RBP Committee Selects Actuary Firm for Plan Design Review

March 03, 2023
Retiree Benefit Program (RBP) Committee has commenced its plan design review project

Following a pension governance review process in the fall of 2022, the Retiree Benefit Program (RBP) committee passed a motion to commence a plan design review project to consider funding and benefit issues and options for future use of the fund. The RBP receives funds through the diversion of one percent of market adjustment contributions as negotiated during the 2006 NBA contract negotiations.

In Feb. 2023, the committee sent out a request for proposal letter for actuarial consulting services. The Committee has met with shortlisted actuary firms and after careful consideration, a decision has been made regarding the actuary firm that will be used for the project. The selected firm will be expected to provide the committee with a report by April 14, 2023. 

In Nov. 2022, the Retiree Benefit Program (RBP) committee announced a one-time payment of $500 to eligible RBP members. The first payment to eligible members was made on Dec. 5 and a second payment was made Feb. 27. To date, over $4.4 million has been paid out to nearly 9,000 eligible retired members. The union continues to receive a high volume of inquiries. We thank you for your continued patience as staff respond to inquiries and process new applications.

Working members are encouraged to share information about the Retiree Benefit Program with retired members. For more information on the one-time payment, the application form, and a comprehensive FAQ, please visit bcnu.org/RBP.

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