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
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
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
Greater participation for members
The plan held its first annual general meeting (AGM) in 2001. That’s the same year the plan approved its Joint Trust Agreement. The plan has held an AGM every year since. You can find the webcast recording with presentations from the 2019 AGM on the website.
Posted: November 1, 2019
Providing more tools for members
The online pension estimator debuted in 2003, enabling members to create an unlimited number of pension estimates to help with their retirement planning. In 2006, the plan launched My Account, giving active members online access to their service summary at their convenience. Today, members have access to a personalized pension estimator in My Account, making it even easier to plan.
Posted: December 1, 2019
In positive territory
The plan’s independent actuarial valuation as at December 31, 2015, showed the plan was fully funded on the basis that current contributions continue. That meant contribution rates were unchanged as a result of the valuation and allowed the plan to establish a Rate Stabilization Account, which will help offset potential future contribution rate increases.
Posted: January 1, 2020
A new online environment for members
The plan's new website launched in 2017, offering better organized ways to find information and the ability to apply for your pension online through My Account.
Posted: January 30, 2020
Check back in the coming months for more milestones in Municipal Pension Plan's history.