New Brunswick’s public servants can feel a little more comfortable about their pensions. On Tuesday, the New Brunswick Investment Management Corp. reported a 10.4% gross rate of return for the 2010/11 fiscal year.
The annual real return for the fund since the corporation was launched in 1996 has been 4.74%, according to its CEO, John Sinclair.
“Our long-term investment returns are helping to keep the three provincial pension funds under the management of the corporation on track with the provincial government’s goal from the early 1990s of being fully funded by the end of a 25-year period,” said Sinclair.
Those three funds represent the retirement savings of more than 50,000 members, including public servants, teachers and provincial judges.
Net assets under management as of March 31, 2011, were just under $9.1 billion, up from $8.3 billion a year earlier. The increase includes $866 million in investment gains and $144.6 million in special funding payments from the plans’ sponsors, offset by net pension payouts of $252.2 million.