How the decision to accept or decline the proposed changes will happen.
The Municipal Pension Plan is a joint trusteeship where representatives of both plan members and plan employers share management of the pension plan. The plan employer partner is the government of BC and the Union of BC Municipalities. The plan member partner is Municipal Employees' Pension Committee.
These plan partners signed a joint trust agreement 20 years ago (in 2000). That agreement created the current governance structure and composition of the board of trustees.
The plan partners are responsible for the design of the pension plan. The board is responsible for administering the pension plan and managing the pension fund, including investment of assets.
The plan partners expect to complete a plan design agreement and present it to the board. When the board receives an approved agreement, they are expected to make plan rule amendments to implement the proposed new plan design.