To: TRUFA
From: Peggy McKimmon, TRUFA Representative, FPSE Pension Advisory Committee (PAC)
Date: April 6, 2017
Re: TRUFA Annual General Meeting, April 24, 2017
Report of TRUFA FPSE PAC Representative 2016/2017
Feb 24/25, 2017 meeting
- Appointed two PAC members to the Joint PC (Presidents Council)/PAC Sub-Committee to Review FPSE’s Relationship with Retiree Organizations
- Penny Heaslip (Retiree Representative and former PAC Chair) was appointed PAC Chair to serve until Feb 2018 meeting to replace Scott McLean, VCC, whose term expired
- Transition to Retirement Working Group: ongoing project
- bcIMC (BC Investment Management Corporation) presentation
- $0.70 of each retirement dollar is paid out of investment returns
- Trustees report:
- investment performance benchmarks
- cola (cost of living adjustment) 2.07% capped until 2018 actuarial assessment
- post-retirement group benefits
- new executive director
- governance and oversight
- website redesign
Oct 14/15, 2016
- Joint PC/PAC Committee to Review of Retired Trustee Selection Process
- Continue to support CLC (Canadian Labour Congress) retirement security campaign
- Continue to monitor development of pensions globally
- Develop draft policy on phased retirement
- Review education programs about facts on public sector pension plans
- Consult with retiree members
- Continue to work on CPP’s (College Pension Plan’s) Socially Responsible Investing (SRI) Practices
- Trustees Report:
- 6% surplus moved into the basic account also known as a rate stabilization account
- IAA (inflation Adjustment Account) was increased from 1.83% to 2.07%with the goal to get the account to 2.75%
- Contributions are up by 4% but retiree benefits are up by 9%
- All 4 pension boards are working with bcIMC to develop key performance indicators that will allow trustees to better track performance
- Educational session: CPP (Canada Pension Plan) reforms including proposed Ontario reform
- Educational session: College Pension Plan
