The Retiree Benefit Program (RBP) is a negotiated entitlement available to qualified retired members covered by the Nurses' Bargaining Association (NBA) collective agreement. It's a unique program that draws on a special Retiree Benefit Fund set up to help provide nurses with better retirement benefits and better inflation protection for their pension.
Between 2009 and 2019, members enrolled in the RBP had been receiving a monthly subsidy covering 50 percent of their Medical Service Plan (MSP) premiums. BCNU has been proud to provide this service to our members.
However, as of January 1, 2020, BC residents are no longer charged MSP premiums. Because the MSP subsidy was the only benefit provided by the RBP, any possible future RBP disbursements or services, such as better inflation protection, will not be determined before the completion of a nurses' pension governance review that was negotiated as part of the current NBA provincial collective agreement.
This review is underway for several important reasons. For years now, nurses have faced obstacles when attempting to effectively access and use the Retiree Benefit Fund. For example, in 2019 BCNU had wanted to make sure retired nurses' pensions got full inflation protection, but the Municipal Pension Plan did not agree to let the RBP pay for that. We are currently waiting on recommendations from the NBA Pension Review Committee before considering how to best use the fund. We expect to receive these before the end of March 2020.
Following the committee's recommendations, BCNU will make presentations around the province on the relative merits of the various options for the future of your pension plan, including the formation of a Nurses' Pension Plan on the condition that nurses receive improved inflation protection.
All NBA members are encouraged to attend these presentations. Afterwards, they will have the opportunity to vote on the future of your plan. We expect this vote to take place no later than June 30, 2020.
Need more information?
If you have questions, leave a message with BCNU at 604-433-2268 or 1-800-663-9991, ask for the Retiree Benefit Administrator or email
retireebenefit@bcnu.org. The voice mail box and email address are regularly monitored.