Net assets available for benefits
In 2010, the Plan’s net assets available for benefits increased by $1.3 billion, to $13.3 billion at December 31. This increase reflects the Plan’s net investment earnings of $1,530 million, net of benefit payments that exceeded contributions by $183 million and operating expenses of $19 million.
Net assets include the Plan’s investments as well as contributions receivable, and are reduced by accounts payable and investment-related liabilities.
OPTrust’s $1.5 billion investment income in 2010 reflected a strong rebound in the values of all portfolios of the Plan. The Plan’s currency hedging program, broadening in scope from foreign exchange forward contracts only in 2009, also added value in a year when the Canadian dollar rose against other developed-market currencies.