Fund Operations During Coronavirus Pandemic

Last Updated - Wednesday, September 08, 2021

Hello to all Fund members. We hope that you and your family are healthy and safe.

As you know, due to the COVID-19 virus outbreak, the MWRDRF office has been closed to visitors since March 16, 2020. Staff has been operating remotely as well as from our office. For the health and safety of members and staff we continue to keep our office closed to member walk-ins. If you have a request for assistance, please continue to contact us electronically or via mail. You will find our email addresses by clicking here. We will continue to monitor the progress of the recovery and determine when to reopen the office to members in accordance with State and City guidance as well as District direction regarding their facilities. We appreciate your support and patience.

On September 2nd the Fund presented to the District Board of Commissioners the Fund’s Net Position as of December 31,2020 and included year-to-date updates.  Highlights included:

 

1)    Invested Assets reached record highs at YE 2020 and have grown to $1.61B as of August 31st.

2)    Actuarial Funding Ratio grew to 57.3% from 55.9% last year and 50.4% ten years ago.

3)    Net Rates of Return exceeded the actuarial assumed return (7.25%) in four of the last five years and cumulative 5-year and 10-year returns were 8.7% and 8.2%, respectively.

4)    Investment fees were reduced by approximately 10%, while the portfolio grew by 9.2% in 2020.

5)    Highest number of new employee annuitants since 2011; 104.

6)    Active members have dropped 119 compared to ten years ago.

7)    Operating cash flow deficit expected to be approximately $80 million in 2021; roughly 5% of Fund net assets.

8)    Impact of historically low interest rates on lower risk assets in the investment portfolio.

 

Please review our website periodically for timely information on the Fund. 

Best to you and your family. Stay healthy and thank you for your patience and understanding.


MWRDRF Staff

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