The IWA-Forest Industry Pension Plan was established by FIR and The IWA in 1972 negotiations and ,in 1978,the Southern and Northern Interior Plans were merged into the FIR-IWA Plan to create the existing industry wide ,provincial plan.
The three founding associations (FIR,CONIFER,and IFLRA) and the Union (now the USW) are the “Settlors” of the pension trust and are responsible for appointing the trustees ,(in equal numbers for management and the Union)who oversee and govern the Plan. The Trustees, in turn, direct the IWA Forest Industry Pension Administration Office ,which does all administration and has all contact with the pension plan membership.
The Trustees perform their governance duties through Full Board meetings ,but also through the following subcommittees of the Board: Governance Committee ,Investment Committee ,Audit Committee ,and Human Resources Committee.
The Plan is one of the largest private sector pension plans in Canada with assets of about $2.7 billion (as of year-end, 2011) and has about 400 participating employers and 70,000 members (including actives ,deferred ,and pensioners.)
The Plan has a full time staff and offices at #150 Virtual Way in Vancouver. General Manager is Robert Bishoff ; Director of Investments is Ms. Colleen Troelstrup.
The current contribution rate is $2.675/hr. by the employer and $1.625/hr. by the employee, payable on all hours worked.
The IWA Forest Industry Pension Plan is recognized by the BC Pension Benefits Standard Act as a multi-employer “Negotiated Cost” type pension plan rather than a true “Defined Benefit “type plan. Under a “Negotiated Cost” plan, contributions are determined through collective bargaining and the employer’s legal responsibility is limited to paying the contributions set forth in the collective agreement. The Trustees make their “best effort” to see that the plan is run in such a way that the targeted pension benefits will be adequately funded. If those contributions and the return on investments ultimately prove insufficient to pay for the benefit targeted ,the trustees would have to consider reducing the benefit level.
In accordance with the BC Pension Benefits Standards Act, the Plan must file actuarial valuations with the Regulator every three (3) years. The next filing will be based on the Plan's position at December 31, 2012, and that valuation is required to be filed by September, 2013. |
