What are the proposed changes?
BC's Municipal Pension Plan is one of the largest pension plans in Canada. The Plan has not had significant changes in 50 years.
The board asked plan partners to do a comprehensive review of the plan. The plan partners have done this, guided by the following principles:
- improving equity for members,
- aligning benefits with how the majority of members use them,
- setting a strong foundation for the long-term sustainability of the plan, and
- staying within the current cost envelope.
Plan partners have a proposed comprehensive plan redesign.
The proposed changes are complex and linked: a change to one part of the plan impacts another, so it is important to see the proposed redesign as a package.
The plan is also complex as it has a variety of members working as municipal workers, health care workers, social service providers, the non-teaching staff at schools and colleges, fire and police staff and many more.
The proposed changes are being considered on a go-forward basis as of January 1, 2022. This means no benefits earned before that date will change.
There are three proposed changes that will apply to all groups within the plan.