2017 FPSE Pension Advisory Committee (PAC) AGM Report

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
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