Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada).
Sun Life Group Retirement Services (GRS) recently discovered that Morningstar® Inc. (Morningstar) reported incorrect benchmark returns for the MFS® LifePlan 2060 and 2065 Funds (the Funds).
The error happened due to incorrect manual data entry by Morningstar. Morningstar inputted a return of 1.1859% instead of -1.1859% for the month of May 2022. This error affected the May 2022 return and also affected all longer term and annualized periods reported.
Morningstar reported the incorrect benchmark returns from June 15, 2022, to April 3, 2023. All reports after April 3, 2023 reflect the correct benchmark returns.
Morningstar has 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.
Please contact your Sun Life Group Retirement Services representative.