Fund Operations During Coronavirus Shutdown

Last Updated - Tuesday, December 22, 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 to visitors since March 16th. Staff has been operating remotely with select staff working from our office. For the health and safety of members and staff we will continue to keep our office closed to essential staff only. If you have a request for assistance, please continue to contact us electronically or via mail. You will find our email addresses on our contact us page. We try to satisfy member requests expeditiously, 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 possible limitations. We appreciate your patience.

Year-to-date through November 30th, our benefits staff processed 112 employee annuities, 38 spousal/child annuities, 83 refunds of employee contributions, and 74 new applications for disability. 2020 benefit caseload has exceeded activity in 2019 and 2018 in most categories. Thanks to our Benefits Department for their hard work and dedication to the Fund membership.

At the December 16th meeting of the Retirement Board, the Board elected the following slate of Officers of the Fund for 2021:

John P. Dalton Jr. President
Kevin Young Vice President
Commissioner Mariyana Spyropoulos Secretary

November was a historic month for the markets. The returns tell the story:

S&P500 10.9% (Domestic Markets)
MSCI ACWI ex U.S. 13.5% (International Markets)
Russell 2000 Value 19.3% (Domestic Small Cap / Value)

The Fund’s largest exposures are in equity (domestic & international). Within the exposure there is a tilt toward Small Cap companies and Value mandates. The Fund’s exposure also could be considered Global as there is a material weight to international companies. The Fund overall returned an 8.4% net rate of return for the month, pushing the year-to-date return from a negative to a positive 5.3%. Five and ten-year net returns, 7.4% and 8.2%, respectively, remain strong and exceed the Fund’s actuarial rate of return assumption of 7.25%.

Your Retirement Board will continue to follow their target asset allocation to best position the Fund’s portfolio to meet or exceed the actuarially rate of return over time, with an acceptable level of risk. More information regarding the Fund’s investment portfolio can be found on our Financial and Investment page.

Please review this website periodically for further updates.

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

MWRDRF Staff

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