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P-Solve Monthly Retirement Update

November 2017

Key Takeaways:

 Funded status improvements continue to be fueled by strong asset returns

✔ New mortality improvement projection scale (MP-17) released by Society of Actuaries will decrease year-end liabilities by around 0.70%

October 2017 Summary

For most plans, October was a good month with funded status improvements driven by assets posting decent returns and liabilities remaining fairly flat. Year-to-date most plans have seen some funded status improvements due to the strong returns in the markets despite falling discount rates.

Discount Rates & Asset Returns

Discount rates have barely moved over the last three months, with the Citi Index down 4.5 basis points for October.  Year-to-date discount rates are down 0.35%.

The continuation of a synchronized global recovery was good for risk assets in October. Emerging market equities led the way among equity markets and credit oriented fixed income sectors, like high yield, outperformed higher quality segments.



SECURITY INDICES: This presentation includes data related to the performance of various securities indices.  The performance of securities indices is not subject to fees and expenses associated.  Investments cannot be made directly in the indices.   The information provided herein has been obtained from sources which P-Solve LLC believes to be reasonably reliable but cannot guarantee its accuracy or completeness

CONFIDENTIAL:  For addressee use only, not to be disclosed to any other person without express consent from P-Solve LLC.  Past performance cannot be relied upon to predict future results.  P-Solve LLC is an investment advisor registered with the US Securities and Exchange Commission.