apex board of directors committee update€¦ · apex board of directors committee update apex...
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10/6/2015
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APEX Board of Directors Committee Update
APEX Governance Board
Elaine Noel‐Bentley
Apex Board
APEX Governance Board Directors
• Steve Christie, VP & Director, Cities up to 500,000, Chair
• Elaine Noel–Bentley, BA, MA, Vice Chair
• Norbert Van Wyk, CPA, ICD.D, Independent Director
• Robert Kallir, BA, LLB, Independent Director
• Monica Norminton, BA, LLB, MBA, CA∙IT, EMNL, Independent Director
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Retirement Services Programs
The retirement services programs include:
• The APEX Supplementary Pension Plan (APEX)
• MuniSERP
• The Alberta Communities Pension Plan (ACPP)
• The Group RRSP and Tax Free Savings Account
Retirement Services programs financial overview
APEXEmployers 62
Participating Employees 1,193
Assets $42.5M
MuniSERPEmployers 19
Participating Employees 100
Assets $10.3M
ACPPEmployers 50
Participating Employees 464
Assets $25.4M
AMSC Group
RRSP/TFSA
Employers 11
Participating Employees 132
Assets $2.7M
TotalsTotal Employers 123
Total Employees 1,803
Total Net Assets $80.9M
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2014‐ 2015 key activities for APEX Governance Board
• Finalize the transition to new Retirement Services governance structure
• Monitor pension reform activities and inform members
• Ongoing administration sessions and meeting with municipalities
• File plan amendments for the APEX Supplementary Pension Plan and Alberta Communities Pension Plan
• Complete a competitive review of the Retirement Services’ Fund Holder and Investment Manager
Retirement Services Governance Transition
The required board resolutions adopted in December 2014 so that effective July 1, 2014 the APEX Board:
• Assumed administrator functions for the APEX Supplementary Pension Plan and MuniSERP
• Assumed administrator functions for the Alberta Communities Pension Plan and the Group RRSP and Tax Free Savings Account
• Acts as administrator for each retirement services program
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APEX Supplementary Pension Plan and Alberta Communities Pension Plan Amendments
• Amendments to the Employment Pension Plans Act of Alberta (EPPA) became effective September 1, 2014
• Both APEX and ACPP are governed under the EPPA
• Amendments to both plans were filed with the Superintendent of Pensions in June
• Amended plan texts and executive summaries were distributed in August to all participating employers in both plans
APEX Supplementary Pension Plan and Alberta Communities Pension Plan Amendments
Two key amendments that were made to APEX are as follows:
• Stand alone plan text
• Standstill clause
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Public Sector Pension Reform
• Pension reform is currently not on provincial government’s agenda
• The LAPP Board continues to focus on governance reform
RFP Fund Holder and Investment Manager
• AMSC aims to consolidate fund holder and investment manager functions under one vendor in order to maximize service delivery and cost effectiveness.
• Implementation is scheduled to be completed by December 31.
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2016 key activities for APEX Governance Board
• Implement an integrated communication and growth strategy for retirement services programs
• Review of CAP Guidelines for ACPP
• File the APEX valuation report with the regulatory authorities
• Communication plan to provide information to employees directly
• An APEX external auditing process to verify earnings and contributions reported
Do you need to know more aboutAMSC Retirement Services programs?
Contact us
310–AUMA 780‐433‐4431
www.auma.ca
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Questions?