Fully funded. In those two seemingly simple words rests the fulfillment of our promise to our members. No matter what we do, it is our ultimate goal and the bottom line – the only measurement that matters. To underscore its importance, we renamed the document you are reading to our Funded Status Report to Members.
Along with everyone who works at OPTrust, I am proud to report that the Plan continued to be fully funded in 2016, a year that presented numerous external challenges, from market volatility to ongoing low interest rates. These are not short-term challenges.
We are risk allocators not asset allocators. Creating sustainability over the long term means embracing innovation and always looking for ways to improve.
In 2016, we began to fully implement our member-driven investing strategy, which was designed to enhance the likelihood of pension certainty, sustainability and stability, and made the decision to manage the majority of our public market assets and strategies in-house. This will allow us to support our investment strategy and our goal of keeping the Plan fully funded.
Serving our members
All of our people care deeply about the members we serve and that care is often most evident in those who work in Member Services. During 2016, there were increased volumes in retirements, enrolments and other transactions. Despite this, our team continued to provide the timely, excellent service our members have come to expect, achieving an average overall satisfaction score of 9.1 out of 10 from our members.
Serving our members requires more than great people. It also needs great technology. That’s why we embarked on a multi-phase project to upgrade our pension administration system in 2016. Spanning several years, this project will provide the flexibility to meet future needs of members.
A winning culture
The culture at OPTrust is also a significant resource we are able to bring to bear on each project we undertake. Collaboration and idea sharing are essential, along with listening to the perspectives of others. I believe a winning culture embraces diversity, inclusiveness and different perspectives.