CANADA
The Government of the Canadian Province of Alberta has proposed new legislation aimed at increasing the control and accessibility public sector workers and their employers have over their pensions.
The proposed Joint Governance of Public Sector Pension Plans Act would establish a joint governance structure for three of the largest pension plans in Alberta, including the Public Service Pension Plan (PSPP), the Local Authorities Pension Plan (LAPP) and the Special Forces Pension Plan (SFPP).
Under the proposed structure, a sponsor board of representatives from each employer organisation would be responsible for planning the utilisation of benefits, funding and eligibility.
Corporations would be set up with the responsibility of overseeing the operations of the LAPP, PSPP and SFPP.
Minister for Finance, Joe Ceci (pictured) said the new Bill did not seek to alter existing funding or included benefits.
“The implementation of this joint structure is long overdue in the field of public sector pensions,” Mr Ceci said.
“For almost three decades, successive Progressive Conservative Governments have made promises to bring in reforms to change public sector pension policies, yet there was almost no follow through.”
He said the proposed structural change had already been successfully implemented in other Canadian Provinces.
Edmonton, 25 November 2018
