OPB 2016 Annual Report
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Investments and Funding

In a year of global market volatility, we produced solid results for our members. Our Investments team delivered a return of 8.1%1, which contributed to maintaining a strong estimated funded status of 97% as of December 31, 2016.

In 2016, we expanded in-house management capabilities, which will continue to reduce investment costs in the years ahead, while also providing us with greater control over the assets we invest in and increased transparency.

We also moved to strengthen our investment and risk reporting, enhancing our ability to respond to market conditions and to make informed, timely investment decisions to manage the risk-adjusted return of the fund. Additionally, we developed and implemented diversification benefit reporting to help us monitor and mitigate risk across a wide range of asset classes.

Lowered the discount rate from 5.95% to 5.70% to reflect our expectations of investment returns going forward

Conducted an asset/liability (A/L) study to help optimize the Strategic Asset Allocation for liabilities/benefit structure of the Plan

Confirmed AA+ by Standard & Poor’s Rating Service and AA (high) by Dominion Bond Rating Service

Added $250 million to our bond program through a private bond financing in 2016

Brought proxy voting in-house, increasing our ability to positively influence companies we invest in

Hired a Director of Responsible Investing, improving our capacity to assess and mitigate long-term environmental, social and governance risk

Total Returns
Total Returns
Year Percentage per Annum
2006 11.6%
2007 2.1%
2008 -9.4%
2009 11.9%
2010 9.4%
2011 0.4%
2012 11.9%
2013 12.5%
2014 8.4%
2015 6.1%
2016 8.1%
Since Inception 8.5%
Net Assets Since Inception
Net Assets Since Inception
Year $ millions
1990 $7,845
1991 $9,026
1992 $10,250
1993 $11,733
Post-split 1994 $7,802
1995 $8,495
1996 $9,143
1997 $10,037
1998 $10,974
1999 $11,196
2000 $11,951
2001 $11,945
2002 $11,490
2003 $12,284
2004 $13,068
2005 $14,192
2006 $15,745
2007 $16,379
2008 $14,607
2009 $16,043
2010 $17,376
2011 $17,270
2012 $18,991
2013 $20,915
2014 $22,231
2015 $23,075
2016 $24,381
Growth of Plan Assets
Growth of Plan Assets
Year Growth of $1,000 since inception
1990 $1,046
1991 $1,278
1992 $1,427
1993 $1,711
1994 $1,668
1995 $2,034
1996 $2,348
1997 $2,715
1998 $3,051
1999 $3,067
2000 $3,374
2001 $3,486
2002 $3,516
2003 $3,827
2004 $4,164
2005 $4,564
2006 $5,093
2007 $5,199
2008 $4,713
2009 $5,272
2010 $5,766
2011 $5,791
2012 $6,478
2013 $7,285
2014 $7,897
2015 $8,381
2016 $9,058
Asset Mix
Asset Mix
Asset Percentage of Total
Fixed Income 25.4%
Equity 51.5%
Real Assets 23.1%
Membership Breakdown
Membership Breakdown
Active Members 41,939
Retired Members 37,985
Former Members 5,619
Number of Active Members
Number of Active Members
Year Number of Active Members
2002 30,400
2003 31,450
2004 32,400
2005 33,500
2006 34,600
2007 35,700
2008 38,000
2009 41,298
2010 42,379
2011 42,711
2012 41,863
2013 41,925
2014 42,102
2015 42,105
2016 41,939
E-services Logins
E-services Logins
Year E-services Logins
2012 27,781
2013 35,659
2014 38,340
2015 42,944
2016 59,250