Pension Percolator blog
What’s brewing for BC and the Canadian retirement landscape.
November 8, 2018
Highlights from the 2018 AGM
One of the things I enjoy most in this job is the chance to hear directly from plan members. The recent 2018 Annual General Meeting (AGM) on October 11 was a wonderful opportunity to do just that.
Over 180 people filled the sunny Anvil Centre in New Westminster to hear the latest plan updates, enjoy coffee and a pastry, and ask questions about the plan. This year, we held the meeting in the accessible ballroom on the centre's ground floor, making it easier for all members to locate our information tables and make their way to their seats.
If you didn't manage to make it to the AGM, here are a few highlights. Hilary Brown, the Municipal Pension Board of Trustees (board) chair, opened the 17th AGM by welcoming everyone and introducing the trustees. She then emphasized the plan's value and sustainability, pointing out that trustees take a long-range view of the plan to make sure it benefits today's retirees and is available for members in years to come.
Vice-chair Gary Yee then took us through the 2017 financial highlights. He explained how member and employer contributions are pooled and invested, and investment returns flow back into the basic account to fund a significant part of plan pensions. Gary also described how the 10-year return of 7.1 per cent remains above the investment return target, which is good news for the plan's long-term prospects.
Trustee Debra Ducharme described how the plan currently funds group benefits subsidies and delivered a summary of the board's upcoming post-retirement group benefits (PRGB) program review. She explained the review is intended to determine the program's cost sustainability, service experience and member value.
The AGM concluded with a look ahead to plan activities in the coming year, including the actuarial valuation as at December 31, 2018. Members were also given plenty of time to ask questions, as well as converse with trustees and representatives from the plan's group benefits carrier Pacific Blue Cross and the board's agents British Columbia Pension Corporation and British Columbia Investment Management Corporation. Members asked questions about group benefits, investments, demographics and plan components.
If you'd like to hear a recording of the AGM and view presentation slides from the meeting, you can find them on the Annual general meeting page. Thank you to all members who attended this year's AGM. We hope to see you next year!
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The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Municipal Pension Board of Trustees.