SEIU Affiliates Plan – Update on Funded Status and Challenges


MEMO TO: SEIU Locals in the Affiliates plan

FROM: Mary Kay Henry

RE: SEIU Affiliates plan webinar introduction

Thanks to all of you for your interest in the SEIU Affiliates’ Officers and Employees Pension Plan. We convened you through the webinar to update you on the status of the plan and our projections for the future. As the Chair of the Plan, I want to make sure you have the latest information. After you’ve had a chance to reflect on what you learn, we will be following up to gather your input regarding the choices we have to make in order to plan for 2018 and beyond.

Joining us for the webinar are all of the Trustees of the plan: I am the Chair, and our Secretary-Treasurer Gerry Hudson along with Cam Nelson and Kevin Doyle serve as the Trustees; and our Deputy Trustees: Inga Crarey and Bill Dempsey.

I want to thank all of the fund staff who made this webinar possible, led by Eunice Washington, the Director and General Counsel of our Benefit Funds; along with Yolanda Montgomery, the Deputy Director and Associate General Counsel of our Benefit Funds.

We are also joined by our actuarial team from Segal, led by Kevin Murphy who will introduce the Segal team and they will walk us through the presentation. Before I hand off to Segal, I want to provide some context.

First of all, the good news is that the Affiliates’ Plan is in great shape. We are in the green zone. We had a strong year of investment performance, outperforming our expected rate of return. We keep a close eye on expenses, and recently lowered our costs by moving the office and by changing investment consultants. We have an excellent staff team, which is continually improving our operations to serve the participants in the plan.

All that good news doesn’t mean that our future is all rosy. So as Trustees we asked Segal to put together projections and report on the Plan’s status for all of you to hear. Over the next month you can provide feedback to the Trustees. We anticipate making decisions about what to do for our 2018 plan by the end of June this year, so that everyone can plan accordingly.

I want to remind you that way back in 2012, the Trustees made a series of decisions coming out of the financial meltdown that we needed to increase contribution rates to make up for the market losses. The rates went from 14% to 20% by 2015; and were planned to go to 21% by 2016. However, because the Plan has been in the green zone, the Trustees elected to defer the final increase, and we deferred again for 2017.

Now we want you to have the full picture of what is happening with the Plan so we can make good decisions leading in to 2018. After Kevin Murphy and Stacey Carter of Segal present their report, I welcome your feedback. To follow-up, please contact Eunice Washington at Thanks for your consideration.


Play the webinar recording by clicking the triangular Play button in the bottom left of the player window.


Download the slides.

Share this page