Transcript WELCOME! [www.bellpensionersgroup.ca]

WELCOME!
Ottawa Chapter
Spring Meeting
29 May 2012
AGM Agenda
9:30
9:35
10:25
10:45
11:05
11:55
12:30
Welcome & Review of Agenda
Introduction of Guest Speaker
Treasurer’s Report
~ Break ~
Pension Update: BPG President’s
Report, Q & A
Ottawa Chapter Update, General Q & A
Meeting Close
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Keynote Speaker
Larry Elliot
Borden, Ladner, Gervais LLP
Insurance Issues for Pensioners
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Ottawa Chapter- Financial Report
May 29, 2012
Don Dutton
Ottawa Chapter Treasurer
Presented by
Harvey Hillier
29 May 2012
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President's Report
May 2012
Bob Farmer
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Contents
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Plan Performance
Lowering Pensioner Risk
Federal Budget
Pension Information Committee
BPG Board
Q&A
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Plan Performance
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Plan Valuation Report
– as of Dec 31, 2010
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2004-2010 trend
Solvency shortfall:
$1518M
Solvency ratio:
88.5%
11.4% return on
assets
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Plan Performance
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Performance for 2011
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2011 plan valuation available after June
Larger costs in 2011, than in 2010, to provide the same
pension benefit in future years
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Increases plan liabilities by about $780M
Return on Assets: about 5% (2.8% for Jan-June)
Voluntary contributions
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Prepayments to help manage funding obligations
$750M in 2011
$2B total in last three years
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Voluntary Contributions Reduce
Solvency Shortfall ($M)
Voluntary Contributions:
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2009:
2010:
2011:
$500M
$750M
$750M
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Lowering Pensioner Risk
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The Risk
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Lower pension payments when sponsor goes out of
business and plan is underfunded
Sources of Risk
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Poor plan management
Poor market performance
Weak legislation/regulation
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Plan funding
Sponsor bankruptcy
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The Legislative/Regulatory
Challenge
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Plan funding rules
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Improved, but imperfect
Sponsor Bankruptcy
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Pensioners have low priority, so little chance to improve
pension funding in bankruptcy proceedings
Strong opposition to improving pensioner priority
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If pensioner priority improved, others are relatively worse off
Including lenders, bondholders
Political Environment generally unwelcoming to change
But there are opportunities for improvements
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Current Opportunities
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Bill C-331
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Private member's bill (NDP)
Would put pensioners ahead of all other unsecured
creditors
Indalex Case in Supreme Court (June 2012)
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Emphasizes fiduciary obligations of plan
sponsor/administrator
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Pensioners ranked ahead of secured creditor
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General application
Fact dependent
BPG, through CFP, intervening
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Federal Budget
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Old Age Security (OAS)
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Pension payment can be affected, at pensioner
option, due to OAS
Change: age of eligibility increased from 65 to 67,
starting in 2023
Implications
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None for current pensioners
Pension payments modified for those retiring after 2023
opting for “integrated” payments
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Federal Budget
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Long Term Disability
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Currently, LTD payments come from employer
revenues
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Change: federally-regulated employers (like Bell) will
be required to insure LTD payments
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If employer ceases, so do payments
LTD payments would not be linked to continued existence of
employer
Result: Greater security for those retiring with LTD
benefits, after legislation is enacted
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Timing to be determined
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Pension Information Committee
PIC: committee of employee/pensioner reps to whom
Bell provides information regarding the pension plan
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June: In Touch will give pensioners chance to
nominate PIC reps from July 2 to Aug 3
Aug 13 to Sept 7: voting for nominees
October: In Touch provides election results
BPG supports election of
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Quebec: Michel Doyon and Yvan Dutrisac
Ontario: Allison Henriques and Sue Dawes
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Be sure to vote!
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BPG Board
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Departures
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André Bergeron (Communications)
George Craig (Treasurer)
Yvan Dutrisac (Chair: Montreal Chapter)
Arrivals
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Penny Gilray (Treasurer)
Roberte Cadieux (Communications)
Louise Touchette (at large)
Charlie Labarge (at large)
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BPG Board
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Bob Farmer (President)
Dan McDonald (Vice-President)
Penny Gilray (Treasurer)
Lancy Hum (Secretary)
Sue Dawes (Pension Committee)
Roberte Cadieux (Communications)
Bob Bartlett (PC, Nominations)
Linda Gervais (PC)
Ron Hunt (Governance)
Jean Luc Geha (Audit)
Michel Doyon (Audit)
Louise Touchette (Nominations)
Charlie Labarge (at large)
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PLUS
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BPG Board (cont’d)
PLUS:
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Chapter Chairs
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Marlyn Easterbrook (Ottawa)
Titus Ramkhalawansingh (Toronto)
Frank Bible (SWO)
Robert Guay (Montreal)
Yvan Pacaud (Quebec City)
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Questions?
29 May 2012
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Ottawa Chapter Update
Presented by Marlyn Easterbrook
Ottawa Chapter Chair
29 May 2012
29 May 2012
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Ottawa Chapter Executive
CHAIR
Vice Chair
Past Chair
Treasurer
Secretary
Membership Coordinator
Webmaster
Marlyn Easterbrook
Ron Hunt
Marc Davidson
Don Dutton
Geraldine Foot
Ed Wilton
Terry Acker
………..continued
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Ottawa Chapter Executive
Members at Large
John Campbell
Clair Collis
John Elliot
David Fair
Harvey Hillier
Lancy Hum
Garry Logue
George McDougall
Brian McClean
Keith Thuell
Kingston Committee Tina Phillips, Jackie Machin,
Donna Anderson, Margaret Bryant, Betty Gauthier
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BPG Election of Board of Directors
The current Board of Directors approves and
recommends the following Directors for the
2012 / 2013 Board………
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BPG Election of Board of Directors
Existing Members
Ontario
Bob Bartlett
Sue Dawes
Bob Farmer
Quebec
Michel Doyon
Jean-Luc Geha
Linda Gervais
Lancy Hum
Ron Hunt
Dan McDonald
………….continued
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BPG Election of Board of Directors
Existing Members (continued)
Chapter Chairs
Robert Guay
Marlyn Easterbrook
Yvan Pacaud
Frank Bible
Titus Ramkhalawansingh
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Montreal
Ottawa
Quebec City
Southwest Ontario
Toronto
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BPG Election of Board of Directors
New Members
Ontario
Penny Gilray
Charlie Labarge
Quebec
Roberte Cadieux
Louise Touchette
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BPG Election of Board of Directors
Motion:
“That the membership of Bell Pensioners’
Group elect the slate of Directors for the
2012/2013 BPG Board as approved and
recommended by the current Board of
Directors.”
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STAY INFORMED !
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Website
www.bellpensionersgroup.ca
New BPG Brochure
See website, under “Membership” tab
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PIC NOMINATION AND VOTING
Nomination: July 2 to Aug 3
Mail in form with pre-addressed envelope included
with your In Touch
Voting: Aug 13 to Sept 7
Make sure you read your In Touch for the
procedures
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HOMEWORK……
Keep informed !
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Visit our website at www.bellpensionersgroup.ca
get the latest news from BPG
access the site of your local chapter
check for meeting dates
read reports from your local PIC reps
read and share our brochure
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…….HOMEWORK
Keep informed !
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Read our newsletters and our emails
(make sure we have your correct email)
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Read your In Touch for information on BPG
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QUESTIONS &
ANSWERS
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BPG General Meetings
Outside of Ottawa
Kingston
Wednesday 30 May 2012
Royal Kingston Curling Club
130 Days Road
Sudbury
Fall 2012, TBA
North Bay
Fall 2012, TBA
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NEXT MEETING
Tuesday, 27 November 2012
Nepean Sportsplex Salon B
Tax Retirement Planning for Seniors
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