Board Communique: October 26, 2020
Plan design proposal – what is happening now
As part of their shared governance of the plan, the Municipal Pension Board of Trustees (board) asked the plan partners to review the plan’s design to make sure it remains sustainable and equitable for current and future members.
After years of work, the plan partners have proposed plan changes. The board is encouraged the plan partners are making progress toward plan design changes that will improve equity for members, align benefits with how members use them, set a strong foundation for the long-term sustainability of the plan and stay within the current cost envelope. Information about the proposal is available at mppredesign.ca.
The plan partners held member and employer outreach in September and October 2020 and have ongoing conversations with other key stakeholders in unions and associations.
The plan partners are responsible for approving a plan partner agreement and directing the board to amend the plan rules to implement the new plan design.
The board’s responsibility is to make sure the amendments align with legislative and trust requirements and fiduciary duties. We are continuing this review. We have also considered and provided advice to the plan partners on the cost and administrative impact of changes.
- Plan partners shared information and collected feedback
- The plan partners’ website remains available at mppredesign.ca
November 2020—Spring 2021
- Plan partners consider feedback on proposed changes and continue conversations with key stakeholders
- The board continues its review of the proposed plan partner agreement
Spring 2021 (anticipated)
- The board will make an announcement after they receive an agreement from the plan partners and approve plan rule amendments
- The plan members and employer websites provide information and resources for members and employers to plan for the changes
January 1, 2022 (anticipated)
- The new plan design becomes effective
Until there is a plan partner agreement, information about the proposed changes remains available at mppredesign.ca.