A message from the chair of the Municipal Pension Board of Trustees: April 24, 2025

Your pension remains strong and secure amid global uncertainty

Recent global events, including rising geopolitical tensions and unprecedented tariffs, have contributed to increased market volatility and concern about the broader economy. As chair of the Municipal Pension Board of Trustees, I want to assure you that your pension remains strong and secure.

The Municipal Pension Plan is a defined benefit pension plan. This means that your pension is based on a formula tied to your salary and years of service—not on how the markets perform. Whether you are retired or still contributing, you can count on your pension being there when you need it.

Retired members will continue to receive their monthly pension payments, with no changes to the amount or timing. The inflation adjustments previously applied to your pension remain permanent.

While market conditions are uncertain, our plan is built for moments like these. Here’s why:

The plan is well-funded, carefully managed and built for the long term. There is ample liquidity in the fund to meet pension obligations now and into the future. This strong financial footing allows us to navigate volatility without needing to sell assets under pressure—and enables us to stay disciplined and strategic in our investment decisions.
Our investment approach is long term and diversified. We have built diversified portfolios and healthy liquidity that will help navigate short-term shocks and position the plan to achieve its objectives over the long term.
We’ve successfully navigated past downturns. From the 2008 financial crisis to COVID-19, the pension plan has consistently proven resilient. In each instance, we fulfilled our obligations and kept the plan on course.
No immediate changes are needed. While we are actively monitoring economic developments, the board is confident in our current strategy and does not anticipate the need to make adjustments in response to short-term uncertainty.

Rest assured, your pension remains secure—and we’re here to help you feel confident about the road ahead.

Thanks to long-term planning, sound risk management and a diversified investment strategy, the plan and BCI are well positioned to manage through this period without compromising pension security.

We are committed to keeping you informed. If you have questions or concerns, we encourage you to visit the Investments topic pages linked in related content or reach out through My Account. You earned your pension—and it’s guaranteed for life.

Sincerely,