Plan’s Funded Status Improves Again in Latest Valuation
Earlier this year the STF filed a funding valuation as at July 1, 2020. A funding valuation provides a point-in-time snapshot of the long-term health of the STRP. As required by law, a valuation must be filed with federal and provincial pension authorities at least every three years.
We’re pleased to report that the Plan is in good financial health and the funded status has improved since the last valuation as at July 1, 2019. The Plan is 99.6% funded as of July 1, 2020, compared to 98.7% the previous year.
This improvement in funding status was due, in part, to the strong investment gains the pension fund experienced over the 2019-20 fiscal year. The market value of net assets has grown to $6.3 billion, up $0.4 billion since 2019. This significant growth in assets is expected to continue.
The Federation continues to closely monitor the financial health of the Plan in order to maintain its long-term sustainability.