Municipal Pension Plan news

Publish date: Tuesday, December 13, 2016

HSP - Health Science Professionals

ORL - Okanagan Regional Librarians

The Municipal Pension Plan is reporting a surplus. It’s largely a result of higher than expected investment returns. That’s good news for ORL and HSP members covered by the plan.

  • The MPP is fully funded at 104.6 per cent.
  • The discount rate was adjusted from 6.5 to 6.25 per cent. The plan absorbed more than $800-million in liabilities. What this means is the plan has to produce less of a return to meet its funding requirements.
  • The plan adjusted its mortality rate to take into consideration the latest figures on average life expectancy. This also adds a cost to the long term liabilities of the plan which have been absorbed.
  • There was a surplus of $2.2-billion of which $297-million was used to balance the Early Age Normal Cost.
  • The remaining surplus was $1.93-billion, which has been transferred to the Rate Stabilization Account (RSA). This was part of a partners’ agreement made in 2014. This will mitigate or eliminate a potential contribution increase in the future.
  • The sustainable cost of living allowance (COLA) applied to pensions in pay each year will have the cap raised from 1.95% to 2.10% effective Jan. 1, 2017.

In this section

The PEA was formed in 1974, by a group of professionals working in the public sector. The story goes that the founders of the union mortgaged their houses to fund negotiations of the union’s first collective agreement. 

Now, the PEA is BC’s union for professionals. We represent a wide range of professionals including lawyers, foresters, engineers, agrologists, teachers, veterinarians, fundraisers, physiotherapists, pharmacists, psychologists program managers, librarians and more.

Our union is led by the PEA Executive. They represent members from across the chapters of the PEA and set the overall vision and direction for our union.

Resources for our members

Navigating a union can sometime be a challenging process. Under this section of the website you will find resources to help you navigate the PEA. In the members section you'll find expense claim reimbursements, information on the PEA's scholarship and bursary program and our grants and donations program.

Collective bargaining and job action resources explain the process of collective bargaining and what to do in the unlikely event of job action. 

Local reps can also find resources to help them complete their job more effectively. This includes ways to welcome new members, how to take notes in investigation disciplinary meetings and more.

The heart of our union

The PEA is made up of nine chapters, or groups of members who either work for the same employer or are in the same field of work. Each chapter has an elected executive tasked with running the affairs of the chapter. Each chapter is entitled to representation at the PEA Executive, the governing body of the union. 

Our members work for a range of employers: the Province of BC, the University of Victoria, St. Margaret's School, the Family Maintenance Enforcement Program, the Oil and Gas Commission, the Law Society of BC, Legal Services Society, the Okangan Regional Library and health authorities across BC.

Professionals need unions now more then ever

Since the 1970’s, when the PEA was formed, our mission has been to ensure our members can work in safe, productive environments and receive fair and reasonable wages and benefits for the valuable work they do. We help individuals and groups of professional workers to understand the challenges they face in their workplaces and some of the solutions available to them. 

We work with potential members to become certified as a union and achieve the wages, benefits and respect they deserve. 

The Professional | Volume 45 Issue 2

The Professional is the PEA's award-winning, quarterly magazine for members.

The April-May 2019 issue includes a profile of GLP members Mark and Eric Scott

Read the April-May 2019 issue

 

 

The PEA was formed in 1974 to represent licensed professionals in the BC Public Service. Since then the organization has grown to include a wide range of professionals from across BC. Find our more about our governance, staff and strategic direction.

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