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Kenney said the transfer will save taxpayers money and “generate better returns” as it continues to allow the board of teachers to manage its investment strategy and risk level under the execution of AIMCo.
The Local Authorities Pension Plan (LAPP), for which AIMCo manages a $ 50 billion fund, issued a statement Wednesday acknowledging that AIMCo has suffered “significant losses” and securing its 275,000 members, including hospital, city and school employees and pensioners who pay to the Fund, that the plan “is strong enough to sustain investment losses”.
Chris Brown, president and CEO of LAPP, said in a statement that the defined benefit pension plan “is not threatened by short-term market fluctuations.”
On April 8, AIMCo announced its returns for 2019, a total fund return of 10.6 percent representing approximately $ 11.5 billion in net income from investments. The total annual fund return for 10 years was 8.2 percent. For comparison, the Ontario Teacher Pension Plan gave a return of 10.4 percent in 2019, and 9.8 percent annual over 10 years.
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