Tuesday, October 12, 2021

News release - Overview of the 2021 FNPSPP AGA

NOMINATIONS TO THE RETIREMENT COMMITTEE

 

October 12, 2021 – During the Annual General Assembly of the First Nations Public Security Pension Plan (FNPSPP) held on September 15 last, an election took place to fill one seat on the Retirement Committee. Note that this Committee is made up of one member representing the employers, three members from the NBP Retirement Committee, one member representing retirees and an independent member. This year, one employer representative position was to be filled for a four-year term. The elected member is:

 

PAUL MCDOUGALL
DIRECTOR

 

We wish him great success in the accomplishment of his four-year mandate.

 

RETIREMENT COMMITTEE MEMBERS

 

Floyd McBride
President
Retirees’ representative


Valérie Tremblay
Director
NBP representative


Paul McDougall
Director
Employer representative


Jean-Marie Gagnon
Director
Independent member


Éric Cloutier
Vice-president
Employee representative


Olivier Gill-Sioui
Director
NBP representative


Johanne Castonguay
Director
NBP representative


Jacques Beaudet
Secretary
Non-voting member

 

ANNUAL GENERAL ASSEMBLY

 

During the Annual General Assembly of the Native Benefits Plan, the following informationwas presented: annual objectives, their level of attainment, the financial statements, annual report and decisions ratified by the Retirement Committee. The annual report is available on the website at:


Adobe 2020 Annual Report

 

OVERVIEW OF THE AGA

 

In the course of the Annual General Assembly of the NBP held virtually September last, we presented various results for 2020 and an update on investment performance in 2021. To ensure that all Plan members are adequately informed, we have prepared this summary of key points discussed during the Assembly.


The year 2020 was a year where our expertise played a key role in successful outcomes for the Plan. During this pandemic year we obtained an 8.7% return on assets. This strong performance is a continuation of efforts deployed over the past ten years to maintain a return of 8.6% with an added value of 0.9% compared to the benchmark portfolio. This return, combined with members contributions, has resulted in assets under management increasing from $4 million to $45 million as of December 31, 2020.


Among the important subjects raised was the financial health of the FNPSPP. Our pension plan has a solvency ratio of 95% and a capitalization ratio of 101%. We explained the solvency situation to our members. Indeed, the FNPSPP is the First Nations police force pension plan and as such, it is similar to a public service plan. Moreover, all civil service pension plans at the federal, provincial and even municipal level are exempted from this test. This is why the Retirement Committee is holding serious discussions with the Department of Finance to fund the Plan on a basis of continuity rather than solvency.


In closing, we presented changes to investments in 2020 and a preliminary update for the year underway as of August 31, 2021. To this end, we invite you to view the video provided to all our members through the RBAccess portal. Finally, for complete details regarding your Plan, please refer to the 2020 annual report. As always, your Retirement Committee, the Investment Committee and the entire team at the NBP continue to use their expertise to serve your retirement on a daily basis!

 

Sylvain _sign NB


Sylvain Picard
CPA, CA, ASC, Adm.A
General Manager

 

Adobe News Release