The Chamber Pension Plan will hold its Annual General Meeting on Thursday at the Galleon Room, Westin Casuarina Resort and Spa at 7p.m.
All Plan members are invited to attend.
Jennifer Dillon, Chairman of the Board of Trustees says that 2006 was a landmark year for the Chamber Pension Plan.
‘The Plan completed its transition to the Plan’s ‘Best-in-Class Partners’ project,’ Ms Dillon said in a press release.
‘The Plan is proud to be united with AllianceBernstein as Investment Managers, Butterfield Bank as Fixed Income Managers and Administrators, JPMorgan Chase as Custodians, and Mercer Investment Consulting as our independent consultants on the Plan’s performance and strategies.
‘This is just one of the many features of our Plan which makes us unique – the ability to change our partners as the need arises to secure optimum performance and operations,’ she said.
Another exciting change accomplished in 2006 was the Plan’s introduction of LifeCycle Funds. This program is designed to better tailor each member’s individual pension fund to his or her needs. Further information on LifeCycle Funds will be available at the meeting.
The Chamber Pension Plan posted an impressive return of 10.29 per cent for the year ending June 30, 2006. The management expense ratio for the year is 1.43 per cent, a considerable reduction from the previous year. The Plan continues to post a solid one-year return of 11.9 per cent for the period ending October 31, 2006.
The audited financial statements will be presented at the meeting and may be viewed at www.chamberpension.ky prior to the meeting.
For more than 14 years the Chamber Pension Plan has been helping to secure the future and retirement plans for thousands of Cayman Islands residents. First established in 1992, the Plan has seen significant changes and constantly strives to improve its product and serve its members to the best of its ability.
Today, there are more than 13,000 members of the Plan, which now holds over US$175 million in assets, a testament to the Plan’s growth and security, the release said.
Upon conclusion of the responsibilities of the Annual General Meeting, refreshments will be served and there will be an opportunity to meet the Plan’s managers and Trustees.