FOR 1995 RATE OF RETURN,YORK PENSION FUND, AFTER EXPENSES

26-Jun-96 10:19 AM

Morton Abramson email address: abramson@mathstat.yorku.ca

For more information ,see the Fund Index

IN $000's

Fund Rate =                           15.826517%     (ACTUAL IS 15.8261% see below)
Beginning Value         $556,699
End Value =             $631,399      
Contributions =           $8,373
Withdrawals =            $20,796
Net Gain =               $87,123


The figures herein are obtained :
From Page 7, Actuarial Valuation of York Pension Plan, Reconciliation of Asset Values
 and page 2 Notes Financial Statements ,Ernst & Young
Contributions = 8032+341 = 8373
Withdrawals = 7210+655+12109+411+322+50+39 = 20796
FORMULA
Fund Rate =(2 x Net gain)/  Beginning Value+End Value- Net Gain = 15.826517%  
             

NOTE: Of the 2,329,000 Administration Expenses and Professional fees, the following are charged
to the administration: Actuarial       $411,000
               Administration fee      $322,000
               New pension Adm.Sy       $50,000
               Other items              $39,000
Items charged to the general fund (not to the administration) include:
               Investment managem    $1,255,000
               custodian fees          $236,000
               audit fees               $16,000

               TOTAL                 $2,329,000


THE ACTUAL REPORTED RATE BY THE ACTUARY IS 15.8261% , the difference accounted for  by rounding off
to thousands.