Board committees
The Teachers' Pension Board of Trustees has several committees that make recommendations to the board on issues affecting BC's Teachers' Pension Plan.
Members of the Teachers' Pension Board of Trustees participate in board committees, which meet regularly throughout the year to review specific areas of pension plan governance. These committees make recommendations to the board and approve matters through the authority delegated to them by the board.
Trustees may also participate in interplan committees, which include representatives from other public sector pension plans.
Trustees serve on the following committees:
Benefits and communications committee
The benefits and communications committee reviews plan rules that affect benefit entitlements and pension plan policies related to benefit administration, and recommends changes as required. The committee also reviews post-retirement group benefit rules and recommends changes to plan design, coverage levels and cost structure. The committee reviews communications and provides direction on communications matters. Under authority delegated by the board, the committee makes benefits and communications decisions and provides direction to British Columbia Pension Corporation and Green Shield Canada (the plan's retirement health coverage carrier) on benefits and communications issues.
Governance committee
The governance committee helps the board fulfill its governance responsibilities by formalizing regular consideration of issues such as board policy development and review, risk management review, the board's strategic planning mechanism and development of the board’s self-assessment tools.
Interplan executive forum
The executive forum discusses areas of common interest among College, Municipal, Public Service and Teachers' pension plans and provides an opportunity for board chairs, vice-chairs and senior administrators from their secretariats to keep up with the activities of the boards.
Interplan audit committee
This committee includes representatives from the College, Municipal, Public Service and Teachers’ pension boards of trustees, and:
- Monitors and reports to the boards about the compliance of financial statements to generally accepted accounting principles
- Recommends and monitors the performance of an independent auditor
- Identifies, monitors and reports to the boards on the management of the principal risks that could affect the financial reporting of the pension plans
Interplan executive committee
This committee facilitates communication to ensure that the College, Public Service and Teachers’ pension boards of trustees meet their common governance and operational requirements. It also oversees the operation of the Pension Board Secretariat.
Interplan investment committee
The committee provides a forum for considering investment issues common to the College, Public Service and Teachers’ pension boards of trustees. It can make recommendations to each pension board. The committee regularly considers investment industry trends, regulatory and legal developments, responsible investing issues, asset class reviews and updates on capital markets.
Interplan trustee education committee
This committee includes representatives from the College, Municipal, Public Service and Teachers’ pension boards of trustees. It provides opportunities and advice to trustees on developing knowledge and skills. It also works on common educational issues.