Fund Operations During Coronavirus Shutdown

Last Updated - Thursday, June 03, 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 on our contact us page. 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.

At the May 26, 2021 meeting of the Retirement Board, the Board accepted and placed on file the 2020 Actuarial Valuation Report and Audited Financial Statements. The Actuarial Valuation Report can be found by clicking here and the Audited Financial Statements will be included in our Annual Financial Report (AFR), which should be available on our website at month’s end.

Report highlights include:


• $5.45 million actuarial gain
• Actuarial Value of assets (AVA) grew by $67M; 4.5% increase
• AVA funding ratio jumped to 57.3% from 55.9%
• Fair Value of assets (FVA) grew by $74M; 4.9% increase
• FVA funding ratio jumped to 58.2% from 56.5%
• Unfunded Actuarial Liability decreased by $19M; 1.6% decrease


• Active membership 1,769, 2.6% decrease
• Tier 1 members 64% and Tier 2 members 36% of active membership
• Employee annuitants 1,917, 1.8% increase
• Surviving spouse annuitants 546; 2.7% decrease
• 104 new employee annuitants; 11% increase
• 34 new surviving spouse annuitants; 21% increase
• 69 employee annuitant deaths; 17% increase
• 48 surviving spouse deaths; 26% increase
• Years of Service (YoS) as of 12/31/20:
   o 43% under 10YoS
   o 30% 10YoS but less than 20YoS
   o 24% 20YoS but less than 30YoS
   o 3% 30YoS or greater


• Net Position as of 12/31/20 $1.58B
• Funding ratio growth 10Y, 50.4% to 57.3%
• Employer Contribution $107.8M, 23% increase
• Net Investment Income 2019 and 2020 $349.3M
• Retirement Annuities $175M; 4.5% increase
• $483k reduction in investment fees; 10.3% decrease

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.



  • Increase
  • Decrease
  • Reset