Sun Life Group Retirement Services (GRS) recently discovered that Morningstar® Inc. (Morningstar) reported incorrect benchmark returns for the TD Greystone Funds (the Funds). The Funds affected include the TD Greystone Target Date Plus Series of Funds and the TD Greystone Target Duration Series of Funds. Target Duration Series of Funds are available on Sun Life’s DB investment platform.
The error happened due to a communication error between Morningstar and TD Asset Management Inc. (TDAM). This error impacted the June 2020 one-month benchmark returns and affected year-to-date and all longer-term annualized periods reported. The revised correct benchmark returns range from 2.05% to 11.00% lower than the incorrectly reported benchmarks. Reported returns for the funds were not affected.
Morningstar reported the incorrect benchmark returns from June 14, 2023, to July 28, 2023. All reports reflect the correct benchmark returns after July 28, 2023.
Morningstar and TDAM have set up additional quality controls to help prevent future errors.
How does this affect you and your plan members?
It’s important to note that the returns of the Funds have always been correct. Morningstar® revised only the Funds’ benchmark returns. Revised benchmark returns are available on the plan sponsor and plan member services website and on Morningstar®.
You or your plan members don’t have to take any action because of this update.
Questions?
Please contact your Sun Life Group Retirement Services representative.
