Responsibilities
- The Pension Advisory Committee shall seek to improve the pension benefits available to plan members of the College Pension Plan.
- The Committee shall review the current investment policies of College Pension Plans and shall advise the Presidents’ Council, in its role as plan member partner, of any recommendations for change to policies and strategies.
- The Committee shall advise and, where applicable, provide pre-retirement and retirement information and services.
- As part of the trustee appointment process, the Committee will nominate candidates for FPSE trustees to Presidents’ Council and the Committee will advise Presidents’ Council on the retiree trustee appointment.
- The Pension Advisory Committee will provide a forum for communicating member concerns about the College Pension Plan rules to FPSE-appointed College Pension Plan trustees, and a forum for prioritizing any recommended future pension plan improvements.
- The Committee will provide a forum for general discussion and development of pension policy for locals that are non-participatory in the College Pension Plan.
- The Committee will monitor and review the effectiveness and relevancy of FPSE pension policy and, where possible, those of related organizations and unions with a view, from time to time, of recommending updates, changes and additions.
Terms of Reference
- Reporting to: Reports regularly to the FPSE President and the Presidents’ Council.
- Composition: Each local may name a member as their designated representative to the Committee. Local representatives to the Pension Advisory Committee must not be in receipt of College Pension Plan benefits and must maintain active employment at the institution while serving on the committee. Up to two (2) retired members may be a part of PAC. A nominee must be a former member of a FPSE Local who is currently receiving a pension under the College Pension Plan. Retiree members will have a voice and a vote while serving on the committee. Starting at its first meeting in the fall, Presidents’ Council will review PAC’s retiree members, and consider any new nominees put forward by FPSE Locals or suggested by either PAC or CPPR and referred through the FPSE Local. A member will be appointed by the Executive Committee, with voice but without vote, to act as liaison between the Standing Committee, the Executive, and Presidents’ Council. The Non-Regular Faculty Committee may appoint one person to the Committee. No trustee appointed to the College Pension Board of Trustees may also serve as a local, retired or NRFC representative to the Pension Advisory Committee.
- Term of Appointment: Member organizations will normally appoint representatives for terms of four years. Members of PAC are expected to attend all meetings of the Committee. If members are unable to attend regularly, their appointment may be rescinded by the Presidents’ Council.
- Meetings: Such meetings as are required to fulfill its responsibilities, limited only by the funding allocated to the Committee. The Committee may substitute or include a workshop or conference for a meeting.
- Chairperson: The Chairperson will be elected from and by the Committee to serve a two year term. The Chairperson or designate shall have observer status at meetings of the Presidents’ Council with voice but no vote. The responsibility of the Chairperson includes attendance by the Chairperson or designate at the Presidents’ Council meeting immediately subsequent to a meeting of the Committee or upon request of the FPSE President. The Chairperson shall attend the Annual General Meeting and Convention. The Convention shall provide orientation and planning opportunities for Committee Chairpersons and facilitate their meeting as a group.
- Observers: By invitation of the Chair. Observers from FPSE locals may attend meetings, at the locals’ expense, for succession purposes.
- Trustees: FPSE-appointed trustees are encouraged to attend PAC meetings/events with voice but no vote. FPSE will pay expenses for the trustees for this purpose.
- Quorum: A majority of appointed representatives.
- Voting: Positions adopted by consensus among designated representatives; otherwise by simple majority of those voting. Minority reports accepted. (By-Law #6.)
- Funds: As allocated in the annual budget
Resources of Interest
Pension Resources
- The BC Investment Management Corporation provides professional funds management services for the College and Municipal Pension plans. The bcIMC website also provides useful links related to fund investment.
- BC IMC Corporate Governance Principles and Proxy Voting Guidelines
(FPSE PAC Sub-Committee on Socially Responsible Investing ** 2023 version) - Benefits and Pensions Monitor
- Benefits Canada
- BC Retired Teachers’ Association
- BCFORUM – BCFORUM allows retired and active union members over the age of 50 an opportunity to renew your social network of union members and realize savings in programs, services and products only possible through group negotiation.
- The College Pension Plan
- The Council of Senior Citizens of BC
- FPSE Report: The End of Mandatory Retirement: Adapting to the New Realities of Work and Retirement
- FPSE Factsheet for College Pension Plan Members
- The Municipal Pension Plan
- Retirement Planning Association of Canada
Featured
Stay informed with timely and relevant information on FPSE activities and education sector news. Get essential resources to empower member Locals, providing education on rights, supporting contract negotiations, facilitating communication, and advocating for policy changes. Check out event calendar for member Local and FPSE events.
12 events found.
Decolonization, Reconciliation and Indigenization (DRISC)
The Committee meets regularly to advance FPSE’s commitments to decolonization, reconciliation, and Indigenization.
National Day for Truth & Reconciliation
A day for reflection, education, and honouring Indigenous survivors, to recognise the atrocities and multi-generational effects of the Canadian residential school system.
Standing Committee Summit – In Person
Including: Academic Governance (AGC) Bargaining Coordination (BCC) Contract Administration Review (CARC) Non-Regular Faculty (NRFC) Pension Advisory (PAC)
Decolonization, Reconciliation and Indigenization (DRISC)
The Committee meets regularly to advance the FPSE’s commitments to decolonization, reconciliation, and Indigenization.