OE News Special Edition July 2013

More documents

Recommendations

Info

IUOE News is the official publication of the International Union of Operating Engineers Local 115. Local Executive Board Business Manager Brian Cochrane President Wayne Mills Vice-President Brad Randall Recording Secretary Brian Lefebvre Financial Secretary Don Swerdan Treasurer Frank Carr Guard Bob Higgs Conductor Dave Hannis Trustees Brett Chapman Brian Moore Curtis Wright Auditors Chip Dhaliwal Goretti Guibault Craig McIntosh District Executive Board 1—Al Cooper 2—Tim Cullen 3—Brad Gerow 4—Herb Conat 5—Mike Spiruda 6—Brian Lefebvre Publication Committee Brian Cochrane Wayne Mills Lynda Arland Editorial Services Susan Armstrong, COPE 378 Working Design, CEP Local 2000 4333 Ledger Avenue, Burnaby, B.C., V5G 3T3 Telephone: 604-291-8831 Fax: 604-473-5235 Website: www.iuoe115.com E-mail: iuoe@iuoe115.com Please Recycle On the cOver Designing an employee benefits plan requires precisely engineered and coordinated moving parts, much like the jewel movements found inside a Swiss watch. Both are engineered to work seamlessly, efficiently, and provide a lifetime of quality benefits. About 345 retirees and spouses enjoyed an evening of socializing, dinner and entertainment at the 2012 Operating Engineers’ 34th annual Pension Social Evening. REpoRts Staying the Course Brian Cochrane, Chairman 1 Investment Performance Portfolio Review Trustees 3 Letter from Income Security Consultant Strategic Income Security Services 4 Letter from Actuary Ellement and Ellement 5 Administrator’s Financial Report Shawn Hatch, Administrator 6 Auditor’s Report: Pension Plan 18 Auditor’s Report: Benefits Plan 28 FEatuRE Retirees’ Social Evening 23
MEssagE FRoM thE ChaiRMan Staying the course on prudent management and the importance of long term growth Dear Brothers and Sisters, In keeping with our proud traditions, I am pleased to present this 38th Annual Report, on behalf of the Board of Trustees and the Staff of the Operating Engineers’ Benefits & Pension Plans. Pension Plan Management of the pension funds you rely on for your retirement is a tremendously important responsibility, and often a challenging one. This past year has proven to be a volatile investment and low interest rate environment, which has required a prudent and conservative management approach. Your Board of Trustees’ primary objective is to ensure the greatest certainty possible with respect to the payment of the benefits that the Plan has promised to provide. I am therefore pleased to report that the investment strategy adopted by the Board is proving successful in achieving this goal. Throughout the past year, the Board has received many reports and presentations from economists, investment managers and other professional advisors. Based on this information the Board has concluded that it should stay the course regarding its investment strategy for the coming year. Our investment portfolios are heavily weighted towards fixed-income assets. This strategy is in-line with the conservative approach required in the management of a mature pension plan such as ours. Given the particular assets we have selected their value continues to respond to interest rate changes in the same way as the value of our liabilities do. Declines in interest rates have been an Brian Cochrane, Chairman Michael R Fanning speaking on the IUOE Pension Funds at the 38th Annual IUOE Conference Special Edition Summer 2013 News 1
Page 1: News Special Edition: 38 th Annual
Page 5 and 6: a MEssagE FRoM thE tRustEEs Investm
Page 7 and 8: E & E May 7, 2013 ELLEMENT & ELLEME
Page 9 and 10: The interest rate impact The follow
Page 11 and 12: Greater certainty in all investment
Page 13 and 14: is this: for every 1% drop in long
Page 15 and 16: sOlvency valuatiOn Balance sheet AS
Page 17 and 18: The three largest cost centers Medi
Page 19 and 20: aDministratiOn exPenses The followi
Page 21 and 22: REPORT OF THE INDEPENDENT AUDITOR O
Page 23 and 24: OPERATING ENGINEERS' PENSION PLAN S
Page 25 and 26: 34th annuaL pEnsion soCiaL Retirees
Page 27 and 28: 34th Annual Retirees’ Social Even
Page 29 and 30: 34th Annual Retirees’ Social Even
Page 31 and 32: REPORT OF THE INDEPENDENT AUDITOR O
Page 33 and 34: OPERATING ENGINEERS' PENSION PLAN S
Page 35 and 36: Local Union Offices District 1 and

OE News Special Edition July 2013

Create successful ePaper yourself

Delete template?

Save as template?