BCRTA Committees
RTA PENSION & BENEFITS COMMITTEE
RTA Pension & Benefits Committee Representatives
| RTA Pension & Benefits Committee Members | |||
How the Teachers' Pension Plan Works
The Teachers' Pension Plan is a partnership governed by the Joint Trust Agreement between the Government of British Columbia (Plan Employer Partner) and the BC Teachers' Federation (Plan Member Partner). This Joint Trust Agreement came into effect on April 4, 2001.
Inflation Adjustment Account (IAA) Consultation
Our Pension’s inflation adjustment: The future is worth thinking about!
This fall, members of the BCTF Executive Committee and the BCTF Pensions Committee will be visiting each BCTF local to provide information to ALL Teachers’ Pension Plan members, active and retired. They will be seeking input into possible changes to our pension plan and the provision of indexing and benefits through the Inflation Adjustment Account (IAA).
Link to IAA information on the BCTF website
copy of Consultation presentation to the BCRTA AGM (pdf)
copy of "Our Pension: The future is worth thinking about!" (pdf)
Retirement Benefits: The Facts & the Challenge (pdf)
PENSIONS Annual Report 2009
The committee monitors and responds to issues facing the pension plan through quarterly meetings of the Teachers’ Pension Plan Advisory Committee (TPPAC), the BCTF Pensions Committee, and in several separate committee meetings. TPPAC is composed of 7 representatives of the BCTF, 2 representatives of the BCRTA, 1 representative of the BC Principals’ and Vice Principals’ Association, and 1 representative of the BC School Superintendents’ Association. Each of the noted organizations also sends additional non-voting staff and observers. The five Pension Board Trustees appointed by the BCTF report regularly to TPPAC.
The number of retired teachers continues to grow and will be close to 29,200 by June 30 2009. At the same time the number of active teachers remains about the same at 47,500.
No major changes occurred to the pension plan in the past year.
The pension funds are invested over a broad range of investments. At March 31, 2009, the basic pension fund stood at $11.4 billion. The Inflation Adjustment Account (IAA) stood at $2.3 billion March 31, 2008. The five-year annualized rate of return on the funds to March 31, 2008 was 11.8%.
Regarding health benefit plans, the full subsidy of Extended Health Care premiums for retired teachers is projected to end in December 2013. At that point, all of the money available for health benefit plans will be in use and retired teachers will begin to pay a small but growing portion of the EHC premiums.
Since the monies in the Inflation Adjustment Account (IAA) are not sufficient to provide full indexation coverage and cover the premiums for the EHC plan into the future, the BCTF, with the assistance of the BCRTA, is planning a “consultation” with plan members this fall and winter. The purpose of the sessions is to inform plan members about the challenges facing of the IAA and to receive feedback on possible solutions. Retired teachers are encouraged to attend and participate.
HEALTH BENEFITS PROGRAMMES
The committee is researching optional EHC and Dental coverage possibilities for members. Over 10,000 retired teachers have not signed up for the Dental Plan offered by the Teachers’ Pension Plan.
INSURANCE PROGRAMMES
Insurance products for RTA members, administered through Johnson Inc., continue to be well used by retired members. Medoc Travel (7010 policies), Homeowner (1006 policies), Legacy Life Insurance (20 policies), Guaranteed Life Insurance (25 policies), and Long Term Care Insurance (71 policies).
A single trip travel insurance plan was implemented for those who do not need Trip Cancellation or Interruption coverage. The committee is reviewing a proposal for a separate Trip Cancellation and Interruption policy for members who have sufficient EHC coverage that do not need additional out-of-province medical coverage.
WORKSHOPS:
17 sessions of the RTA workshop “There’s More to it Than Money” were held in various parts of the province for active teachers contemplating retirement and were well received.
Respectfully submitted,
Bob Aitchison, Ben Cutcliffe, Dale Lauber, Annette O’Connor, John Salmon, Ken Smith, Chair
Pensions & Benefits - Postscript Articles
Ken Smith (1940 - 2010); Pension payment dates; Long Term Care and Benefits of Care Coordination; Responsible Investing Report (April 2008 - March 2009); Responsible Investing; Ken Smith 1940 - 2010
Have your say! (Pension Consultation); Deflation and your pension; A Medical Lesson Learned; Trip Cancellation coverage - Why is it automatically included in my policy?; Honesty is the best policy when completing the Health Option Questionnaire; Tax Tips for Retirees
Blue Cross Report; Pension Potpourri; Roll-backs Possible; Check your Canada Pension; Money Matters - Disability Tax Credit; D-I-V-O-R-C-E and the CPP; 2008 - wasn't great; Medoc Alert; Travel Insurance what you should know; What does Medoc cover?
My Pension - What if i die?
Pension Payment Dates; The Markets and your Pension Plan; Tax Time Nears; RRIF Rules Change; Loss of RRIF value may be re-gained; Tax-Free Savings Accounts
Report of the (ACER-CART) Pension and Retirement Income Committee; Financial Market Turmoil; Inflation?; Single Trip Travel Insurance
The Tax Free Savings Account; Good Intentions, or just Smoke?
Travel discounts available for trips to specialists; Information Services for Seniors; Pension and Benefits Information; Changing pension options; Save the EHB and Dental plans; Living with the new Dental Plan; The information you need is a click away (CARESnet); Yesterday, your coverage was great. Today, it's gone platinum (Home Insurance)
What is a Trustee; Government and Alberta Teachers reach Agreement; Is Inflation Higher for Seniors?; Pension Payment Dates
Pensions Committee Archives
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