Pension Review
The Nurses' Bargaining Committee (NBA) negotiated Appendix K into the 2019-2022 provincial collective agreement, agreeing to create a pension review committee consisting of three NBA representatives and three employer representatives. The committee recognized the need for up-to-date data and actuarial analysis in order to then make a recommendation to the parties.
There were three available options under review:
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Remain status quo in the Municipal Pension Plan (MPP);
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Form a separate group within the MPP; or,
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Form a separate Nurses' Pension Plan (NPP).
An update was provided on behalf of the pension review committee by BCNU Interim CEO Jim Gould, and Senior Director, Negotiations and Labour Relations Donna Bouzan.
The review's key principles were no negative impact on current MPP plan partners and members, no impact on contribution rates, and no adverse effect on inflation protection.
At the outset, Bouzan described the review as "an extremely slow-moving process", impacted by delays in getting much-needed data from the employer and the amount of time and human resources required to respond to COVID-19 and the related changing public health orders.
By the fall of 2021, the committee had made a recommendation to the MPP partners asking them to instruct the MPP Board to establish a separate group (Group 6) within the MPP, prior to this coming to the membership to vote on this recommendation.
After extensive correspondence between the plan partners and the pension review committee, the committee was informed in September of this year that were not interested in creating a separate group 6. BCNU sought legal advice on this decision by the plan partners and have since been advised that the chances of reversing the plan partners decision were highly unlikely.
In regards to the Nurses' Pension Plan (NPP), "it was not a viable option. It would've been very complicated to withdraw from the Municipal Pension Plan. There would have been a myriad of legal, financial, and administrative issues and that would have taken many more years," said Bouzan. The other important factor considered in making this decision was the additional risk and liability that would be borne by BCNU.
As a result, the status quo should be maintained.
Gould assured delegates that protecting the integrity of their pension was one of the highest priorities for the BCNU.