The President of Treasury Board and Minister of Finance (the Minister), is the statutory administrator of MEPP, and holds all assets of the Plan in trust to provide benefits pursuant to the Plan and to meet Plan costs.
The Public Sector Pension Plans Act (PSPPA) sets out the main objectives of the Board with respect to funding, administration, investments and amendments to the Plan.
As outlined in the PSPPA, the Government of Alberta (GoA) has given the Management Employees Pension Board (MEPB or the Board) the following responsibilities:
- Advise the Minister on any pension matter that is of interest to those entitled to benefits under MEPP.
- Consult with the Minister with respect to:
- amending or repealing and replacing Plan rules, including adjusting contribution rates to ensure the Plan is funded;
- conducting an actuarial valuation with respect to MEPP and the Public Service Management (Closed Membership) Pension Plan (PSM(CM)PP);
- proposed changes to the Public Sector Pension Plans (Legislative Provisions) Regulation; and
- the costs to be charged for the administration of MEPP and the PSM(CM)PP.
- Review MEPP and PSM(CM)PP appeals of administrative decisions provided by the Plan’s benefit administrator, Alberta Pensions Services Corporation (APS), in accordance with the delegation from the Minister, set out in Ministerial Authorizations 05/94 and 01/95 established pursuant to the PSPPA.
- Set general policy guidelines such as the MEPP Investment Policy investment Policy (IP) on the investment and management of the MEPP fund that it considers should be followed.
- Set general policy guidelines on the administration of MEPP that it considers should be followed.
The responsibility of the Board’s Investment Committee (IC) is to review the investment results of the Plan’s fund with Alberta Investment Management Corporation (AIMCo) with the assistance of the Board’s investment consultant. The IC also establishes the MEPP IP, including the asset mix, which is reviewed on an annual basis and makes recommendations to the Board on changes it believes are required to prudently manage the Plan.
AIMCo provides investment management services to the Plan under an investment management agreement with the Minister. AIMCo invests the Plan’s funds for the benefit of Plan members, subject to legislation and the MEPP IP, set by the Board.
APS provides pension administration services to the Plan under a delegation from the Minister. APS provides benefit administration for members, pensioners and employers, including receiving and reconciling pension plan contributions, maintaining membership records, paying pensions, and providing information to members, pensioners and employers.