Board Communique: September 14, 2020

Learn about proposed changes to the Municipal Pension Plan

The plan partners of the Municipal Pension have proposed plan changes. We, the Municipal Pension Board of Trustees (board), encourage all members and employers to learn more about these important and valuable proposed changes.

  • Visit between September 14, 2020 and October 31, 2020 to learn about the proposed changes

We are pleased and encouraged the plan partners are making progress on plan changes. The board manages the plan to ensure it is sustainable for the long term. We referred several plan design issues to the plan partners to consider and advise us on appropriate changes. A plan partner working group composed of designated representatives has been working on these issues.

The plan partners and the board share governance of the plan. The plan partners are responsible for approving a plan partner agreement and directing the board to amend the plan rules to implement the changes. The board’s responsibility is to make sure the amendments align with legislative and trust requirements and fiduciary duties. We also consider and provide advice to the plan partners on the cost and administrative impact of the changes.

These changes will affect how the plan is structured to ensure it is sustainable for current and future members.

We will announce plan changes after the plan partners make a decision and we complete our review. We anticipate this announcement in March or April 2021 with changes effective January 1, 2022.