The Public Sector Pension Plans Act and the Pension (Municipal) Act govern municipal pension plans in British Columbia, Canada. The municipal pension board, consisting of government and union representatives, administers the pension fund for municipal employees. The board has the authority to determine contribution rates and manage post-retirement benefits. Agreements under the Pension (Municipal) Act remain in effect, and the Lieutenant Governor can make regulations for effective governance and administration of the pension plan. The municipal pension plan covers various unions, including nurses, police, firefighters, and hospital employees, who have the option to transfer their pension funds to the Municipal Pension Fund or keep them in the federal public service superannuation fund.
What You'll Learn
Municipal Pension Board
The Municipal Pension Board is a board of trustees that has several committees that make recommendations on issues affecting the pension plan. The board is responsible for administering the pension plan and managing the pension fund, including the investment of assets. The board provides direction to the plan's investment agent, the British Columbia Investment Management Corporation (BCI), regarding the management of the plan's assets.
The board is made up of nine members appointed by the Lieutenant Governor in Council. Four members are nominated by the government, two of whom are designated as chair of the board. Four members are representative of the plan members and are nominated by the Municipal Employees Pension Committee. One member is nominated by the Union of British Columbia Municipalities. The board members serve terms of up to two years, which can be renewed or extended.
The board has the power to make recommendations to the minister regarding the Act and regulations, review amendments, and make recommendations to the Treasury Board on changes in benefits, funding policies, contribution rates, and modifications to the plan. The board also reports to plan members on issues related to the plan and establishes procedures and methods for board operations.
The board must submit an annual report on the operation of the plan, the fund, and the board to the Treasury Board and the minister. It also reviews reports on the investment of the fund and directs the commissioner on the application of plan rules. The board carries out other prescribed duties and responsibilities.
The board has the authority to determine whether a person is within the scope of the Act and entitled to receive a benefit. It can also determine the amount of any benefit granted, all further matters arising from the administration of the Act, and how to deal with amounts payable to a person who is unfit to manage their affairs.
The board can engage the services of an actuary for the purposes of the Act, who makes actuarial reports and computations and calculates the employer contributions necessary to cover liabilities.
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Plan member partners
The Municipal Pension Plan is a pension scheme for municipal employees in British Columbia, Canada. The plan is governed by the Pension (Municipal) Act and administered by the Municipal Pension Board, which consists of nine members appointed by the Lieutenant Governor in Council. Four of these members are nominated by the government, one of whom is designated as the chair, and four are representatives of the plan members, nominated by the Municipal Employees' Pension Committee.
The Plan Member Partner in the Municipal Pension Plan refers to the Municipal Employees' Pension Committee, which represents the interests of the plan members. These members include:
- The British Columbia Nurses' Union
- The Canadian Union of Public Employees
- The Health Sciences Association of British Columbia
- The Hospital Employees' Union
- The British Columbia Police Association
- The British Columbia Professional Fire Fighters' Association
- Other unionized plan members
The role of the Plan Member Partner is to ensure that the pension rights and benefits of their members are protected and upheld. They work closely with the municipal board and the pension corporation to administer the pension fund and ensure that it is properly funded and managed.
In the event of a transfer of hospitals from federal to provincial jurisdiction, plan members have the option to transfer their pension funds to the Municipal Pension Fund or keep their contributions in the federal public service superannuation fund. The Municipal Pension Plan also allows the municipal board to determine different contribution rates for different groups, providing flexibility in planning for retirement benefits.
The Public Sector Pension Plans Act further validates all benefit calculations made under the Pension (Municipal) Act, ensuring the continuity of agreements and regulations related to the pension plan and fund.
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Pension fund
A municipal pension plan is a pension fund for employees of municipal governments, including regional districts. In British Columbia, the Municipal Pension Board consists of nine members appointed by the Lieutenant Governor in Council, with four nominated by the government, four representing the plan members and nominated by the Municipal Employees Pension Committee, and one nominated by the Union of British Columbia Municipalities. The Municipal Pension Board is responsible for the governance and administration of the pension plan and pension fund. The pension fund consists of cash, investments, and other assets of the pension plan held by the municipal board.
The Public Sector Pension Plans Act governs the municipal pension plan in British Columbia. The Act allows the municipal board to determine different rates of contribution for different groups of persons. It also allows the municipal board to deduct the required premiums for any post-retirement group benefits from the monthly pension benefit with the retired plan member's consent.
The Pension (Municipal) Act provides for the continuation of agreements made under the previous Act and deems all benefit calculations based on the rules in effect at the time of calculation under the previous Act to be valid. It also sets out the composition of the Municipal Pension Board and the process for appointing members.
In the event of an agreement between Canada and the government, where hospitals are transferred to the jurisdiction of the government or its designated agent, employees of those hospitals are given the option to transfer their funds to the Municipal Pension Fund or keep them in the federal public service superannuation fund. The conditions governing these options would apply to the employees and the government.
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Pension Benefits Standards Act
The Pension Benefits Standards Act, 1985, is a law that governs pension plans for people working in specific federal undertakings and businesses. The Act outlines the responsibilities of pension plan administrators and sets standards for pension plans to ensure compliance with regulations.
Administrator Responsibilities:
Administrators of pension plans have several duties outlined in the Act. They must ensure that plan documents are compliant with the Act and regulations. In the event of plan termination, administrators are responsible for winding up the plan in accordance with the Act and regulations.
Additionally, administrators must ensure that any agreements transferring money or benefits between pension plans do not include provisions that are prohibited by the Act. They are also obligated to perform other duties as mandated by the regulations.
Pension Plan Requirements:
The Pension Benefits Standards Act establishes requirements for the content and administration of pension plans. It covers areas such as the registration and amendment of pension plans, including restrictions on administration and amendments to ensure the protection of members' benefits.
The Act also addresses membership in pension plans, outlining the entitlements of employees to join, dispute processes, and the suspension of membership.
Application:
The Pension Benefits Standards Act applies to public sector pension plans and plans for connected persons. If pension standards legislation in a reciprocal jurisdiction or Canada is substantially similar to this Act, it is deemed to apply with necessary modifications.
Exclusions:
It is worth noting that the Act does not apply to post-retirement group benefits provided under certain schedules or plans.
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Plan continuation
The Municipal Pension Plan is one of the largest pension plans in Canada, providing secure retirement income to plan members living and working in British Columbia. The plan is governed by the Municipal Pension Board of Trustees, which operates under the Public Sector Pension Plans Act. The Act establishes the British Columbia Pension Corporation, which provides pension plan administration services to the pension boards and investment management services to the pension boards and other clients.
The Municipal Pension Board of Trustees has the power to appoint a chief executive officer, who is responsible for carrying out the day-to-day duties of the pension corporation with respect to the administration of the pension plans. The chief executive officer must report to the pension management board, as well as the pension boards and trustees of the pension funds with respect to the administration of the pension plans.
The Municipal Pension Plan rules are set out in the Public Sector Pension Plans Act, which includes provisions for the continuation of existing benefit calculations and agreements under previous pension acts. The Act also provides for the Lieutenant Governor in Council to make regulations that aid the effective governance and administration of the pension plan and pension fund.
The Municipal Pension Plan has been in operation for over 80 years, providing secure retirement income to its members.
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Frequently asked questions
A municipal pension plan is a pension fund for employees of municipal governments, including regional districts.
Eligibility for a municipal pension plan typically includes employees of municipal governments, such as those represented by unions like the British Columbia Nurses' Union, the Canadian Union of Public Employees, and the Hospital Employees' Union.
Yes, if you are a hospital employee and Canada and the government enter into an agreement to transfer hospitals to the jurisdiction of the government, you may have the option to transfer your pension to the Municipal Pension Fund.