Plan partners come to Agreement
This past fall plan partners engaged members to share information about the proposed plan redesign, answer questions, and connect with all of you to better understand any potential unintended impacts associated with the proposed changes to the plan.
Throughout the process we received more than 85,000 unique visits to this website, with more than 288,000 page views. Through the website we received over 650 questions, with many more coming directly to plan partner organizations. There was overwhelming response and interest in the webinars, with nearly 1,400 members registered and over 430 attending, and with 4,000 more watching the recorded webinar.
We are pleased with the engagement of our members and employers and have a better sense of their questions and the changes they support, and which cause them concern. Through all the feedback received, we did not hear anything that raised concerns about unexpected or unintended impacts; however, we did hear that we will need to provide a comprehensive communications approach which supports members’ understanding of:
- Impacts of the proposed changes regarding the Rule of 90 and already accrued service;
- Impacts of the proposed changes regarding the bridge benefit and accrued service;
- Reduction factors and pension options such as guarantees, joint life and annuities; and,
- The overall impact of these changes on members’ benefits, by providing a comprehensive pension estimator as soon as possible.
We are pleased to announce that as plan partners we have come to agreement on the provisions in the Agreement in Principle. Our next steps are to direct the Municipal Pension Plan Board to adopt the plan design changes and move forward with implementation after the Board has conducted its final review of the plan design changes to ensure they continue to meet with the Board’s fiduciary responsibilities. We expect to have confirmation of the Board’s final review and more detailed information on timelines by the end of March 2021.
We are committed to providing our members and key stakeholders with timely information. We are equally committed to working together to implement the proposed changes in a manner that is clear, consistent and supports members and employers in advance of the proposed implementation date of January 1, 2022.
Once again, thank you for your engagement as we move to update the plan and enhance long-term sustainability for our members and employers alike.