BC's Municipal Pension Board of Trustees has several committees that make recommendations to the board on issues that affect the plan.
The committees, made up of members of BC's Municipal Pension Board of Trustees, include:
- Appeals panel
- Communications and Advocacy
- Interplan Audit
- Other interplan committees
The appeals panel was established as per the plan's Joint Trust Agreement and has full jurisdiction to consider, confirm or reverse all appeals. Its role is to determine whether BC Pension Corporation, the plan's administrative agent, has applied the plan rules correctly. The panel does not have the authority to change the plan rules.
- Reviews the plan rules and makes recommendations for changes as required.
- Reviews the post-retirement group benefit rules and makes recommendations for changes to plan design, coverage levels and cost structure as required
- Monitors and reports to the board on projected non-guaranteed post-retirement group benefit costs and makes annual recommendations for both extended health premium subsidies, as well as unsubsidized dental premium rates
- Considers post-retirement group benefit requests from retirees outside of the contract with Pacific Blue Cross. The committee has authorization to approve these requests based on Pacific Blue Cross’ policies and the approval criteria in effect for exceptions
- Recommends to the board an annual cost-of-living adjustment (COLA) after reviewing the September to September change in the Canadian consumer price index, the COLA cap and all relevant factors
- The committee can approve new employer applications and employer withdrawal or modification of participation applications that are consistent with the board’s policy
- Reviews the application to make sure the employer meets the eligibility criteria for enrolment
Communications and Advocacy
- Coordinates the planning and development of annual general meetings
- Reviews communications materials produced for stakeholders, plan members and the public
- Has delegated authority from the board to approve certain communications and advocacy materials
- Develops and recommends strategies, materials and resources to educate stakeholders, employers and plan members
- Develops presentations that enable trustees and stakeholders to act as effective advocates for the plan and support the plan's advocacy initiatives
- Ensures the board has up-to-date governance policies and procedures, including confidentiality, conflict of interest, trustee orientation and continuing education, performance, self-assessment, risk management and strategic planning
- Monitors budgets, contracts, performance assessments and service agreements with major service providers
- Coordinates the nominations for board chair, vice-chair, appeals panel and board committees
- Reviews and makes recommendations to the board about the plan's Statement of Investment Policies and Procedures, which sets the overall direction for plan investments
- Coordinates periodic asset allocation studies
- Monitors the performance and oversees the activities of the plan’s investment agent, BCI, with respect to responsible investment matters covering environmental, social and governance issues
In addition to eight appointed trustees, two non-trustees with institutional investment industry expertise sit as voting members of the investment committee.
Jill Pepall is a former executive vice president and chief investment officer at Ontario Pension Board and the successor company Investment Management Corporation of Ontario – a shared service provider similar in nature to BCI – and serves on other boards and investment committees.
Graham Pugh is a former vice president and head of investment risk management at OMERS. Graham serves on the committee of Healthcare of Ontario Pension Plan and the investment committees of Canada Mortgage and Housing Corporation and Queen’s University.
- Develops, reviews and recommends revisions to the plan funding policy
- Works with the plan actuary to coordinate the setting of assumptions for actuarial valuations and reviews the valuation results to determine and recommend changes to contribution rates, if required
- Develops, reviews and makes recommendations to the board about how to make cost-of-living adjustments sustainable over the long term
Made up of representatives from the College, Municipal, Public Service and Teachers’ pension boards of trustees, this committee:
- Monitors and reports to the boards about the compliance of financial statements to generally accepted accounting principles
- Recommends and monitors the performance of an independent auditor
- Identifies, monitors and reports to the pension plan boards on the management of the principal risks that could impact the financial reporting of the pension plans
Other Interplan committees
Trustees also participate on the Interplan Trustee Education Committee and the Executive Forum.