A surge in membership
By 1999, the plan’s 60th anniversary, membership grew to 161,992 with about 800 participating employers. Also in this year, the provincial government passed the Public Sector Pension Plans Act, which created the BC Pension Corporation and British Columbia Investment Management Corporation.
Posted: October 1, 2019
Total membership reaches 89,185. The plan's 1989 Annual Report notes the net investment earned was 10.7 per cent and the plan granted 1,434 pensions. Also in this year, almost 7,000 members participated in 261 province-wide pension information seminars.
Posted: September 4, 2019
Eighty years ago, on April 1, 1939, BC’s Municipal Superannuation Act brought BC's Municipal Pension Plan into being. The act transferred management of superannuation allowances for government and municipal employees and teachers from the Civil Service Commission to the Superannuation Commission.
Posted: April 1, 2019
In the first decade
In its first 10 years, the plan’s assets grew to $11.9 million and 4,707 employees made contributions of $474,499.19, while 134 employees began receiving allowances.
Posted: May 2, 2019
In the 1950s, about 50 municipalities belonged to the plan, from Esquimalt to Cranbrook. School boards in Castlegar, Mission, Slocan, Southern Okanagan and Trail joined the plan, bringing the number of school district employers to more than 25. The city of Vancouver had the largest number of members at about 800. A number of other employers had only one or two members.
Posted: June 3, 2019
The halfway point
Total membership reached 71,681, including 63,186 active and deferred members and 8,495 retired members. That means there were 7.4 active members for each retired member. Today, there are 2.1 active members for each retired member.
Posted: July 2, 2019
In 1982, the plan created the inflation adjustment account (IAA), which funds cost-of-living adjustments for retired members. In January 2019, contribution rates were reallocated to increase the IAA contribution to make the fund more sustainable.
Posted: August 1, 2019
Check back in the coming months for more milestones in Municipal Pension Plan's history.