Pension Percolator blog

What’s brewing for BC and the Canadian retirement landscape.


May 9, 2017

Your pension trustees

The composition of the Municipal Pension Board of Trustees reflects the broad range of participants in BC’s Municipal Pension Plan—both employers and members. With varied backgrounds and experience, each trustee brings a unique perspective to the table to help foster a multi-skilled and multi-talented board. Many of your trustees have significant experience working with the plan before joining the board; they bring a deep understanding of the plan and knowledge of what matters most to plan members and employers.

The board makes its decisions collectively, drawing on the knowledge, skills and experiences of the full board. It also accesses professional actuarial, investment management, legal, plan administration and other advice and services as required.

While the board does not nominate future trustees, it does provide guidance to appointing authorities on choosing the most appropriate appointees. Key trustee qualifications are set out in the board’s Trustee Skills, Knowledge and Experience Criteria Policy, provided to the appointing bodies.

Trustees are responsible for administrating the plan according to the terms of the plan’s joint trust agreement; they are not subject to the direction of an appointing authority in their role as trustees. While they can bring their appointing authority’s perspective to the table, ultimately they must act in the best interests of all plan members.

Here are some of the fundamental qualifications a trustee should hold:

  • High standard of personal values, integrity and ethics
  • Ability to work cooperatively with others and exercise sound judgement
  • Prior experience on a board
  • Prior exposure to pension issues, contracts, financial statements and accounting practices
  • Dedication to continuous learning and education, and to meeting the time commitment of a trustee

The board ensures every new trustee has a mentor and completes an orientation program. In addition, the board encourages and supports ongoing trustee education. To that end, the board  has adopted an education policy, performance standards and self-assessment tools, all of which are designed to help new trustees understand their responsibilities, the expectations of the role, and how to become and remain effective board members.

The estimated yearly time commitment for a trustee—including meeting attendance, preparation time, travel and education—is 20 days. Additional time is required for a trustee who serves as board chair or vice-chair, committee chair, or director of one of the plan’s two key service providers BC Pension Corporation and BC Investment Management Corporation).

You can access the biographies of all your trustees from the board trustees page.

Learn more about the board chair and vice-chair in the next Pension Percolator.


Is there something you would like to know more about? Suggest a blog topic to me on Twitter: @MyBCMPP

Judy

 

 

Disclaimer

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.


Related external links

Pension Benefits Standards Act

 

Judy Payne, executive director of the Municipal Pension Plan

Judy Payne is the Executive Director
of the Municipal Pension Plan