David Raymond Amos @DavidRayAmos
Replying to @DavidRayAmos @alllibertynews and 49 others
How much money did the banksters get interest free yesterday? Methinks we all should be so lucky N'esy Pas?
https://davidraymondamos3.blogspot.com/2020/03/public-pensions-take-hit-from-covid-19.html
https://www.marketwatch.com/story/congressional-conronavirus-stimulus-has-to-be-at-least-15-trillion-says-claudia-sahm-former-fed-economist-2020-03-17
David Raymond Amos @DavidRayAmos
Replying to @DavidRayAmos @alllibertynews and 49 others
Methinks folks should ask the other members of the Board of Directors of VESTCOR if they agree with Larry Jamieson and Vicky Deschenes N'esy Pas?
https://davidraymondamos3.blogspot.com/2020/03/public-pensions-take-hit-from-covid-19.html
https://www.cbc.ca/news/canada/new-brunswick/public-pensions-take-hit-1.5500871
Public pensions take a hit from COVID-19 concerns
Plans have likely lost more than $1 billion in stock markets over the last four weeks
· CBC News · Posted: Mar 18, 2020 7:00 AM AT
"Falling stock markets will negatively affect pension plans in the short-term," said the finance department's Vicky Deschenes in a statement Tuesday. (Frank Gunn/Canadian Press)
Estimates are difficult to obtain, but New Brunswick public sector pension plans have likely lost more than $1 billion in the stock markets over the last four weeks.
It's the first major test for shared risk pension plans since they became ineligible for provincial government bailouts.
New Brunswick finance department officials are hopeful recent losses will not become an issue and other plan investments outside of stock markets will help offset the current decline.
"Falling stock markets will negatively affect pension plans in the short-term," said the finance department's Vicky Deschenes in a statement Tuesday.
"The diversified nature of the plans' investments will moderate the impact. Government continues to monitor markets."
About $6 billion (35 per cent) of those holdings are invested in stock market equities and indexes and have been caught up in the crushing financial turmoil unleashed by the COVID-19 virus.
Beginning in late February, the Standard & Poors / Toronto Stock Exchange Composite Index fell 5,259 points up to the close of trading Tuesday - a stunning 29.3 per cent in 26 days. Other stock indexes worldwide have dropped similar amounts, with losses steep and widespread.
It's the worst decline to hit markets since the New Brunswick government switched to so–called "shared risk" pension plans, beginning in 2013, and removed itself as a financial guarantor of pension plan benefits.
Short-term issue?
Larry Jamieson is executive director of the New Brunswick Teachers Association and also chair of the New Brunswick Teachers' Pension Plan. He does not have figures on how the last month has affected plan investments but believes it is a short term issue that will resolve itself in time.
"I'm sure there's nervousness out there," said Jamieson.
"As far as the teacher's pension plan goes, the investment plan is very well diversified It's designed to weather these kinds of downturn in the market. I'm sure the market will rebound and the plan will move forward."
The teacher's plan is the second largest in the province.
The fund serves 19,167 members, including retired and current educators, and at the end of June 2019 had $6.1 billion of their pension money placed in a wide range of investments.
About $2.4 billion (40 per cent) was in higher risk, publicly–traded equities
The largest pension plan, covering 39,000 current and former civil servants, NB Power employees and others is the Public Service Pension Plan. It had $8.1 billion invested as of June 30, 2019, with $2.9 billion exposed to stock markets.
An overall 25 per cent decline in stock market equities and indexes would cost those two plans alone about $1.3 billion.
Both the teachers and public service plans were fully funded at the end of 2019 with hundreds of millions of dollars extra in reserve to meet long term obligations and do have a cushion to absorb losses. The teachers' plan alone gained $2 billion in its first five years of operation under the shared risk model and Jamieson said markets would have to get much worse for benefits to members to be affected.
"The plans have done well since reform," said Jamieson.
"I can't give you dollar numbers, but we would have to have a long term significant - much more significant than what we're seeing - downturn in the market to impact any of those benefits."
Other New Brunswick pension plans with money exposed to the recent stock market decline include hospital workers, school bus drivers, judges, school district managers and MLAs.
About the Author
90 Comments
Commenting is now closed for this story.
david amos
Methinks I have way to much time to waste commenting on these stories all the time. Maybe I should spend some time learning how to communicate with proper grammar. N'esy Pas?
David Amos
Reply to @david amos:
Methinks I should ask the "Powers That Be" in this place what gives you
the right to steal my name and pretend to be me N'esy Pas?
David Amos
Methinks if anyone wishes to recall what I said about VESTCOR and our provincial debt all they have to do is Google the following and watch the video I am the first dude without a beard talking N'esy Pas?
2018 New Brunswick Provincial Election Saint John Region Candidate Messages
David Amos
Roger Richard
Reply to @David Amos: Thanks for mentioning me in your address
https://www.youtube.com/watch?v=hZqArRNshSM
https://www.youtube.com/watch?v=hZqArRNshSM
David Amos
Reply to @Roger Richard: You are more than welcome mon ami
David Amos
How much money did the banksters get interest free yesterday? Methinks we all should be so lucky N'esy Pas?
David Amos
Reply to @David Amos: Go Figure
It will take a $1.5 trillion stimulus to save America, former Fed economist says
Published: March 18, 2020 at 7:27 a.m. ET
By Greg Robb
Recession could be ‘twice as deep’ as Great Recession, hopefully not as long, says Claudia Sahm
"Top Federal Reserve officials rarely like to tell Congress what to do. Former Fed economists feel free to offer advice without compunction.
So what is the advice of Claudia Sahm, an economist and one-time top Fed staffer, for lawmakers weighing an economic stimulus package to help deal with the coronavirus outbreak?
“They need to go big, and they need to go now,” Sahm said Tuesday. “I don’t want to see anything less than $1.5 trillion,” she said.
“This recession looks like a very serious one,” and it is likely to be “twice as deep” as the Great Recession, Sahm said, although hopefully it will much shorter than that downturn, which lasted 18 months.
At the moment, two or three quarters of negative GDP growth looks likely, she said.
The best way to look at it is to imagine a long-lasting hurricane. As soon as it is over, activity comes back to normal, although the lost spending is not made up.
The recession has already started this month, Sahm said."
David Amos
Methinks Mr Jones, the CEO and the board of of VESTCOR and nearly everybody else playing their part in the political circus know that there are 3 people in particular from Fundy Royal who were made well aware of my concerns about the the investment industry since 2004 when I ran in the election of the 38th Parliament and that I can easily prove it N'esy Pas?
Go Figure Who They Are
"On the eve of his pending retirement from the Senate, Senator Day tweeted, "On the eve of my retirement from the @SenateCA, I would like to share my farewell remarks. It has been an honour to serve my fellow New Brunswickers and all Canadians. Watch my speech here: [...] #SenCA #cdnpoli #nbpoli."[2] He retired from the Senate on January 24, 2020, upon reaching the mandatory retirement age of 75."
"Day's wife, Georgie Day, was elected to the legislature, on her first attempt in electoral politics, in 1991, and was re-elected in 1995. While in the legislature, she served in the cabinets of Premiers Frank McKenna, Ray Frenette, and Camille Thériault."
David Amos
Methins Mr Jones should read the news today then Google two names Leo Kolivakis John Sinclair and expand upon this story N'esy Pas?
David Amos
Methinks folks should ask the other members of the Board of Directors of VESTCOR if they agree with Larry Jamieson and Vicky Deschenes N'esy Pas?
David Amos
Reply to @David Amos: Go Figure
TSX loses another 8% as Canadian oil price falls to lowest level on record
Canadian dollar dips below 70 cents US
Pete Evans · CBC News · Posted: Mar 18, 2020 9:41 AM ET | Last Updated: an hour ago
David Amos
Methinks my critic Quebec in Leo Kolivakis may enjoy a little Deja Vu N'esy Pas?
https://www.cbc.ca/news/canada/new-brunswick/pensions-managers-benchmark-bonuses-1.4632463
David Amos
Content disabled
Reply to @David Amos: Methinks snobby beancounters wish to claim that I am uninformed N'esy Pas? "Also worth mentioning that while this compensation may raise some eyebrows and critical comments from uninformed New Brunswickers like David Raymond Amos, the folks at Vestcor are not paid anywhere near as much at their peers in the rest of Canada.
So let's dispense with the CBC/ communist crap on compensation at large pensions, these investment managers are delivering on their long-term targets and their compensation structure is clearly explained in the annual report.
If people are getting big bonuses it's because they're delivering long-term results, and that's a good thing, especially in New Brunswick where public pensions were a total mess prior to the establishment of Vestcor.
Below, the Board of Trustees for the New Brunswick Public Service Pension Plan held the 2018 Annual General Meeting on September 6, 2018 in Bathurst, NB. Fast-forward to minute 47 to hear Vestcor's CEO John Sinclair's comments, he covers a lot of key points worth listening to."
http://pensionpulse.blogspot.com/2019/06/vestcor-gains-196-in-2018.html
David Amos
Content disabled
Reply to @David Amos: These are the words of Leo Kolivakis last year http://pensionpulse.blogspot.com/2019/06/vestcor-gains-196-in-2018.html
"Also worth mentioning that while this compensation may raise some eyebrows and critical comments from uninformed New Brunswickers like David Raymond Amos, the folks at Vestcor are not paid anywhere near as much at their peers in the rest of Canada.
So let's dispense with the CBC/ communist crap on compensation at large pensions, these investment managers are delivering on their long-term targets and their compensation structure is clearly explained in the annual report.
If people are getting big bonuses it's because they're delivering long-term results, and that's a good thing, especially in New Brunswick where public pensions were a total mess prior to the establishment of Vestcor.
Below, the Board of Trustees for the New Brunswick Public Service Pension Plan held the 2018 Annual General Meeting on September 6, 2018 in Bathurst, NB. Fast-forward to minute 47 to hear Vestcor's CEO John Sinclair's comments, he covers a lot of key points worth listening to."
David Amos
Reply to @David Amos: Methinks I struck another nerve N'esy Pas?
Michael durant
We must bail out the pension plans. We have no other ethical option.
Gary Melanson
Reply to @Michael
durant: Why? Why would the taxpayers without pension plans who have lost
a lot of their investments agree to bail out public sector retirees?
David Amos
Reply to @Michael durant: Surely you jest
BruceJack Speculator
Reply to @Michael durant: at the time of the conversion of provincial pension plans from defined benefit to "pensioner risk" plans it was well documented that most of the financial problems of the old model were due to these factors almost entirely:
1. for many years governments did not contribute at all (although contributions were legislated to be on 50:50 basis),
2. many years govts contributed less than their 50:50 share ,
3. many govts borrowed from the plan at 2% interest rate . . . not sure if they ever repaid all those loans
David Amos
Content disabled
Reply to @BruceJack Speculator: These are the words of Leo Kolivakis last year http://pensionpulse.blogspot.com/2019/06/vestcor-gains-196-in-2018.html
"Also worth mentioning that while this compensation may raise some eyebrows and critical comments from uninformed New Brunswickers like David Raymond Amos, the folks at Vestcor are not paid anywhere near as much at their peers in the rest of Canada.
So let's dispense with the CBC/ communist crap on compensation at large pensions, these investment managers are delivering on their long-term targets and their compensation structure is clearly explained in the annual report.
If people are getting big bonuses it's because they're delivering long-term results, and that's a good thing, especially in New Brunswick where public pensions were a total mess prior to the establishment of Vestcor.
Below, the Board of Trustees for the New Brunswick Public Service Pension Plan held the 2018 Annual General Meeting on September 6, 2018 in Bathurst, NB. Fast-forward to minute 47 to hear Vestcor's CEO John Sinclair's comments, he covers a lot of key points worth listening to."
David Amos
Reply to @BruceJack Speculator: I bet my reply goes "Poof"
Les Cooper
Reply to @Michael durant: LMAO!!!
Paul Bourgoin
These are hard and insecure times for those who have Pension Plans, some believe I'm sure the market will rebound and the plan will move forward while others have $2.4 billion in higher risk, publicly–traded equities, a gamble Being a Retiree I see those long nights getting slower and sleep very little. Going to the buy food is considered dangerous and fear the consequences and impact of from COVID-19, for us seniors this could be deadly so our Family prays! May God Bless and Protect you.!
David Amos
Reply to @Paul
Bourgoin: Cry me a river At least you have a medicare card and I dont.
As just another senior I am in the boat as you and I am not whining or
losing any sleep. Furthermore as an ex Fed I bet your pension is far
better than mine because I have none other than usual old age and cpp
stipend that a lot of us must get by on.
Paul Bourgoin
Reply to @David Amos: Your Punch Line , "Cry me A River" , Give me your size and I will buy you a Life Jacket so you don't drown in your sorrows!
David Amos
Reply to @Paul
Bourgoin: You and I already talked on the phone remember? Methinks you
should have understood that I am not crying in my beer like you do
everyday all day long N'esy Pas?
David Amos
Content disabled
Reply to @Paul Bourgoin: Enjoy https://www.youtube.com/watch?v=hZqArRNshSM
michael levesque
dont worry folks the people who do not get these pensions will simply have too make up the difference.
Samual Johnston
Reply to @michael
levesque: that use to be the case. We were tossing in over 300 mill a
year to top them up. But now does that apply? Shared risk? Anyone
have a quicki explication. Is the taxpayer gonna be covering their
loss?
David Amos
Reply to @Samual Johnston: Nope
Gary Melanson
Reply to @Samual Johnston: Still have to top up the federal government pension plan
David Amos
Reply to @Gary Melanson: Methinks the Feds whether they be wearing fancy blue or red knickers who purportedly work hard in our best interests will do just fine no matter the outcome of this economic downturn and retire well with a secure pension just like they always do N'esy Pas?
Stephen MacNeil
Content disabled
If people didn’t eat Garbage food like Lobster we wouldn't get these viruses.
Lou Bell
Content disabled
Reply to @Stephen MacNeil: Huh ????
Reply to @Stephen MacNeil: Huh ????
David Amos
Content disabled
Reply to @Lou Bell: Methinks its time for your nap N'esy Pas?
Reply to @Lou Bell: Methinks its time for your nap N'esy Pas?
James Vander
Content disabled
Reply to @Stephen MacNeil: You are actually correct. When we eat the scavengers that purify the ocean and our environment, such as lobster, crab, shrimp, bi-valve shellfish et al, we're asking for trouble. They were never meant to be consumed. And many animals that should not be consumed also cause problems for humans. Yup, I'm guilty too....
Reply to @Stephen MacNeil: You are actually correct. When we eat the scavengers that purify the ocean and our environment, such as lobster, crab, shrimp, bi-valve shellfish et al, we're asking for trouble. They were never meant to be consumed. And many animals that should not be consumed also cause problems for humans. Yup, I'm guilty too....
Samual
Johnston
Content disabled
Reply to @James Vander: agreed on what they eat but why do you say they were never meant to be consumed?
Reply to @James Vander: agreed on what they eat but why do you say they were never meant to be consumed?
James Vander
Content disabled
Reply to @Samual Johnston: Because their primary purpose is to dispose of the "bad stuff" within the food chain naturally, the refuse,- kinda like a built in garbage disposal system that filters and purifies the environment. And we shouldn't eat species that eat garbage. However, I do like a good plate of fried clams!
Reply to @Samual Johnston: Because their primary purpose is to dispose of the "bad stuff" within the food chain naturally, the refuse,- kinda like a built in garbage disposal system that filters and purifies the environment. And we shouldn't eat species that eat garbage. However, I do like a good plate of fried clams!
Ben Haroldson
Content disabled
Reply to @James Vander: You mean indigenous people didn't eat shellfish and crustaceans before we even landed on these hallowed shores ? What are all the clam shell dumps eroding out of the shoreline about?
Ben Haroldson
Content disabled
Reply to @James Vander: Clam digger has the best...would have been open soon, but we'll have to see now.
Reply to @James Vander: Clam digger has the best...would have been open soon, but we'll have to see now.
Samual
Johnston
Content disabled
Reply to @James Vander: I dunno. They eat and process it to grow. We don’t eat stomach contents. A dead cow is garbage as well but we eat it. Bear eat dead animals etc they find and we eat them etc etc....
Reply to @James Vander: I dunno. They eat and process it to grow. We don’t eat stomach contents. A dead cow is garbage as well but we eat it. Bear eat dead animals etc they find and we eat them etc etc....
David Amos
Content disabled
Reply to @Ben Haroldson: Good Point You dudes have a lot to argue as the stock markets tumble and everything shuts down before your eyes. However one must find some fun in the madness that surround us or we will go crazy as well. So here is my two bit worth for your little circus.
Everybody knows some indigenous people in various parts of the world practiced cannibalism not all that long ago and they definitely seemed to be insane.On the otherhand I have heard it said that sometimes Dog Soldiers would have to feed their dogs to other dogs then eat those dogs in order to survive long enough to continue a war with our ancestors invading their native land. That seems to make sense to me. In some foreign countries folks continue to eat dogs to this very day and lord knows what else you could not pay me to eat. Yet I dare not judge anyone because modern members of Trudeau The Younger's beloved peoplekind got the bright idea to feed cows to themselves. Hence the rise of mad cow disease. With things going crazy today I am considering the possibility of what the "Powers That Be" are consuming that causes them to act so loonie. In conclusion methinks nobody can deny that its a mad world in the dog eat dog world of today N'esy Pas?
David Amos
Content disabled
Reply to @David Amos: BINGO
brian finch
and kenney wants to separate and take control of the pension funds to invest in oil and gas...good luck
Lou Bell
Reply to @brian finch: Kenney ? What's Kenney got to do with NB Pensions ? I think you're commentin on the wrong Province.
David Amos
Reply to @Lou Bell:
Methinks your buddy Troy Mann the former Chief Executive Officer VESTCOR
split for Alberta after our spit and chew a couple of years ago N'esy
Pas?
David Amos
Reply to @Lou Bell: These are the words of Leo Kolivakis last year
http://pensionpulse.blogspot.com/2019/06/vestcor-gains-196-in-2018.html
"Also worth mentioning that while this compensation may raise some eyebrows and critical comments from uninformed New Brunswickers like David Raymond Amos, the folks at Vestcor are not paid anywhere near as much at their peers in the rest of Canada.
So let's dispense with the CBC/ communist crap on compensation at large pensions, these investment managers are delivering on their long-term targets and their compensation structure is clearly explained in the annual report.
If people are getting big bonuses it's because they're delivering long-term results, and that's a good thing, especially in New Brunswick where public pensions were a total mess prior to the establishment of Vestcor.
Below, the Board of Trustees for the New Brunswick Public Service Pension Plan held the 2018 Annual General Meeting on September 6, 2018 in Bathurst, NB. Fast-forward to minute 47 to hear Vestcor's CEO John Sinclair's comments, he covers a lot of key points worth listening to."
June Arnott
And what about the rest of us who invest in rrsps for our retirement eh? Hope no one gets a bailout or I will riot !
Matt Steele
Reply to @June
Arnott: ....They will get a bailout for sure . No doubt former Liberal
Premier Frank McKenna is already sitting down with his political buddies
, and trying to figure out how they can get some of that 27 BILLION
bailout cash for themselves . When former politicians see BILLIONS of
taxpayer cash being doled out ; they are ALWAYS first in line .
Lou Bell
Reply to @June
Arnott: If you've invested reasonably in your investments and have
planned responsibly there shouldn't be a problem . If you haven't
planned for downturns like this , well I guess that's on you.
David Amos
Reply to @June Arnott: Methinks many Yankees will be rioting before you do N'esy Pas?
David Amos
Reply to @Matt Steele: Methinks you should check my work in Federal Court N'esy Pas?
June Arnott
Reply to @Lou Bell: ah so help out the government workers and forget the rest. Nice attitude
David Amos
Reply to @June
Arnott: Methinks most bureaucrats in Fat Fred City are sitting home
right now collecting full pay while the rest of the folks are scrambling
trying to keep their jobs and buy toilet paper etc N'esy Pas?
Terry
Tibbs
Content disabled
Reply to @David Amos:
That's just plain harsh. I'm sure there are some who are not devoted to decorating their homes with toilet paper...............
Reply to @David Amos:
That's just plain harsh. I'm sure there are some who are not devoted to decorating their homes with toilet paper...............
Paul Bourgoin
Reply to @Matt Steele: Frank knows how to open Those Golden Doors so generous!!!
David Amos
Content disabled
Reply to @Terry Tibbs: Methinks you forgot to ask me if I cared about your criticisms of my concerns about toilet paper while you ignore everything else N'esy Pas?
Reply to @Terry Tibbs: Methinks you forgot to ask me if I cared about your criticisms of my concerns about toilet paper while you ignore everything else N'esy Pas?
Terry Tibbs
Reply to @David Amos:
Take offence where you will, but there is not only a shortage of toilet paper, I see chicken soup is in short supply, along with soda crackers..........
I have absolutely no idea why, though I did kinda grow up with Monty Python, so understanding silly is within my grasp.
Silly can be a good thing, but not usually a good thing if it describes our elected officials.
Terry
Tibbs
Reply to @David Amos:
*POOF*
*POOF*
David Amos
Reply to @Terry Tibbs: Go Figure what else I wrote went "Poof"
Alex Leblanc
This is a great time for them to buy - i'm hoping they keep buying and hold the stocks they have.
David Amos
Reply to @Alex Leblanc: Methinks many would agree that the markets have not hit the bottom yet N'esy Pas?
Lou Bell
These plans , unlike those of some people who self invest and have bragged of their returns and are now being hit mercilessly , would have a cushion built in with low risk bonds and high interest accounts where they are impacted very little or even not at all by this. Remember , both funds have money going in bi weekly and most likely have more going in than coming out.
Terry
Tibbs
Reply to @Lou Bell:
Ha, Ha, fooled you. Mr Trudeau is busy buying our recovery with the value of the $CDN. Combine that with a massive shrinkage of GDP, and that $10 you invested will still be $10, but won't likely buy you a dollar's worth.
Have a nice day.
Ha, Ha, fooled you. Mr Trudeau is busy buying our recovery with the value of the $CDN. Combine that with a massive shrinkage of GDP, and that $10 you invested will still be $10, but won't likely buy you a dollar's worth.
Have a nice day.
David Amos
Reply to @Terry
Tibbs: Speaking of harsh at least Lou can use it for toilet paper if
need be. Methinks your gold won't do that job N'esy Pas?
Terry
Tibbs
Reply to @David Amos:
My gold is up 20% since January, I'm expecting it to go higher.
My gold is up 20% since January, I'm expecting it to go higher.
David Amos
Reply to @Terry
Tibbs: Methinks you forgot that whereas the Russians and Chinese have
been buying gold by the ton for years I suggested that folks buy silver
and vanilla N'esy Pas??
Gary Melanson
Time to share the pain.
Lou Bell
Reply to @Gary
Melanson: Actually , from what I've seen , their system is set up with
high/ medium / low risk investments . At times like this they draw from
the low risk ( bonds and high interest savings ) and there are minimal
consequences. Unlike an ignorant investor who puts everything in high
risk and is left whining when things like this happen ! We hear them
bragging in the good times , yet are the 1st to whine in the bad !
David Amos
Reply to @Lou Bell: Dream on
Lucien Martin
Meh! Reality hurts...
Lou Bell
Reply to @Lucien
Martin: Actually they are most likely hit very little . Monies invested
in low risk/ no risk are where any withdrawals would come from . And
remember , there are monies going in bi weekly from current employees .
Most likely there is more money going in than coming out . Sorry to
break your bubble !
David Amos
Reply to @Lou Bell:
Methinks many New Brunswickers whom you work for agree that it is you
and your fellow public servants who are living in a bubble that is about
to burst N'esy Pas?
McKenzie King
It's just money on paper. Nothing is lost until you have to withdraw the funds, and there seems to be money in many funds that are not tied to the stock market that can be used in the short term.
David Amos
Reply to @McKenzie
King: Methinks you should explain that real slow to the folks who will
lose their jobs and their homes in this monumental economic disaster
N'esy Pas?
Terry Tibbs:
If anyone *thinks* a politician, past or present, will be going without their pension, might I suggest you *think* again?
David Amos
Reply to @Terry
Tibbs: Methinks their bankster buddies will make certain that they all
remain fat dumb and happy after the dust settles on the results of this
stock market nosedive just like they always do N'esy Pas?
John Grail
And management will still get their exorbitant fees
Bryan Jones
Reply to @John Grail:
Wasn't the manager of the civil service pension fund one of the highest
paid employees in the province because they used a unique to NB
calculation based on the funds earnings to pay him a massive bonus?
Lou Bell
Reply to @Bryan
Jones: And weathering this storm is what they are paid to do. They have
enough invested in low to no risk for months , most likely even a year
or two. Not like your ignorant investor , most of whom are / have been
hit by this . Or also by those too ignorant to understand ,if you know
what I mean !
Samual
Johnston
Reply to @John Grail:
on the other hand would you want your multi billion dollar pension
plan managed by someone making $39,000 a year and a BA in
English/economics? Fact is the people qualified to do this work are
hard to find and are in high demand and that equals uber pay.
Matt Steele
Reply to @Samual
Johnston: ....That is not what Kevin Cormier says ; he doesn't have a
Degree in anything , yet he mades $114,000 a year , and is in charge of
all the public libraries in the province . I wonder if they gave
Mr.Cormier a govt. vehicle to drive , and a taxpayer funded expense
account ?
Samual
Johnston
Reply to @Matt Steele: I can’t argue the insanity of that move.
John Grail
Reply to @Samual
Johnston: My personal portfolio has made returns comparable to these
pension funds. Even greater when you factor that these managers skim 4%
off the top...
David Amos
Reply to @Lou Bell: "Or also by those too ignorant to understand"
HMMMM
Methinks you should try to explain to the folks who read your opinions why your hero Higgy's creation of VESTCOR had spawned three lawsuits by your fellow pension plan stakeholders N'esy Pas?
HMMMM
Methinks you should try to explain to the folks who read your opinions why your hero Higgy's creation of VESTCOR had spawned three lawsuits by your fellow pension plan stakeholders N'esy Pas?
David Amos
Reply to @John Grail: Of course
Samual Johnston
Reply to @John Grail: if you are like most of us who manage our own pension fund you are merely picking mutual funds that are managed by people making millions. Now if you are into picking and trading stock well that is a risky game most won't want to play nor should they.
David Amos
Reply to @Samual Johnston: Methinks whereas you know so much about mutual funds you should ask yourself why the transcripts and the webcast of this US Banking Committee hearing are still missing N'esy Pas?
Full Committee Hearing
Review of Current Investigations and Regulatory Actions Regarding the
Mutual Fund Industry
Date: Thursday, November 20, 2003
Time: 02:00 PM
Topic
The Committee will meet in OPEN SESSION to conduct the second in a
series of hearings on the “Review of Current Investigations and
Regulatory Actions Regarding the Mutual Fund Industry.”
Witnesses
Mr. Stephen M. Cutler
Director - Division of Enforcement
Securities and Exchange Commission
Mr. Robert Glauber
Chairman and CEO
National Association of Securities Dealers
Eliot Spitzer
Attorney General
State of New York
Tom Simmons
It's all fake economy....did the people actually think they were gonna get free money down the road? The banksters and politicians will grabble it all up.
David Amos
Reply to @Tom Simmons: Methinks that par for the course N'esy Pas?
Ian Scott
Wow , welcome to the rest of us.
Ben Haroldson
Wait till the gov't starts dipping into the db plans.
Ian Scott
Wow , welcome to the rest of us.
Terry Tibbs
Reply to @Ian Scott:
Don't you count on it. Watch and see.
Don't you count on it. Watch and see.
David Amos
Reply to @Terry Tibbs: Methinks you can watch all you wish but you won't get to see what is truly important N'esy Pas?
Ben Haroldson
Wait till the gov't starts dipping into the db plans.
Lou Bell
Reply to @Ben
Haroldson: They can't . Pensions are now controlled outside the realm of
the Government. They no longer can access them. People need to keep up
David Amos
Reply to @Ben Haroldson: "What are all the clam shell dumps eroding out of the shoreline about?"
Methinks its too bad so sad that you did not get to read my two bits worth in that silly little circus N'esy Pas?
Methinks its too bad so sad that you did not get to read my two bits worth in that silly little circus N'esy Pas?
David Amos
Surprise Surprise Surprise
Terry Tibbs
Reply to @David Amos:
No surprise.......... I mentioned this before the provincial budget.
I can't "see" certain folks putting up with empty pension promises, so I would fully expect a government bail-out, maybe our carbon tax money?
Though the markets are coming back, and there are big federal bucks in the wind, so it's hard to tell where the reverse Robin Hood (Mr Higgs) may strike.
No surprise.......... I mentioned this before the provincial budget.
I can't "see" certain folks putting up with empty pension promises, so I would fully expect a government bail-out, maybe our carbon tax money?
Though the markets are coming back, and there are big federal bucks in the wind, so it's hard to tell where the reverse Robin Hood (Mr Higgs) may strike.
Lou Bell
Reply to @Terry Tibbs:
Any smart person would have their money invested through a reputable
investor who has taken circumstances like this into account ! This is
the way pensions for Government employees are handled. Part of the
investments are in low risk where any monies paid out are from these
with little impact. The people who really take the hit are the greedy
who go after the low bearing fruit and put all their money in high risk
investments . They are the ones you will never hear from in times like
this , only in the good times .
David Amos
Reply to @Terry
Tibbs: Methinks you should review my words in recent months in these
forums and particularly what I said about VESTCOR on Rogers TV when I
ran against Higgy et al in 2018 N'esy Pas?
David Amos
Reply to @Lou Bell: Yea Right
Terry Tibbs
Reply to @Lou Bell:
Hey Lou, I am in "low risk" for some of my investments, and since Jan 1st am down 25%...................
My gold, however, is up 20%, but gold is a double gamble, gold itself and the $CDN, as gold is bought and sold in $US.
Hey Lou, I am in "low risk" for some of my investments, and since Jan 1st am down 25%...................
My gold, however, is up 20%, but gold is a double gamble, gold itself and the $CDN, as gold is bought and sold in $US.
Lou Bell
Reply to @Terry
Tibbs: If you're in low risk , as you say , you're being duped ! Low
risk is bonds and high interest accounts ! You obviously don't
understand a thing about investing if you're down 25 % , unless you've
VERY LITTLE in low risk ! Really shouldn't be that hard to comprehend !
Lou Bell
Reply to @David Amos:
Yeah, right ! Nothing to say ? They're a private Corporation and have
done very well . Which part don't you understand / agree with ? Please
tell !! And don't make it all about yourself !
Terry Tibbs
Reply to @Lou Bell:
Sure Lou................. (even bank stocks are down)
On that other matter, would you have the Irvings pay more for oil located in Canada to Americans and the Chinese, than where they are sourcing it?
*Think* carefully Lou, is the principal worth $20 a fill-up?
Sure Lou................. (even bank stocks are down)
On that other matter, would you have the Irvings pay more for oil located in Canada to Americans and the Chinese, than where they are sourcing it?
*Think* carefully Lou, is the principal worth $20 a fill-up?
David Amos
Reply to @Lou Bell: Methinks it too bad so sad that you don't know how to find the words of mine that go "Poof" N'esy Pas?
Reply to @Lou Bell: "Yeah, right ! Nothing to say ?"
Methinks I have had lots to say after your challenge and have yet to see any replies from you N'esy Pas?
David Amos
Content disabled
Reply to @Lou Bell: Methinks a lot of people had something to say N'esy Pas? 2018 New Brunswick Provincial Election Saint John Region Candidate Messages
https://www.youtube.com/watch?v=hZqArRNshSM
http://pensionpulse.blogspot.com/2019/06/vestcor-gains-196-in-2018.html
Vestcor Gains 1.96% in 2018
New Brunswick's Vestcor recently reported a 2.08% gross, 1.96% net return for 2018:
Vestcor Inc. (Vestcor) has released its 2018 Annual Report, which reflects the successful amalgamation on January 1, 2018 of its predecessor companies, Vestcor Investment Management Corporation (VIMC) and Vestcor Pension Services Corporation (VPSC). Vestcor operates as a private, not-for-profit company offering global investment management and pension and benefit administration services to public sector entities.Take the time to read Vestcor's 2018 Annual Report, it is very well written and not too long.
“Despite difficult market conditions, especially during the last quarter of 2018, we are proud to announce that Vestcor has been able to achieve positive investment performance for our clients” said John A. Sinclair, President and Chief Executive Officer. “Our clients frequently cite capital preservation as a key objective for their investment strategies. Despite a negative market environment for risk assets in 2018, we are pleased to have delivered on that objective during the year.”
The Annual Report also outlines that Vestcor successfully exceeded the key performance targets of their administrative clients during the year despite an overall 13% increase in pension and benefit applications.
“We are also proud to have continued to offer management and administration services that are very cost effective versus other public sector peers” declared Mr. Sinclair.
Further investment disclosure reports a 2.08 percent overall gross investment return for total assets under active management for the year ended December 31, 2018, with a management expense ratio of approximately 0.12 percent. “Our not-for-profit business model continues to provide low cost, efficient investment and administration services for our clients” said Sinclair. Pension Funds under active management specifically achieved an overall 2018 return of 2.07 percent which exceeded blended client portfolio benchmarks, before investment management costs, by approximately 1.15 percent during the year.
The long-term annualized Pension Fund returns, since Vestcor began its investment management business (originally known as N.B. Investment Management Corporation prior to its privatization in 2016) in 1996, continue to exceed both client return and risk management funding requirements at 7.09 percent.
About Vestcor
Located in Fredericton, New Brunswick, Vestcor provides global investment management services to nine different public sector client groups representing approximately $16.9 billion in assets under management, and administration services to 11 public sector pension plans and 4 employee benefit plans.
The Vestcor Group of Companies was created through Province of New Brunswick legislation in July 2016 (the Vestcor Act). As of October 1, 2016, N.B. Investment Management Corporation was continued as VIMC, while the operations of the Pension and Employees Benefits Division of the Province of New Brunswick’s Department of Human Resources were transferred to VPSC. On January 1, 2018 VIMC and VPSC were amalgamated to form Vestcor Inc.
Vestcor’s team of more than 140 New Brunswick-based service professionals provides innovative, integrated, cost-effective investment management and pension and benefit administration services solutions to a number of public sector entities that meet the requirements of approximately 96,000 individual members and 134 employer groups.
Late this afternoon, I had a chance to talk to Jon Spinney, Vestcor's CIO. I thank him and John Sinclair, Vestcor's CEO, for taking the time to answer my emails and questions.
John Sinclair emphasized the key thing for Vestcor's clients: “Capital preservation is a key goal for our clients, and we were happy to deliver positive returns for 2018 in a challenging market environment, particularly the 4th quarter when volatility increased significantly.”
Jon Spinney shared this with me by email prior to our conversation:
“Overall, 2018 was a good year for us in the context of a volatile 4th quarter. Our clients, partially due to Shared Risk regulations in the province, run fairly low risk levels in their asset portfolios (on average similar in total risk levels to a 35-40% equity/60-65% bonds public market portfolio). As such, we’ve looked for opportunities to de-risk the asset portfolio in a prudent manner wherever possible while maintaining return generating opportunities. Consequently, we expect to lag somewhat during stronger periods but should perform well when markets are more challenging.Jon expanded on these points during our call. He told Vescor underperformed the RBC DB median return in 2017 but over a two-year and longer horizon, it is outperforming this index with 20-30% less volatility.
Our stakeholders understand that strategy and are willing to make that trade-off. With the RBC DB median return at about -0.65% in 2018 compared to our total fund composite return of 2.08%, that strategy worked to produce a somewhat smoother return profile for clients both recently and over the longer term.
In terms of active management, after considering all investment management costs, we outperformed our benchmark by just over 1% for the calendar year. While Vestcor’s reliance on Private Markets has historically been somewhat less than many of our peers (our strategy has relied heavily on internal active management, with approximately 85% of assets managed in house), these strategies were significant contributors to value-add during the most recent year and have a strong long-term track record. “
Interestingly, while Private Markets were significant contributors to value-add in 2018, Jon told me they're not as heavily weighted as their peers in privates and run most of their absolute return strategies internally:
As shown above, there is $1.3 billion invested in public market Absolute Return Strategies (run internally), $666 million in Private Equity, and $1 billion each in Real Estate and Infrastructure.
So, he's right, Vestcor is not as heavily weighted in private markets as its peers and Jon explained this to me: "We have many clients. Some are more mature and need liquidity, but even they have a minimum of 5% in private equity, real estate and infrastructure. Others typically have 12-15% in real estate, 10-12% in private equity and 10% in infrastructure."
The Absolute Return Strategies in public markets are beta neutral strategies which typically underperform in a raging bull market but outperform when markets get hit.
It's important to read this passage from pages 19-20 of the Annual Report:
Our Absolute Return portfolio seeks to produce stable, positive returns in all market environments while resulting in little to no correlation with traditional investment strategies, thus providing attractive returns and enhanced diversification for the combined portfolio. To achieve this, we manage separate internal strategies that provide exposure to event-driven, fundamental, and quantitative investment approaches, in varying amounts. Meaningful allocations to these portfolios combined with a well-developed risk management and capital allocation framework allow the strategy to achieve the goal of positive, low risk returns without taking on unintended risk exposures as can often be the case in multi-strategy absolute return portfolios. While each strategy is managed in a diversified and prudent manner by a portfolio management team, we additionally employ a combined portfolio risk budgeting approach to ensure risk is efficiently managed and budgeted through all market environments by shifting capital and risk allocations to their most favorable locations where necessary.Lastly, in terms of compensation, the CBC made a big stink that N.B. pension management employees score record $5M in bonuses, but I wonder if anyone bothered reading the annual report.
In 2018, the benefit of a diversified investment approach is apparent. While each of the sub-strategies provided positive total returns, only two of the three sub-strategies provided returns in excess of the benchmark. The combined portfolios provided a positive total return of 2.36%, delivering stable performance in a volatile, risk adverse environment. Vestcor uses a proactive risk management approach for these strategies, meaning that these positive returns were achieved with extremely low volatility and near zero correlation to traditional investment categories. On a four-year basis, the strategy has managed to navigate challenging investment environments to produce a positive 4.00% annualized return while maintaining net zero exposure to broad equity markets.
The private equity portfolio is diversified across several factors including geographies, industry sectors and currencies, and investments are made through a combination of commitments to external funds, co-investments alongside fund managers and direct internally managed investments. In 2018, this portfolio produced very strong returns, outperforming comparable public market strategy benchmarks by 27%. A record amount of distributions were received by the private equity program during 2018 as a healthy exit environment prevailed. Over the longer-term four year period, private equity returned 19.11%, outperforming the blended benchmark by greater than 11% per year.
The Real Estate portfolio has two broad components: North American Real Estate Investment Trust (REIT) securities, and private real estate in the form of limited partnership interests, direct co-investments and direct holdings. Canada represents the largest component of the private portfolio however we continue to seek high quality opportunities abroad. The private portfolio continued to achieve strong returns in 2018 as a result of good fundamentals in supply and demand and continued low capitalization rates.
The Infrastructure portfolio has two broad components: first, private infrastructure in the form of co-investments diversified by geography, currency and by asset type and also fund commitments to limited partnerships. Second, an internal public infrastructure portfolio that is designed to provide similar long-term return and risk characteristics as private infrastructure investments. Both portfolios produced positive returns in 2018, with particularly strong private portfolio returns stemming from a combination of solid growth in earnings and continued low market discount rates.
In particular, there's a detailed discussion on compensation beginning on page 32, and the senior managers at Vestcor delivered on their long-term targets so they are entitled to their compensation:
Also worth mentioning that while this compensation may raise some eyebrows and critical comments from uninformed New Brunswickers like David Raymond Amos, the folks at Vestcor are not paid anywhere near as much at their peers in the rest of Canada.
So let's dispense with the CBC/ communist crap on compensation at large pensions, these investment managers are delivering on their long-term targets and their compensation structure is clearly explained in the annual report.
If people are getting big bonuses it's because they're delivering long-term results, and that's a good thing, especially in New Brunswick where public pensions were a total mess prior to the establishment of Vestcor.
Below, the Board of Trustees for the New Brunswick Public Service Pension Plan held the 2018
Annual General Meeting on September 6, 2018 in Bathurst, NB. Fast-forward to minute 47 to hear Vestcor's CEO John Sinclair's comments, he covers a lot of key points worth listening to.
https://vestcor.org/en/nbpspp-agm/
https://youtu.be/kXrPnFjMqPs
NBPSPP 2019 Annual Information Meeting
148 views
•Sep 26, 2019
10 subscribers
https://www.youtube.com/watch?v=ymWncoi8bhA
http://davidraymondamos3.blogspot.com/2019/06/nb-pension-management-employees-score.html
Friday, 21 June 2019
N.B. pension management employees score record $5M in bonuses
From: Jane.Philpott@parl.gc.ca
Date: Fri, 21 Jun 2019 19:58:59 +0000
Subject: Automatic reply: Methinks the reason the VESTCOR dudes don't
call or write is because Mr Higgs and Franky Boy McKenna don't love me
Nesy Pas Mr Jensen?
To: david.raymond.amos333@gmail.
Hello,
Thank you for your email to the Honourable Jane Philpott, Member of
Parliament for Markham-Stouffville.
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---------- Original message ----------
From: david.raymond.amos333@gmail.
Date: Fri, 21 Jun 2019 15:58:55 -0400
Subject: Fwd: Methinks the reason the VESTCOR dudes don't call or write is because Mr Higgs
and Franky Boy McKenna don't love me Nesy Pas Mr Jensen?
To: Karine.Arseneau@snb.ca, briangallant10@gmail.com, jfurey@nbpower.com,
jfetzer@d.umn.edu, washington.field@ic.fbi.gov, dean.buzza@rcmp-grc.gc.ca, oig@sec.gov, mark.vespucci@ci.irs.gov, mark.gallagher@usdoj.gov, Chuck.Thompson@cbc.ca, mary.wilson@gnb.ca, Dominic.Cardy@gnb.ca, hon.ralph.goodale@canada.ca, dominic.leblanc.c1@parl.gc.ca, Bill.Casey@parl.gc.ca, Bill.Oliver@gnb.ca, bill.sweeney@gov.ab.ca, premier@gov.ab.ca, scott.moe@gov.sk.ca, premier@gov.pe.ca, PREMIER@gov.ns.ca, premier@leg.gov.mb.ca, premier@gov.nl.ca, premier@gov.bc.ca, david.eby.mla@leg.bc.ca, Dale.Morgan@rcmp-grc.gc.ca, david.young@mcinnescooper.com, dale.drummond@rcmp-grc.gc.ca
Cc: "David Amos" motomaniac333@gmail.com, alan.roy@snb.ca, Alaina.Lockhart@parl.gc.ca, Jane.Philpott@parl.gc.ca, Diane.Lebouthillier@cra-arc.
David.Lametti@parl.gc.ca, jan.jensen@justice.gc.ca, Nathalie.Drouin@justice.gc.ca
---------- Original message ----------
From: "Martin, Marc (SNB)" <Marc.Martin@snb.ca>
Date: Fri, 21 Jun 2019 19:09:22 +0000
Subject: Automatic reply: Methinks the reason the VESTCOR dudes don't
call or write is because Mr Higgs and Franky Boy McKenna don't love me
Nesy Pas?
To: David Amos <david.raymond.amos333@gmail.
Je serai absent du bureau jusqu'au 24 juin. Pour des questions de
traduction, veuillez communiquer avec Karine Arseneau par téléphone au
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translation-related questions, please contact Karine Arseneau at
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---------- Original message ----------
From: Premier of Ontario | Premier ministre de l’Ontario <Premier@ontario.ca>
Date: Fri, 21 Jun 2019 19:09:22 +0000
Subject: Automatic reply: Methinks the reason the VESTCOR dudes don't
call or write is because Mr Higgs and Franky Boy McKenna don't love me
Nesy Pas?
To: David Amos <david.raymond.amos333@gmail.
Thank you for your email. Your thoughts, comments and input are greatly valued.
You can be assured that all emails and letters are carefully read,
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Thanks again for your email.
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Merci pour votre courriel. Nous vous sommes très reconnaissants de
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---------- Original message ----------
From: David Amos <david.raymond.amos333@gmail.
Date: Fri, 21 Jun 2019 15:09:17 -0400
Subject: Methinks the reason the VESTCOR dudes don't call or write is because Mr Higgs
and Franky Boy McKenna don't love me Nesy Pas?
To: comments@vestcorinvestments.
BrianThomasMacdonald@gmail.com, mckeen.randy@gmail.com, David.Coon@gnb.ca, Davidc.Coon@gmail.com, leader@greenparty.ca, brian.gallant@gnb.ca, pm@pm.gc.ca, David.Barr@gnb.ca, Cyril.Theriault@gmail.com, postur@for.is, Bill.Morneau@canada.ca, Robert.Jones@cbc.ca, info@scapitalmgmt.com, LKolivakis@gmail.com,
carl.urquhart@gnb.ca, Stephen.Horsman@gnb.ca, Newsroom@globeandmail.com, andre@jafaust.com, jbosnitch@gmail.com, news@kingscorecord.com, bruce.fitch@gnb.ca, ernie.steeves@gnb.ca, kris.austin@gnb.ca, denis.landry2@gnb.ca, megan.mitton@gnb.ca,
marc.martin@snb.ca, Marc.Léger@gnb.ca, len.hoyt@mcinnescooper.com, greg.byrne@gnb.ca, serge.rousselle@gnb.ca, kevin.a.arseneau@gnb.ca, rick.desaulniers@gnb.ca, andrea.anderson-mason@gnb.ca, premier@gnb.ca, robert.gauvin@gnb.ca, michelle.conroy@gnb.ca, Mike.Comeau@gnb.ca, oldmaison@yahoo.com, mike.obrien@fredericton.ca,
mike.cameron3@bellmedia.ca, steve.murphy@ctv.ca, david.eidt@gnb.ca,
David.Akin@globalnews.ca, premier@ontario.ca, attorneygeneral@ontario.ca,
Katie.Telford@pmo-cpm.gc.ca, justin.trudeau.c1@parl.gc.ca, andrew.scheer@parl.gc.ca, maxime.bernier@parl.gc.ca, jagmeet.singh@parl.gc.ca
Cc: "David Amos" motomaniac333@gmail.com, Frank.McKenna@td.com,
john.sinclair@
https://davidraymondamos3.
Friday, 21 June 2019
N.B. pension management employees score record $5M in bonuses
marc.martin@snb.ca, Marc.Léger@gnb.ca, len.hoyt@mcinnescooper.com, greg.byrne@gnb.ca, serge.rousselle@gnb.ca, kevin.a.arseneau@gnb.ca, rick.desaulniers@gnb.ca, andrea.anderson-mason@gnb.ca, premier@gnb.ca, robert.gauvin@gnb.ca, michelle.conroy@gnb.ca, Mike.Comeau@gnb.ca, oldmaison@yahoo.com, mike.obrien@fredericton.ca,
mike.cameron3@bellmedia.ca, steve.murphy@ctv.ca, david.eidt@gnb.ca,
David.Akin@globalnews.ca, premier@ontario.ca, attorneygeneral@ontario.ca,
Katie.Telford@pmo-cpm.gc.ca, justin.trudeau.c1@parl.gc.ca, andrew.scheer@parl.gc.ca, maxime.bernier@parl.gc.ca, jagmeet.singh@parl.gc.ca
Cc: "David Amos" motomaniac333@gmail.com, Frank.McKenna@td.com,
john.sinclair@
https://davidraymondamos3.
Friday, 21 June 2019
N.B. pension management employees score record $5M in bonuses
https://twitter.com/DavidRayAmos/with_replies
David Raymond Amos @DavidRayAmos
Replying to @DavidRayAmos @alllibertynews and 49 others
Methinks the reason the VERY GREEDY VESTCOR dudes don't call or write is because Blaine Higgs and their LIEbrano/lawyer/Bankster buddy Franky Boy McKenna don't love me Nesy Pas?
https://davidraymondamos3.blogspot.com/2019/06/nb-pension-management-employees-score.html
https://www.cbc.ca/news/canada/new-brunswick/vestcor-new-brunswick-government-pension-investment-employees-paid-1.5178486
---------- Original message ----------
From: "MinFinance / FinanceMin (FIN)" <fin.minfinance-financemin.
Date: Fri, 21 Jun 2019 16:33:34 +0000
Subject: RE: YO John Sinclair I called YOU at Vestcor Pension Services Corporation (506 453-2296) AGAIN Afterr the usual runaround I got a direction to contact some lady's voicemail
To: David Amos <david.raymond.amos333@gmail.
The Department of Finance acknowledges receipt of your electronic
correspondence. Please be assured that we appreciate receiving your
comments.
Le ministère des Finances accuse réception de votre correspondance
électronique. Soyez assuré(e) que nous apprécions recevoir vos
commentaires.
---------- Original message ----------
From: Newsroom <newsroom@globeandmail.com>
Date: Fri, 21 Jun 2019 16:31:09 +0000
Subject: Automatic reply: YO John Sinclair I called YOU at Vestcor Pension Services Corporation
(506 453-2296) AGAIN Afterr the usual runaround I got a direction to contact some lady's voicemail
To: David Amos <david.raymond.amos333@gmail.
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N.B. pension management employees score record $5M in bonuses
Province's investments saw 2% gain last year, despite significant declines in global stock markets
The organization handling New Brunswick government pension and other funds awarded its employees a record $5 million in bonuses last year, including $902,438 to its president after the province's investments managed to post a two per cent gain, despite significant declines in global stock markets.
Vestcor
is the Fredericton-based investment firm set up by the province to
manage what has become $16.9 billion in funds, including retirement
savings for provincial civil servants, teachers and most hospital
workers.
Vestcor also
invests pension money for the University of New Brunswick and the City
of Fredericton and handles hundreds of millions of dollars set aside by
NB Power to deal with the eventual decommissioning of the Point Lepreau
nuclear generating station and its stockpile of nuclear waste.
According to its latest annual report, Vestcor posted a 2.08 per cent gain on investments in 2018 — less than the rate of inflation — but significantly better than pension plans across the country, many of which bled money during the year thanks to turbulent stock prices.
In
a letter attached to the annual report, Vestcor's chairman Michael
Walton said it was "gratifying" that the organization was able to post
gains in what he called "the generally negative financial market
environment" of 2018.
In
February, the Royal Bank's Investor and Treasury Services division
reported that Canadian defined benefit pension plans overall lost 0.7
per cent of their value in 2018, placing Vestcor's result in the top
tier of performances nationwide.
That helped fuel another boost in employee performance bonuses, which have grown significantly at Vestcor in recent years.
Vestcor's
long-time president John Sinclair saw his pay package in 2018 hit a new
high of $1.39 million, a 9.5 per cent increase over 2017.
Bonuses exceed salary by 200%
Sinclair's
base salary is $351,389 and, although Vestcor guidelines show the upper
target for executive bonuses allows for another 130 per cent on top of
that, Sinclair's bonus was once again well above that upper range.
He earned $902,438 in bonuses in 2018 — what Vestcor calls "incentive pay" — just under 257 per cent of his base salary.
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