Pensions
News
New
to this Website
- Policy
Bulletin #2 is updated to indicate
that Trust documents submitted for filing with
the Superintendent must be drafted in accordance
with the laws of Alberta - December 4, 2006.
-
Policy Bulletin #11
is amended to clarify that where one LIF is transferred
to another LIF, the payment schedule established
under that first LIF is to continue after the
transfer - December 4, 2006.
- Policy
Bulletin #13 has removed the minimum
2% contribution requirement. The bulletin is amended
to reflect the CRA minimum contribution requirement
- December 4, 2006.
- Policy
Bulletin #27 is amended to clarify
the various exemptions to the requirement to file
annual valuation reports as a result of amendment
to the EPPA - December 4, 2006.
- A new Policy
Bulletin #38 has been created to
discuss actuarial valuation reports and cost certificates;
and in particular, to clarify the requirements
for filing an interim cost certificate - December
4, 2006.
- The AIR
and Cost
Certificate forms have been revised
slightly based on comment and feedback we have
received from various pension stakeholders - December
4, 2006.
- A new resource is
available for pension plan administrators, service
providers, and plan members who wish to obtain
electronic updates of significant changes to the
Employment Pensions website. Sign up for our electronic
notification today! - November 24,
2006.
- The Pension
Statistics Report for the period
covering April 1, 2005 to June 30, 2006 is now
available. The Statistics report reflects a June
30 period end-date to provide more up-to-date
information on pension plans registered with the
Superintendent's office. The reason for the change
is that the majority of pension plans have a December
31 plan year end and are required to file their
Valuation Reports / Cost Certificates and Annual
Information Returns by June 30th. Note:
for online viewers, the items listed in the table
of contents are hyperlinked to allow the user
to jump to that section within the body of the
report.
Pensions
Overview
There are several types
of pensions for the people in this province.
The Superintendent of Pensions plays a role
in the following ways:
- regulating
pension plans set up by private sector employers
for their employees, under the Employment
Pension Plans Act (EPPA);
- developing
policy regarding the regulation of private sector
pension plans;
- developing
policy on pension plans for most public sector
employees in Alberta (except federal government
employees and Alberta teachers);
(Note: Alberta
Pensions Administration is responsible for
the administration of these plans.)
- participating with
the federal government and other provinces in
setting policy for the
Canada Pension Plan.
(Note: the federal government is responsible
for the administration of the CPP.)
Click here for information
on Pension Policy, the unit
of Alberta Finance that deals with public sector
pension plans and the CPP.
The Superintendent
of Pensions administers the Employment
Pension Plans Act (EPPA), which governs
pension plans established and maintained by employers
(or groups of employers or unions). Most of
the plans registered under the legislation are private
sector plans. More information about roles
and responsibilities of operating pension plans
is available here.
The EPPA helps safeguard
pensions for employees by setting minimum standards
for:
- qualifying for benefits
- determining benefits
- funding pensions
- investing plan assets
- disclosure to members.
The office of the Superintendent
of Pensions also recommends changes to the Employment
Pension Plans Act. The Act was updated
as of August 10, 2006. Check out the EPPA
Updates for the latest news on the Act.
The office of the Superintendent
of Pensions is responsible for making sure that
employers or unions who sponsor plans understand
and follow the Act. The unit registers new plans,
and monitors all existing plans. Staff can assist
plan members by explaining how the EPPA affects
them and their plan.
Our staff also investigate
complaints, including those involving overdue refunds
and payments. Use our office
directory if you wish to contact the staff.
If you need information
about your own benefits in your pension plan, and
your employer or your union runs your plan, contact
your employer or union directly. Alberta Finance
does not have any information related to your individual
pension benefits.
The EPPA also sets
rules for locked-in retirement products. These are
RRSPs and RRIFs with special rules, to which money
from a pension plan must be transferred if the owner
is withdrawing all his funds from the pension plan.
The locked-in products covered by the Act are:
- LIRAs (Locked-In
Retirement Accounts)
- LIFs (Life Income
Funds)
Click here to view
publications prepared by the Superintendent of Pensions
or our office
directory.
What’s
not covered by the EPPA?
Alberta public sector
employees' pension plans (provincial, municipal,
health, education) or federal employees’ pension
plans, and private sector plans regulated by the
federal government, are not covered under
the EPPA. The exceptions are the Universities
Academic Pension Plan, covering university professors,
and certain supplementary plans for public sector
employees, which are regulated under the
EPPA.
If you are looking
for information on other Alberta public sector
employee pensions, click here to go to the Alberta
Pensions Administration website or view
the Public
Sector Pension Plans Act.
If you’re interested
in the Alberta Teachers' Pension Plans,
click here for the Alberta
Teachers' Retirement Fund Board website
or view the
Teachers' Pension Plans Act.
About
Public Sector Pension Policy
The Public Sector Pension
Policy division develops legislation and policy
for several Alberta public sector pension plans
including the Local Authorities Pension Plan, Public
Service Pension Plan, Special Forces Pension Plan
and the Management Employees Pension Plan.
The division also provides advice in relation to
Alberta's role as one of the joint stewards of the
Canada Pension Plan.
Other
Pension Related Sites
Click here for links
to other pension related sites, including federally
regulated plans, federal public employees, and other
provinces' plans.
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