Pension Percolator blog
What’s brewing for BC and the Canadian retirement landscape.
April 25, 2017
Who governs the plan?
Part one in a series on how the Municipal Pension Plan is governed.
Back in 2001, BC’s Municipal Pension Plan entered into joint trusteeship. This means plan employers and plan members share equally in the plan’s management, including responsibility for plan funding and design. The plan’s unique governance structure is one of its greatest strengths, and its framework is set out in the Municipal Pension Plan Joint Trust Agreement.
Two plan partners sponsor the plan. The employer plan partner is the Government of British Columbia along with the Union of British Columbia Municipalities; the member plan partner is the Municipal Employees’ Pension Committee. The plan partners can amend the joint trust agreement, direct amendments to the plan rules and resolve trustee disputes.
The Municipal Pension Board of Trustees has all the powers necessary to administer the plan and manage the fund. The board is made up of 32 trustees, including 16 primary trustees and 16 alternate trustees.
Eight employer trustees and eight alternates are appointed by:
- Government of BC
- Union of BC Municipalities
- Health Employers Association of BC
- BC Public School Employers’ Association
- Employer plan partner
Eight employee trustees and eight alternates are appointed by:
- Canadian Union of Public Employees, BC Division
- Health Sciences Association of BC
- Hospital Employees’ Union
- BC Nurses’ Union
- BC Police Association and BC Professional Fire Fighters Association
- Council of Joint Unions and Organizations
- Member plan partner
The result? Union reps and employer reps at the table together, working with a shared purpose: to govern the plan in a way that’s even-handed and sustainable for more than 300,000 plan members and their beneficiaries.
Find out more about your trustees in the next Pension Percolator.
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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.