Year-End Report: Pension Committee

Year-End Report: Pension Committee

Left: Comparison of CPI vs COLA, 1977-2022.

TRAF has announced a 1.5% COLA for 2023, effective July 1.

Above: Comparison of CPI vs COLA, 1977-2022. TRAF has announced a 1.5% COLA for 2023, effective July 1.

The Committee was established under the following Bylaws and Policies of RTAM. The Committee was chaired by David Harkness, with the following members Pat Bowslaugh, Bill Cann, Alison Logan, and Audrey Siemens (who left for personal reasons). The President sits ex officio, and the Executive Director attends as a guest.

resolution of the Board at any meeting.

e) Be governed by the Standing Committees’ Terms of Reference under subsection 9.07 and/or as directed by the Board.

The Committee was established under the following Bylaws and Policies of RTAM. The Committee was chaired by David Harkness, with the following members Pat Bowslaugh, Bill Cann, Alison Logan, and Audrey Siemens (who left for personal reasons). The President sits ex officio, and the Executive Director attends as a guest.

Bylaw ARTICLE 8 - COMMITTEES

f) Develop and recommend actions to accomplish the goals and objectives established by the Board, including but not limited, to those identified in the strategic plan.

Bylaw ARTICLE 8 - COMMITTEES

g) Monitor and assess developments within their areas of responsibility.

The Board of Directors shall establish the Standing Committees of the Board and the Terms of Reference and may, from time to time, establish Ad-hoc Committees with defined Terms of Reference.

The Board of Directors shall establish the Standing Committees of the Board and the Terms of Reference and may, from time to time, establish Ad-hoc Committees with defined Terms of Reference.

h) Report to the Board on a regular basis and to the AGM.

Policy 9.01 Names of the Standing Committees

Policy 9.01 Names of the Standing Committees

The Standing Committees of the Board shall be named: i) Review the Bylaws and Policies of RTAM as they pertain to the Committee and recommend changes as needed. j) Meet at least once annually.

8) Pension Committee…

The Standing Committees of the Board shall be named:

8) Pension Committee…

9.03 Committee Makeup and General Responsibilities

k) Establish and/or maintain an operating guide for the committee.

9.03 Committee Makeup and General Responsibilities

Each standing committee shall: a) Consist of six people:

Each standing committee shall: i. a chair, who shall be a Director, and a) Consist of six people: i. a chair, who shall be a Director, and l) Results/reports from any task assigned to and carried out by a committee on behalf of RTAM, shall become the domain of RTAM and filed with the office. ii. a maximum of five members, all of whom shall be full RTAM members and no more than two of which shall be Directors. ii. a maximum of five members, all of whom shall be full RTAM members and no more than two of which shall be Directors. b) Appointments to Committees will be from the list referenced in clause 9.02 d). c) Additional members, if required, may be added to a committee by resolution of the Board at any meeting. b) Appointments to Committees will be from the list referenced in clause 9.02 d). c) Additional members, if required, may be added to a committee by resolution of the Board at any meeting. d) Committee composition standards in clause a) may be changed for a Board Year, for a specific committee, by m) With the approval of the Board, promote and facilitate preretirement contacts with active teachers. n) Take no action without prior approval of the board.*

Where appropriate, such results/reports shall be appended to the committee’s operating guide.

“No Action” up for review in Bylaw Review process (overly restrictive, and covered off under d) above.)

Mandate: As in 9.07 (8) above.

Special Focus and Activities 2022-23:

• Support advancement of Bill 208 (completed with changes to the Act receiving Royal Assent)

• Host Pre-retirement Seminars (completed: Fall and Spring)

• Revise Process documents for TRAF candidate selection (completed & passed by the Board)

• Select RTAM candidate to TRAF Board for Ministerial appointment (completed and submitted)

• Set reminders for RTAM to begin new process 1 year previous to end of RTAM appointee’s tenure on TRAF Board (TBA after Order in Council sets term)

• Analysis of CPI & COLA projections, with graphs & dissemination via KIT and sharing with external bodies by President. (Completed: See KIT, Winter 2022, p.12.)

• Analysis of TRAF Pension Recipient Demographics with graphs for dissemination (Completed: Demographics graphics library forwarded to President for dissemination)

• Outreach to Manitoba Association of Retired Government Employees: no response

• Update RTAM Pension data for ACER-CART. (Completed)

• Recommendations for further action

— Continue to advocate for COLA and other inflation-fighting strategies to enhance pensioners’ financial health

— Work with stakeholders to provide increased support for those cohorts identified in the demographic income analysis who are most vulnerable (see below)

The Committee produced a document and electronic file archive to support the incoming chair for next year. Incoming Pension Committee Chair Guide will aid in the transition to the new chair as it includes the foundational documents, history, and mandate of the Committee as well as operational procedures. David will make himself available to the new Chair to aid further in that transition.

Budget Recommendation: $2,000 in case the Committee needs or is able to return to in-person meetings, and to fund further research.

Above: There is still a disparity, although less than historically, between male and female pensioners’ TRAF pensions.

Above: There is still a disparity, although less than historically, between male and female pensioners’ TRAF pensions.

Above: There is still a disparity, although less than historically, between male and female pensioners’ TRAF pensions.

Below: The largest disparities affect those female pensioners in their 70s and older, particularly single women above age 90.

Below: The largest disparities affect those female pensioners in their 70s and older, particularly single women above age 90.

Below: The largest disparities affect those female pensioners in their 70s and older, particularly single women above age 90.