Fund Operations During Coronavirus Shutdown

Last Updated - Monday, August 03, 2020

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

As you know, due to the COVID-19 virus outbreak, the MWRDRF office has been closed since March 16th. Staff has mostly been operating remotely, but we have recently increased our number of employees on-site to 40%. Office utilization will continue to be evaluated as we go forward, and adjustments will be made when warranted. For the health and safety of members and staff, our office will continue to be limited to essential employees only.

We encourage you to contact us via electronic mail during this time. You may reach our staff via electronic mail. Staff email addresses are listed here.

We have made every attempt to satisfy member requests, but please understand that processing times may be delayed by our reduced office staffing and, in some cases, dependence on a separate entity and their likely limitations. We appreciate your patience.

On behalf of the Fund staff, I am very proud to state that we processed twelve June 30, 2020 retirement applications on-time during unprecedented times. Over the last three months our benefits staff has processed 63 employee annuities. I want to recognize our Benefits Department and thank them for their hard work and dedication to the Fund membership.

Under the leadership of Vrinda Kulkarni, Fund Accountant, the Fund completed and submitted the 2019 Comprehensive Annual Financial Report (CAFR) to the Government Finance Officer’s Association (GFOA) for consideration of their Certificate of Achievement for Excellence in Financial Reporting, which has been received by the Fund for the last 26 years. The 2019 CAFR can be found by clicking here. Thanks to Vrinda and participating Fund staff in completing this important document during unprecedented times.

Just as the Fund’s portfolio achieved an 18.3% rate of return during a solid market year in 2019, the portfolio saw a reduction in value in the first quarter of 2020, as markets were sharply hit by the effects of the coronavirus on the economy. Always remember that the Retirement Board Trustees are long-term investors and focus on an asset allocation that will attempt to outperform overtime. Even during these difficult times, the Board will focus on their asset allocation when liquidity is needed from the portfolio. The Board’s commitment was rewarded in the second quarter as the portfolio was up 12.9%, recapturing almost two-thirds of the historic market decline in the first quarter. More information regarding the Fund’s investment portfolio can be found on the Investment Performance and Allocation page.

Please review this website periodically for further updates.

Stay healthy and thank you for your patience and understanding.


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