Moving forward: improving policies and provisions

Your pension plan is in the second year of a strategy to reinforce the value of the Plan for our members and employers, better manage our risks, and enhance the Plan’s security. Results have been good to date. Here’s an update on some of the projects:

Solvency funding exemption – A lengthy advocacy effort with the provincial government for an exemption from the requirement to fund solvency deficits was successful. The Plan can now focus its funding strategies on the longer term, more realistic going concern valuation. Plan staff will continue discussions with government representatives concerning our needs and requirements to properly fund and better secure the pension promise.

Communications products – Our website is the place to turn for current information about the Plan and useful tools, such as the new three-step pension estimator. Member newsletters like this one are now delivered on line, joining our employer communications in being more timely, efficient, and cost effective. In-person member presentations are increasingly popular – Plan staff visited almost every college in 2010. More than 1,300 members have seen our presentations, which cover Plan provisions, preparing for retirement, inflation protection, and funding.

Member service – The Plan was recently amended to permit transfers from any kind of registered pension plan, including defined contribution plans, and to permit “open buybacks” – the purchase of any past service from a college or any other registered plan. We continue to look at ways to increase options for members to maximize their pension benefit.

Updated technology – The Plan regularly incorporates technology updates into our operations, to more efficiently manage pension payments, track and if necessary reduce our risks, and make use of more sophisticated forecasting tools. This means better management and more effective service.

Audited financial statements – For 2010, the Plan’s audited statements were expanded to take liabilities into account. More details about the statements can be found here.

Actuarial valuation – The Plan filed a valuation as of January 1, 2011, showing a small surplus. More details about the valuation can be found here.