Nurses' Pension to Remain With the MPP
The NBA pension review committee was established as part of Appendix K of the 2019-2022 Nurses' Bargaining Association (NBA) provincial collective agreement, to determine the viability of a new pension governance model.
The pension review process included consideration of extensive expert research and analysis. Throughout this process, protecting the integrity of nurses' pensions has remained one of the highest priorities for BCNU. Considering the MPP's strong investment performance and stable governance model, having the NBA nurse pension remain within the MPP as-is, without any changes, affords the most protection and long-term assurance to members.
There were three available options under review:
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Form a separate group within the MPP;
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Form a separate Nurses Pension Plan (NPP); or
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Remain status quo in the Municipal Pension Plan (MPP).
Group 6 within the MPP
The NBA pension review committee made a recommendation to form a group 6 within the MPP ((similar to police and fire) and brought forward this request to the plan partners – British Columbia Government, Union of British Columbia Municipalities (UBCM), and Municipal Employees Pension Committee (MEPC).
Nurses' Pension Plan
The NBA pension review committee completed the necessary steps to properly consider the option to form a separate NPP. It has determined that a NPP option is not a viable given the overwhelming complexity involved in withdrawing from the MPP including legal, financial, and administrative issues.
The NBA pension review committee concluded that the formation of a NPP could result in significant financial risk and liability for both BCNU and the retirees collecting their hard-earned pension.
Outcome
The plan partners confirmed that they would not support the creation of a separate group within the MPP.
BCNU sought legal advice on this decision by the plan partners and have since been advised that the chances of reversing the plan partners decision are highly unlikely.
Questions?
BCNU will be hosting virtual town hall events to hear directly from members, including those who have retired.
Please note these meetings will be recorded so BCNU can gather questions from all sessions and ensure members needs are being met with respect to pension planning.
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