A number of parties are responsible for ensuring that the Funds are maintained in a financially sound way that will provide pension earnings and health benefits for members over the long term. They include:
The Board of Trustees has overall responsibility for the Pension and Welfare Funds, including supervision of the administration services provider, the investment managers and others. The Board is also responsible for the approval of the annual audited financial statements. The Board is currently made up of:
The administration services provider operates the Funds and Plans day-to-day, and is responsible for preparing financial statements, in accordance with generally accepted accounting principles. The administration services provider develops and maintains systems for internal accounting and administrative control. The administration services provider is responsible for handling benefit payments in accordance with the Plans' documents.
The actuary is appointed by the Board of Trustees and carries out an annual valuation of the Pension Plan's actuarial liabilities in accordance with accepted principles. This involves analyzing the benefits to be provided under the Pension Plan. The actuary uses assumptions about future economic conditions (such as inflation and investment return), demographic factors (such as mortality rates and retirement age) and other factors. The actuary is engaged to conduct studies on the Health & Welfare Plan's long term liabilities.
The external auditor is appointed by the Board of Trustees. The auditor's responsibility, the scope of their examination and their opinion is set out in the Auditors' Report.
The custodian holds the Pension Fund's assets and executes trades under the direction of the Pension Fund's investment managers. The custodian is appointed by the Board of Trustees.
The Steering Committee assists the Board of Trustees by managing and monitoring the progress of Board agenda items. The Board of Trustees may resolve that the Steering Committee is able to make decisions in emergencies, subject to an emergency protocol approved by the Trustees. The Steering Committee acts as the Audit Committee for the Funds.
The Audit Committee meets with the administration services provider and the external auditor to review the financial statements and examine other auditing and accounting matters. The Audit Committee examines the quality of the financial statement disclosure, the accounting principles applied and any significant judgments affecting the financial statements. Audited Financial Statements are approved by the Board of Trustees.
The Board's Investment Committee reviews the Funds' asset mix and makes recommendations regarding asset mix and investment manager structure.
The investment managers each manage a portfolio of assets on behalf of the Pension or Health & Welfare Fund, within guidelines set by the Board of Trustees through a Statement of Investment Policies and Procedures. The investment managers are appointed by the Board of Trustees. The investment managers' performance is monitored by the Investment Committee and the Board of Trustees.
The Benefit Committee reviews the benefits provided by the Health and Welfare Plan. It examines funding of the Plan and makes recommendations concerning benefit improvements.
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