|Policy Number:||GP 9||Effective Date:||September 2022|
|Last Review Date:||March 2021||Next Review Date:||September 2023|
|Review Frequency:||Annually||Related Supporting Documents:|
The Pension Compliance Committee (PCC) is established under the Employment Pension Plans Act (EPPA) and the Employment Pension Plans Regulation (EPPR).
The committee is delegated authority from Council via Bylaw 3.
3.1. The committee shall comprise six (6) members.
3.2. The committee shall include:
3.3. The Chief Operating Officer (COO) shall serve as Chair.
4.1. Members must be employees in the roles stated in the committee composition.
4.2. Members shall have the necessary skills and knowledge needed to properly administer the plan and are required to demonstrate they have continuously increased their pension-related knowledge.
4.3. Members shall attend mandatory pension education.
4.4. The Chair is responsible for removal of members based on changes to employment in defined committee composition roles.
5.1. The term of office for committee members is ongoing, based on employment in the roles that comprise committee membership.
6.1. A quorum is a majority of members.
6.2. A quorum must include the Chair, Senior Financial Officer, and one Human Resources representative.
7.1. Meeting frequency shall be dictated by the Committee Chair, with a minimum of four (4) meetings per year to review pension administration and compliance.
7.2. The committee will meet a minimum of two (2) times per year with the auditors, including the pre- and post-audit meeting.
7.3. The committee will meet a minimum of two (2) times per year with the fund holder investment manager to review/discuss investment performance.
7.4. The committee will meet a minimum of one (1) time per year with the fund holder investment manager to review/discuss the stewardship report for the annual investment performance and stewardship review.
7.5. The committee will meet a minimum of one (1) time per year with the actuary to discuss the annual pension governance compliance report and pension compliance calendar.
7.6. All decisions shall be by a majority vote.
7.7. The Chair does not vote unless their vote would either create or resolve a tie.
8.1. The committee administers the pension plan of the College and Association of Registered Nurses of Alberta (CARNA) operating as the College of Registered Nurses of Alberta (CRNA) and participating employer, the Alberta Registered Nurses Educational Trust (ARNET). The committee assists Council meet its legislated fiduciary responsibilities as the pension plan sponsor and as plan Administrator. The PCC reviews and makes recommendations to Council as appropriate but is not delegated the authority to make decisions on behalf of Council.
8.2. Pension plan administration
8.2.1. Review and recommend changes, when necessary, to the pension plan governance policy.
8.2.2. Review and recommend amendments, when necessary, to the pension plan (including text) to meet legislated changes.
8.2.3. Review and verify amendments to and/or reinstatements of the pension plan’s text.
8.2.4. Ensure pension plan administration activities are completed in compliance with EPPA, EPPR and common law.
8.2.5. Review the pension plan’s annual reports in accordance with the pension plan compliance calendar.
8.2.6. Review the audited pension fund financial statements, including the note disclosure.
8.2.7. Solicit submissions from external agents and service providers for presentation and review.
8.2.8. Present recommended proposals to Council, for approval, to retain such external agents and service providers.
8.2.9. At least once every three years, review the performance of external agents and service providers based on service contracts and established standards.
8.3.1. Review and recommend changes, when necessary, to the pension plan statement of investment policies and procedures (SIPP).
8.3.2. Conduct an in-depth review of the asset mix every five years.
8.3.3. Review the semi-annual investment manager report conducted by Fund Holder investment manager and recommend further discussion when required.
8.3.4. Recommend changes to the Fund Holder investment manager when necessary.
8.4.1. Review and recommend changes, when necessary, to the pension plan funding policy.
8.4.2. Review the actuarial method and assumptions to ensure compliance with the pension plan funding policy.
8.4.3. Review and recommend to Council, when financially appropriate, supplementary contributions to achieve the funding policy targeted solvency ratios as determined by the actuary.
8.5. Actuarial matters
8.5.1. Review and recommend changes, when necessary, to the pension plan actuarial assumptions and methodologies.
8.5.2. Upon Council’s approval of the actuarial valuation report, the chair of the PCC will advise the actuary to file the actuarial valuation report with the appropriate regulatory authorities.
8.5.3. Recommend changes to the actuary when necessary.
Evaluate the administration of the pension plan through an annual pension plan assessment and compliance report to Council in annually, which will include the pension plan compliance calendar.
The committee is accountable to the College Council. The Chair shall provide a formal report to Council two (2) times per year pertaining to the investment performance, one (1) time per year regarding the pension plan actuarial evaluation, and one (1) time per year regarding the pension plan audit report.