{"id":8261,"date":"2023-05-10T12:07:26","date_gmt":"2023-05-10T12:07:26","guid":{"rendered":"https:\/\/elcicgsi.ca\/?p=8261"},"modified":"2024-10-17T18:02:58","modified_gmt":"2024-10-17T18:02:58","slug":"may-pension-newsletter-7","status":"publish","type":"post","link":"https:\/\/dev.elcicgsi.ca\/?p=8261","title":{"rendered":"May 2023 Pension"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;7179&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; animation_easing=&#8221;default&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][divider line_type=&#8221;No Line&#8221;][vc_column_text]\n<h4>The May Pension Newsletter includes:<\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"#GSI\">GSI Notes<\/a><\/li>\n<li><a href=\"#investment\">Investment Results &amp; Notes<\/a><\/li>\n<li><a href=\"#pension\">Pension Notes<\/a><\/li>\n<li><a href=\"#policy\">Policy Notes<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8262&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; animation_easing=&#8221;default&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;GSI&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_custom_heading text=&#8221;We Have Moved!&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Please note our new address effective May 1 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Phone and email stay the same.<\/span>[\/vc_column_text][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][divider line_type=&#8221;No Line&#8221;][divider line_type=&#8221;No Line&#8221;][divider line_type=&#8221;No Line&#8221;][vc_column_text]\n<h5><strong>A1-844 McLeod Ave.<\/strong><\/h5>\n<h5><strong>Winnipeg, MB<\/strong><\/h5>\n<h5><strong>R2G 2T7<\/strong><\/h5>\n[\/vc_column_text][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/4&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;incase&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][vc_custom_heading text=&#8221;The Benefits of Serving&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Last month Pamela Giles shared her experience of serving on the GSI Board. Please check out the <a href=\"https:\/\/dev.elcicgsi.ca\/?p=8164#GSI\">April 2023 Benefits Newsletter<\/a>, if you missed it, and consider whether this could be of interest to you as we still have a vacancy for the upcoming term beginning in September 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Please call the office (1-877-352-4247) or review the <\/span><a href=\"https:\/\/www.elcicgsi.ca\/?page_id=108\"><span style=\"font-weight: 400;\">GSI website<\/span><\/a><span style=\"font-weight: 400;\"> for information. Anyone interested should complete a <\/span><a href=\"https:\/\/www.elcicgsi.ca\/wp-content\/uploads\/2016\/08\/Board-Biographical-Data-Form.pdf\"><span style=\"font-weight: 400;\">biographical data<\/span><\/a><span style=\"font-weight: 400;\"> form and forward it to the GSI office.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;investment&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8275&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;None&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][vc_custom_heading text=&#8221;ELCIC Pension Plan&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">ELCIC Pension Plan Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Median Balanced Pension Plan as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The global markets had positive returns this quarter, reflecting the optimism of investors. The pension plan\u2019s consultants report that the improving economic data this quarter was a surprise, as the growth was better than expected by the economists. The outlook is still uncertain following the banking scare in the US, but the easing of inflation and supply chain issues is encouraging.\u00a0<\/span><\/p>\n<h6><em><span style=\"font-weight: 400;\">Please note that investment 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.<\/span><\/em><\/h6>\n<h5>Growth Fund<\/h5>\n<p><span style=\"font-weight: 400;\">Here is a closer look at each portfolio within the Growth Fund.<\/span><\/p>\n<div id=\"accordions-8280\" class=\"accordions-8280 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;8280&quot;,&quot;event&quot;:&quot;click&quot;,&quot;collapsible&quot;:&quot;true&quot;,&quot;heightStyle&quot;:&quot;content&quot;,&quot;animateStyle&quot;:&quot;swing&quot;,&quot;animateDelay&quot;:1000,&quot;navigation&quot;:true,&quot;active&quot;:999,&quot;expandedOther&quot;:&quot;no&quot;}>\r\n                <div id=\"accordions-lazy-8280\" class=\"accordions-lazy\" accordionsId=\"8280\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"8280\" itemcount=\"0\"  header_id=\"header-1675871952971\" id=\"header-1675871952971\" style=\"\" class=\"accordions-head head1675871952971 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Canadian Equity Value Fund\">\r\n                                    <span id=\"accordion-icons-1675871952971\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1675871952971\" class=\"accordions-head-title\">PH&amp;N Canadian Equity Value Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1675871952971 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Canadian Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">S&P\/TSX Capped<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">4.0%<\/span><\/td>\n<td><span style=\"font-weight: 400\">4.6%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-0.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">The underperformance of the PH&N Canadian Equity Fund to the benchmark was primarily due to a lower exposure to gold companies. PH&N typically has less invested in gold than the index because of their investment criteria, and so at certain times like when there are concerns about the US financial system and investors move to gold, PH&N underperforms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">PH&N manages the portfolio conservatively and has assured its investors that, \u201cthis quarter [PH&N] worked closely with Canadian bank management teams and boards to understand potential risks and [they] believe the situation in Canada is contained.\u201d<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8280\" itemcount=\"1\"  header_id=\"header-1675872118621\" id=\"header-1675872118621\" style=\"\" class=\"accordions-head head1675872118621 border-none\" toggle-text=\"\" main-text=\"RBC Global Equity Focus Pension Trust \">\r\n                                    <span id=\"accordion-icons-1675872118621\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1675872118621\" class=\"accordions-head-title\">RBC Global Equity Focus Pension Trust <\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1675872118621 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">RBC Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">2.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">7.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-5.0%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">While we are happy to see positive results, the relative underperformance is disappointing. Investments in certain US banks negatively impacted the performance when depositor confidence waned after the collapse of Silicon Valley Bank. <\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8280\" itemcount=\"2\"  header_id=\"header-1675872164462\" id=\"header-1675872164462\" style=\"\" class=\"accordions-head head1675872164462 border-none\" toggle-text=\"\" main-text=\"Baillie Gifford Global Equity Fund\">\r\n                                    <span id=\"accordion-icons-1675872164462\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1675872164462\" class=\"accordions-head-title\">Baillie Gifford Global Equity Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1675872164462 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">Baillie Gifford Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">7.5%<\/span><\/td>\n<td><span style=\"font-weight: 400\">7.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-0.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Baillie Gifford also underperformed due to specific stocks in the financial sector that were affected by the weak US banking industry after the collapse of Silicon Valley Bank. This negative impact was offset by an investment in a online travel agency that experienced a greater demand for travel than expected which resulted in higher profits than predicted.<\/p>\n            <\/div>\r\n    <\/div>\r\n\r\n\r\n\r\n            <\/div>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][vc_column_text]\n<h5>Fixed Income Fund<\/h5>\n<p><span style=\"font-weight: 400;\">The Fixed Income portion of the portfolio is managed by PH&amp;N and holds several Funds. Here is a closer look at each portfolio within the<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Fixed <\/span><span style=\"font-weight: 400;\">Income Fund.<\/span><\/p>\n<p class=\"p1\"><div id=\"accordions-8279\" class=\"accordions-8279 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;8279&quot;,&quot;event&quot;:&quot;click&quot;,&quot;collapsible&quot;:&quot;true&quot;,&quot;heightStyle&quot;:&quot;content&quot;,&quot;animateStyle&quot;:&quot;swing&quot;,&quot;animateDelay&quot;:1000,&quot;navigation&quot;:true,&quot;active&quot;:999,&quot;expandedOther&quot;:&quot;no&quot;}>\r\n                <div id=\"accordions-lazy-8279\" class=\"accordions-lazy\" accordionsId=\"8279\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"8279\" itemcount=\"0\"  header_id=\"header-16918618380\" id=\"header-16918618380\" style=\"\" class=\"accordions-head head16918618380 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Core Plus Bond Fund\">\r\n                                    <span id=\"accordion-icons-16918618380\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16918618380\" class=\"accordions-head-title\">PH&amp;N Core Plus Bond Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16918618380 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Core Plus Bond Fund Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada Universe Bond as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">3.4%<\/span><\/td>\n<td><span style=\"font-weight: 400\">3.2%<\/span><\/td>\n<td><span style=\"font-weight: 400\">0.2%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">The bond market in general experienced more fluctuations this quarter as banks tried to balance the impact of inflation with the consequences of high interest rates. PH&N\u2019s focus was on high quality opportunities with a more liquid postion and medium range risk, as they believe that there is a risk of recession. The slight outperformance is attributed to tactical positioning.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8279\" itemcount=\"1\"  header_id=\"header-16918618381\" id=\"header-16918618381\" style=\"\" class=\"accordions-head head16918618381 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Mortgage Pension Trust\">\r\n                                    <span id=\"accordion-icons-16918618381\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16918618381\" class=\"accordions-head-title\">PH&amp;N Mortgage Pension Trust<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16918618381 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Mortgage Pension Trust Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">2.9%<\/span><\/td>\n<td><span style=\"font-weight: 400\">1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">1.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">The outperformance of this portfolio is mostly because of the sharp decline in bond yields from the Government of Canada which are part of the index the fund is compared to. There was not a lot of activity in this fund during the quarter due to the caution being exercised in this economy. PH&N notes that no mortgages were in arrears.<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"8279\" itemcount=\"2\"  header_id=\"header-16918618382\" id=\"header-16918618382\" style=\"\" class=\"accordions-head head16918618382 border-none\" toggle-text=\"\" main-text=\"PH&amp;N High Yield Mortgage Fund\">\r\n                                    <span id=\"accordion-icons-16918618382\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-16918618382\" class=\"accordions-head-title\">PH&amp;N High Yield Mortgage Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16918618382 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N High Yield Mortgage Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Mar 31, 2023<\/span><\/td>\n<td><span style=\"font-weight: 400\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">1.9%<\/span><\/td>\n<td><span style=\"font-weight: 400\">1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">0.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">This fund has seen very little activity in this quarter. PH&N made an interesting observation stating, \u201cGiven the current levels of market uncertainty, the gap in expectations between lenders and borrowers has widened, with lenders tightening underwriting standards and borrowers expecting more flexibility in pricing and structure.\u201d Due to this gap both sides are cautious and therefore, there have been fewer transactions.<\/span><\/p>\n            <\/div>\r\n    <\/div>\r\n\r\n\r\n\r\n            <\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;pension&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8264&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; animation_easing=&#8221;default&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][vc_column_text]<span style=\"font-weight: 400;\">The 2022 ELCIC Pension Plan Annual Report tells the pension story using a theme of trees. Please take a few moments to read about the pension activities in 2022.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;center&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;pension&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][nectar_btn size=&#8221;medium&#8221; open_new_tab=&#8221;true&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;2022 ELCIC Pension Plan Annual Report&#8221; url=&#8221;https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/04\/2022-ELCIC-Pension-Plan-Annual-Report.pdf&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;policy&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8263&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;None&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][vc_custom_heading text=&#8221;Change to the Life Cycle Allocation for Age 65+&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]<span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/dev.elcicgsi.ca\/?page_id=96\"><span style=\"font-weight: 400;\">Statement of Investment Policies &amp; Procedures<\/span><\/a><span style=\"font-weight: 400;\"> (SIP&amp;P) sets out how the member pension account assets are invested. The format of the investment is called a Life Cycle; the allocation changes as a plan member ages.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The assets under the ELCIC Pension Plan are divided into two Funds: Fixed and Growth. The pension contributions are invested 20% in the Fixed Income Fund and 80% in the Growth Fund for those members age 40 and under, and then shift over the years to 62% in the Fixed Income Fund and 38% in the Growth Fund. Each year at the end of the member\u2019s birthday month their account is rebalanced to the new allocation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the Life Cycle was first developed in 2013 the final allocation assigned took place at age 65. With a change in the membership demographic, with more than double the members over age 65 since 2013 and the recent market volatility, a change the SIP&amp;P was approved to extend to glide path to age 70.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The final allocation at age 70 is 70% to the Fixed Income Fund and 30% to the Growth Fund.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This change is effective on July 1, 2023. Individual member accounts will be rebalanced and the new allocation assigned under the usual process i.e., at the end of the birthday month for each respective member.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Members are required to settle their pension accounts by the end of the year in which the member turns age 71. If a plan member transfers their account balance to a Life Income Fund (LIF), they will determine the asset allocation based on their personal risk tolerance and goals within the LIF. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;question1&#8243; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; centered_text=&#8221;true&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; advanced_gradient_angle=&#8221;0&#8243; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; gradient_type=&#8221;default&#8221;][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][heading subtitle=&#8221;Have a question for GSI?&#8221;][\/heading][vc_column_text]\n<div style=\"text-align: center;\">If you have a question for GSI, please reach out. Information and resources can also be found on the GSI website.<\/div>\n<div style=\"text-align: center;\">GSI Website:\u00a0 <a href=\"https:\/\/dev.elcicgsi.ca\/\">elcicgsi.ca<\/a><br \/>\nWinnipeg Residents: 204-984-9181<br \/>\nToll Free: 1-877-352-4247<\/div>\n[\/vc_column_text][divider line_type=&#8221;No Line&#8221;][nectar_btn size=&#8221;small&#8221; open_new_tab=&#8221;true&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;Email Us&#8221; url=&#8221;mailto:admin@elcicgsi.ca&#8221;][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221;&#8230;<\/p>\n","protected":false},"author":8,"featured_media":10967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[34],"post_folder":[18,20],"class_list":{"0":"post-8261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-planmembers","8":"tag-pension"},"featured_image_src":"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2024\/10\/Pension-News.jpeg?ver=1727747854","author_info":{"display_name":"Lisa Thiessen","author_link":"https:\/\/dev.elcicgsi.ca\/?author=8"},"_links":{"self":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/8261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8261"}],"version-history":[{"count":0,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/8261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/media\/10967"}],"wp:attachment":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8261"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fpost_folder&post=8261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}