Plan Sustainability and Change in Investment Managers
GSI always welcomes plan member questions and expressions of any concerns they may have. We recently had a member contact us with the following concern and thought it would be good to share some information, as this may have crossed your mind as well.
Plan Member Concern
I have noted that several congregations have closed in the last few years and that many long-serving pastors have retired. As a pastor, still many years away from retirement, I am concerned about whether there will be any funds remaining in the ELCIC Pension Plan for my retirement.
GSI Response
The ELCIC Pension Plan does not share assets among plan members. Each member account is based on that individual’s contributions and the investment returns of the funds. The amount in the member’s account, as indicated on their pension statement, is their pension entitlement; it cannot be depleted by other members’ retirement.
The account balance will increase with regular contributions and a monthly investment allocation. Now and then there may be a reduction when a market loss is experienced; however, the assets are invested for the long term and grow over time.
The overall size of the plan does not affect an individual member account. Should overall plan assets decline, GSI will adjust the operational strategy to maintain a competitive expense ratio while continuing to provide service and support to plan members.
It is never too early to find and begin working with a personal Financial Advisor to help you with your financial plan for retirement. When a plan member completes their employment in the ELCIC and is ready to settle their pension account, the Financial Advisor can assist you in setting up your retirement income stream. They can support you in making investment and budget decisions for a successful retirement.
Change in Investment Managers
The GSI Board was deeply engaged in strategic and operational planning in 2023 and 2024. One of the outcomes was to make a decision to change the governance related to appointing and monitoring investment managers.
The ELCIC Pension Plan has now outsourced this responsibility to Mercer, who maintains a roster of investment managers where the assets can be placed. The advantages include:
- multi-manager approach to portfolio construction which enhances diversification
- greater agility to make changes in response to poor performance
- effective use of board and staff resources
- rebalancing member accounts with market changes is more flexible and expedient
- available expertise and tools applied to the strategy
This approach does not change any logistics or interactions with Plan Members. The intent is to have better investment outcomes and a prudent use of resources.
ELCIC Pension Plan Statements
Member statements for January 1, 2024 to December 31, 2024 were sent to members in January 2025 by email (for those with an e-address on file). Please contact GSI if you did not receive yours or forget your password.
We would appreciate it if you would carefully review your statement and update us with any corrections or changes to your personal information as soon as possible.
Remember to save your statement in your personal records.
Investment Results for the Fourth Quarter of 2024
ELCIC Pension Plan
| ELCIC Pension Plan - combined funds | Median Balanced Pension Plan as a comparison | Excess return | ||
|---|---|---|---|---|
| Oct 1 to Dec 31, 2024 | Q4 | 2.4% | 1.9% | 0.5% |
| Jan 1 to Dec 31, 2024 | Annual | 14.8% | 14.5% | 0.3% |
Growth Fund
| Growth Fund | CPI + 5% | Excess return | ||
|---|---|---|---|---|
| Oct 1 to Dec 31, 2024 | Q4 | 4.1% | 1.3% | 2.8% |
| Jan 1 to Dec 31, 2024 | Annual | 23.7% | 6.9% | 16.8% |
Fixed Income Fund
| Fixed Income Fund | CPI + 1% | Excess return | ||
|---|---|---|---|---|
| Oct 1 to Dec 31, 2024 | Q4 | 0.3% | 0.3% | 0.0% |
| Jan 1 to Dec 31, 2024 | Annual | 5.5% | 2.9% | 2.6% |
Please note that information is not intended to be investment advice or to be a recommendation for your personal investment portfolio. The content is intended for information purposes only and should not be disclosed to other third parties or used for the purposes of market timing or seeking to gain an unfair advantage.
Come and See Us in Canmore!
The ABT Synod Bishop’s Study Conference will once again be held in Canmore at the Coast Canmore Hotel and Conference Centre, from February 24 – 27. GSI will be there!
We hope to see you at one or both of the GSI Presents sessions:
- “Know Your Benefits” (Tuesday, February 25 from 1:30 – 2:30)
In this session, we will review what your benefits package includes, some tips on making claims, and how to navigate a medical absence. We will also discuss the challenges of keeping the plan sustainable as healthcare costs increase.
- “Retirement and Your Pension” (Wednesday, February 26 from 1:30 – 2:30)
We will review how the pension plan works and how to know when you are retirement-ready.
GSI Seeking Next Executive Director
After 23 years of strong leadership as Executive Director of ELCIC Group Services Inc. (GSI), Lisa Thiessen has announced her retirement at the end of March 2025.
GSI’s Board of Directors is therefore looking for the next Executive Director. This is a key position: responsible for leading the operations of GSI, overseeing the Plans GSI administers, and providing strategic leadership to the Board. The Executive Director provides leadership and guidance in a complex, multi-stakeholder environment to build collaborative working relationships.
The full job description, qualifications, and compensation can be found here: Executive Director Search.
Interested candidates should send a cover letter and resume no later than Friday, 7 February, 2025 to:
Rev. Dr. Gordon Jensen ( gordon.jensen@usask.ca )
President, ELCIC Group Services Inc.
Webinar: Nutrition and Well-Being
Description: Food is fuel for our bodies and our minds. But whether you’re looking to boost your energy, change your mood, manage illness, or change your relationship with food, there’s so much information out there that it can be hard to know where to start.
Join CloudMD this month to learn about the role of nutrition in well-being, including tips on how to develop healthy eating habits, how to recognize disordered eating, and how to use nutrition to boost well-being. Participants will be equipped with the knowledge and skills to help them on their nutrition journey.
Ask an Expert Question:
“I’ve recently noticed that my eating habits aren’t great – I get busy and end up eating whatever’s fast and convenient or not eating at all, and I’m worried about passing that on to my kids. But I’m kind of confused and overwhelmed and don’t know where to start. What would good, healthy eating even look like?”
Date: Wednesday, February 12, 2025
Time: 12:00 – 12:20 ET.
We welcome your questions & feedback!
please write to us: admin@elcicgsi.ca
or call toll free: 1-877-352-4247 (in Winnipeg 204-984-9181)
information and resources can also be found on the GSI website