PENSION

JoAnne Hoyak
MacGregor
Chair
 
MEMBERS:
  • Bill Cann, Winnipeg
  • Julian Hoyak, MacGregor
  • Alison Logan, Winnipeg
  • Rudy Peters, Winnipeg
  • Peggy Prendergast, Winnipeg
 

 

Cost of Living Adjustment (COLA)



  • The TRAF Board approved a 1.00% COLA effective July 1st. 2017.
  • This resulted in a $7,510,000 increase in the restricted surplus, bringing the current balance in the Pension Adjustment Account (PAA) to$27,987,000.
  • Although the COLA granted on July 1, 2017 was 1.00% (The PAA could have supported 1.27%, however CPI was 1.50%, so the COLA was capped at 2/3 of CPI).
  • As a reminder, the 2/3 of CPI cap that has been in place on the annual COLA since the grant effective July 1, 2008 will cease to apply for the COLA to be granted effective July 1, 2018 and future years.



Information on the Disposition of the Restricted Surplus

RTAM and the RTAM Pension Committee continue to work in the interests of all the retired teachers of Manitoba to obtain the best possible outcome for the distribution of the restricted surplus and pension issues in general.

1. The joint RTAM/MTS proposal has been accepted by the TRAF Board. It read as follows:

“That the Restricted Surplus, as calculated by the TRAF plan actuary, at December 31, 2017, be distributed over a five year period commencing July 1, 2018 to all retired teachers”.
 
2. On June 28, 2017, the TRAF Board submitted a proposed regulation to government which provides for the restricted surplus to be disbursed equally over a five year period commencing July 1, 2018.  This proposal is consistent with the joint RTAM/MTS recommendation presented to the Board.
 
3. The TRAF Board is awaiting confirmation that the proposed regulation has been enacted.
 
4. The Pension Committee, through RTAM President Rosalie Bornn, continues to seek opportunities to meet with the Minister of Education and Training, as well as leaders of the opposition political parties, to discuss pension issues and concerns.
 
5. In March 2012, the RTAM Board adopted the RTAM Nomination Process for TRAF Board Appointment.  The policy sets out a nomination process framework to provide guidance to the RTAM Board in determining a nominee for appointment to the TRAF Board in the event that Government requests such input.
 
6. The RTAM Board has authorized the Pension committee to carry out the search process, according to the policy, for RTAM’s nomination for the government’s discretionary appointment of a “representative of retired plan members to the TRAF Board”.  This will ensure that, if requested by Government to provide a nominee, the RTAM Board will be prepared to respond.
 
7. We continue to monitor pension related issues and still would be grateful for personal stories or observations on this topic, or input of any kind, from our membership.

Pension Committee Mandate

1.    Be current with the basic aspects of the Teachers’ Retirement Allowance Fund Board, the Teacher’s Pension Act and other relevant pension matters.

2.    Advise the Board on pension issues and make recommendations for policies and actions.

3.    Assist the board in responding on pension issues on behalf of RTAM members.

4.    Assist the board in educating members, other related parties, and the public on pension issues.

5.    Establish and maintain liaison with other relevant pension groups.

6.    Carry out the research process for RTAM’s nomination for the government’s discretionary appointment of a “representative” of retired Plan members to the TRAF Board, and shall conduct the search process and make recommendations in accordance with the RTAM Nomination Process for TRAF Board Appointment.

The Pension Committee is Seeking Grassroots Input
The Pension Committee is seeking personal stories and anecdotes from retired teachers with regard to their opinions and experiences on our defined benefit pension plan, the security and sustainability of it, and the effects of Bill 45 on their personal purchasing power. Please contact any committee member or the RTAM office.


PRIORITIES for 2017/2018

1. To be aware of changes in The Pension Benefits Act and The Teachers’ Pensions Act that may affect us. Office staff will aid in monitoring this.

2. To keep abreast of pension related articles and relevant letters in print media such as those pertaining to the effects of the Federal Bill C-27.

3. To continue to work with MTS on relevant issues such as the status of the restricted surplus dispersal,

4.    To foster ongoing communications with the Government on pension issues such as the implications of the end of Bill 45.

5. To keep communications open with the TRAF Board.

6. To advocate that the Government appoint a retired teacher to the TRAF Board from RTAM’s list of recommended nominees.


WHO WE ARE

Retirement is a time of transitions. Throughout your career you belonged to the Manitoba Teachers’ Society (MTS), but upon retirement you are no longer a member. The Retired Teachers’ Association of Manitoba (RTAM) exists to serve retired teachers. We invite you to join the growing number of RTAM members and enjoy the benefits of belonging.

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