Alberta Pensions Services Corporation
Encyclopedia
Alberta Pensions Services Corporation, or APS, is a pension
administration entity located in Edmonton
, Alberta
, Canada
. On behalf of the Government of Alberta, APS administers seven statutory public sector pension plans and two supplementary retirement plans.
In 1995, Alberta Pensions Administration Corporation (APA) was incorporated under Alberta's Business Corporations Act with the Government of Alberta as the sole shareholder.
In 2009, Alberta Pensions Administration Corporation changed its name to Alberta Pensions Services Corporation.
services to 500 participating employers across Alberta and pension-related services to approximately 304,000 members and pensioners.
These services include:
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
administration entity located in Edmonton
Edmonton
Edmonton is the capital of the Canadian province of Alberta and is the province's second-largest city. Edmonton is located on the North Saskatchewan River and is the centre of the Edmonton Capital Region, which is surrounded by the central region of the province.The city and its census...
, Alberta
Alberta
Alberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. On behalf of the Government of Alberta, APS administers seven statutory public sector pension plans and two supplementary retirement plans.
History
The Public Service Pension Administration was originally a division within the Alberta Treasury Department (now Alberta Finance).In 1995, Alberta Pensions Administration Corporation (APA) was incorporated under Alberta's Business Corporations Act with the Government of Alberta as the sole shareholder.
In 2009, Alberta Pensions Administration Corporation changed its name to Alberta Pensions Services Corporation.
Governance
The Government of Alberta is the sole shareholder of Alberta Pensions Services Corporation. APS has a Board of Directors composed of 10 members: the Chair, one director nominated by each of the Local Authorities Pension Plan (LAPP), Public Service Pension Plan (PSPP), Management Employees Pension Plan (MEPP) and Special Forces Pension Plan (SFPP) boards; a representative of the shareholder; and four independent directors who are not employed by the Government of Alberta.Pension Administration
APS currently provides pension administrationPension Administration
Pension administration in the United States is the act of performing various types of yearly service on an organizational retirement plan, such as a 401, profit sharing plan, defined benefit plan, or cash balance plan...
services to 500 participating employers across Alberta and pension-related services to approximately 304,000 members and pensioners.
These services include:
- Contributions and records maintenance
- Member, pensioner and employer communications
- Benefit calculations
- Benefit disbursements
- Plan board support, including legal services
- Policy development and implementation
- Communications design and delivery
- Compliance, regulatory and plan financial reporting
The Plans
APS administers the following plans on behalf of its sole shareholder, the Alberta Minister of Finance:- Public Service Pension Plan (PSPP) – established in 1947, this plan is for employees of the Alberta government and other public service organizations.
- Local Authorities Pension Plan (LAPP) – this plan was established in 1962 for employees of local authorities in Alberta including cities, towns, villages, municipal districts, hospitals, colleges, school boards and many other public service organizations. LAPP is the largest public sector pension plan in the province.
- Management Employees Pension Plan (MEPP) – the foundations of this plan were established in 1972. Then known as the Public Service Management Pension Plan for management employees of the Alberta government and other public sector organizations. In 1994 the Plan changed and was renamed MEPP.
- Special Forces Pension Plan (SFPP) – established in 1979 for police officers, police chiefs, and deputy chiefs employed by local authorities in Alberta.
- Provincial Judges and Masters in Chambers Pension Plan (Registered) and Supplementary Retirement Plan for Provincial Judges and Masters in Chambers (Unregistered); collectively known as the “Judges Pension Plan” – the registered part of the Plan provides benefits up to the maximum allowed for registered pension plans under federal tax rules. The unregistered part of the Plan provides benefits in excess of those limits. Established in 2001 with provisions retroactive to April 1, 1998, the Judges Pension Plan replaced the Provincial Judges and Masters in Chambers Pension Plan established September 1, 1988. Prior to that, judges and masters in chambers contributed to the Public Service Management Pension Plan.
- Supplementary Retirement Plan for Public Service Managers – established on July 1, 1999, this plan provides additional pension benefits to public service managers of designated employers who participate in the Management Employees Pension Plan (MEPP) and whose annual salary exceeds the yearly maximum pensionable earnings limit under Canada’s Income Tax Act.
- Public Service Management (Closed Membership) Pension Plan (Closed Plan) – established in 1972 for management employees of the Government of Alberta and approved agencies, boards and commissions. In 1993, new legislation divided the plan into the Public Service Management Pension Plan (Closed Plan) and the Management Employees Pension Plan (MEPP). Members who left the plan or retired before August 1, 1992, as well as those who had 35 years of pensionable service by August 1, 1992, became members of the Closed Plan. Funding for the Closed Plan is the responsibility of the Government of Alberta. Active members as of August 1, 1992 became members of MEPP.
- Members of the Legislative AssemblyLegislative Assembly of AlbertaThe Legislative Assembly of Alberta is one of two components of the Legislature of Alberta, the other being the Queen, represented by the Lieutenant-Governor of Alberta. The Alberta legislature meets in the Alberta Legislature Building in the provincial capital, Edmonton...
Pension Plan – active participation in this plan ended in 1989, and the plan was closed.