Pension Plan Primer
November 21, 2024
FSA member pension plans are part of the FSA’s Collective Agreement with the employer. Depending on your position within the institute, most FSA members will be enrolled in either the College Pension Plan or the Municipal Pension Plan.
College Pension Plan
The College Pension Plan’s Joint Trust Agreement establishes participation, including how its ten trustees are appointed. The province appoints four trustees (one nominated by Post-Secondary Employers’ Association). The Federation of Post-Secondary Educators of BC (FPSE) appoints three trustees. The BC General Employees Union (BCGEU) appoints one. The plan member partners appoint one trustee who must be retired and receiving a pension from the plan. The plan employer partners appoint one trustee who must be an active member of the plan and not a member of either BCGEU or FPSE.
Municipal Pension Plan
The Municipal Pension Plan is a joint trusteeship. This means that representatives of both plan members and plan employers share management of the pension plan. These management responsibilities include administering the plan and investing the assets of the pension fund. The plan employer partners are the government of BC and the Union of BC Municipalities. The plan member partner is Municipal Employees' Pension Committee. The plan partners and other appointing authorities representing plan employers and members appoint 16 primary trustees to the board and may appoint an alternate trustee for each primary trustee. Employer trustees are appointed by the BC Public School Employers' Association, Government of BC, Health Employers Association of BC, and Union of BC Municipalities. Employee trustees are appointed by the BC Police Association & BC Professional Fire Fighters Association, BC Nurses' Union, Council of Joint Organizations and Unions (of which the FSA is part), Canadian Union of Public Employees, BC Division, Health Sciences Association of BC, Hospital Employees' Union, and the Municipal Employees' Pension Committee. The trustees appoint a board chair from among themselves or may choose to appoint an external individual. The board appoints trustees to the BC Pension Corporation board of directors. This board oversees the management of BC Pension Corporation, which is accountable to the Municipal Pension Board of Trustees in providing pension benefit administration services. The board also appoints one trustee to British Columbia Investment Management Corporation (BCI)'s board of directors. This board oversees the management of BCI, which is accountable to the Municipal Pension Board of Trustees in providing investment management services within the plan's approved investment policies.