For clients who use our plan administration services, the cost of our human resources to provide those services are allocated according to an annual evaluation of effort expended. Information systems and other general office and business costs are allocated based on a periodic historical analysis of transaction volumes and number of members in each plan.
ADMINISTRATION HIGHLIGHTS The Vestcor administration team is responsible for the day-to-day operations of 11 pension plans as well as 4 employee benefit programs. We provide service to approximately 68,000 active and 38,700 retired members. Our members include employees from the provincial public service sector, the education sector, provincial health authorities, crown corporations, and other quasi-public sector organizations. The administration team is divided into four areas: Member Services, Plan Operations and Pension Policy, Communications, and Board and Committee Support Services. Highlights for 2021 from each of these areas are as follows:
MEMBER SERVICES In 2021, the Member Services team had over 38,000 contacts with plans members through telephone calls, emails and visits to our office, an increase of 17.06% as compared to 2020, where a 12.12% increase had been experienced.
Member Services Satisfaction Survey Results*
To ensure that we continued to meet the needs of our clients, Vestcor administered client satisfaction surveys, as initially launched in 2017. The surveys were sent to members who received a specific service from Vestcor during the year relating to pension estimates, purchases of service, terminations, or retirements.
Very Satisfied - 45.93%
Satisfied - 41.18%
Neutral - 7.29%
Dissatisfied - 3.27%
Very Dissatisfied - 2.32%
* Results above do not sum to 100% due to rounding.
Member Services Employee Education Session Satisfaction Results
In addition to the services noted, Vestcor provided member education sessions. In 2021, despite COVID restrictions for much of the year, 522 plan members attended these sessions. The member sessions provided them the opportunity to learn more about the provisions of their pension and employee benefit plans. Those who attended the sessions were given a survey to complete. Of those who responded, they noted being very satisfied with the information they received, as outlined in the following table.
Very Satisfied - 50.00%
Satisfied - 43.33%
Neutral - 6.67%
VESTCOR ANNUAL REPORT 2021
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