Joining a pension plan is a big and exciting step for your organization. It's an investment in your future and there’s a lot to consider. This guide walks you through plan benefits, eligibility, responsibilities, and enrolment so you can decide if the plan is right for you and your employees.
There are more than 900 employers in the Municipal Pension Plan, representing sectors including cities, districts, towns, villages and regional districts; the health sector; school districts; and colleges.
Benefits of enrolment
The Municipal Pension Plan is the largest pension plan in British Columbia and one of the largest in Canada. The plan is a defined benefit plan, which means a member’s pension is based on a formula of highest average salary and pensionable service, and not the amount of contributions or the fund’s investment returns. Upon retirement, members are eligible to receive a pension benefit for life. With a proven track record of good governance and a focus on prudent, sustainable management, the plan is the ideal choice for employers wanting to attract and retain great employees. Here’s how the plan can help your organization:
- Retirement income security is a powerful incentive for job seekers
- Employer costs are stable and predictable
- Administration is made easy
- Resources are available to you
- British Columbia Investment Management Corporation (BCI) provides investment management services to the plan
The Value of the plan for employers brochure explains how the plan is beneficial to your organization. It also provides tips on how to answer some common questions from your employees about plan membership.
The Municipal Pension Board of Trustees provides direction to BCI, the plan’s investment agent, regarding management of the plan’s assets. BC Pension Corporation serves as the administrative agent of the board. The corporation collects pension contributions, processes benefits and issues pension payments.
The plan has a joint trusteeship governance structure. This means that representatives of both plan members and employers share management of the plan.
For more information, check out the About us section of the member plan website:
- For plan rules and governance - Who we are
- For value of the plan - Research and advocacy
Resources mentioned on this page
Who we are (link to member website)
Research and advocacy (link to member website)