the Fund.

The interest credit decision for the period July to December 2017 will be made and announced at the May 18, 2017 meeting of the Fund's Board of Trustees.