Annual General Meeting Wednesday, June 11, 2014 Todays Agenda - - PowerPoint PPT Presentation

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Annual General Meeting Wednesday, June 11, 2014 Todays Agenda - - PowerPoint PPT Presentation

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Annual General Meeting Wednesday, June 11, 2014 Todays Agenda Introductions............................................Steven Gaetz Acceptance of 2013

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Annual General Meeting Wednesday, June 11, 2014

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Today’s Agenda

Introductions…..………………………..........................................Steven Gaetz Acceptance of 2013 Minutes……..….………….........................Steven Gaetz Presentation of Financial Statement…....................Gregory Ozechowsky Appointment of Auditors…………….........................................Barry Miller Election of Trustees…..…..……………….......................................Ron Brown Pension Plan Consultant’s Report.............................................. Ellement Group Benefit Plan Report..…………………………………..AQ Group Solutions Chair’s Comments...…………..................................................Steven Gaetz Question Period New Business Lunch To Follow

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Introductions – Board Members

Name Position Company

Steven Gaetz – Chair Employer Trustee

  • St. John Ambulance

Phil Chiappetta - Vice Chair Employer Trustee Rossbrook House Linda Lalande Employer Trustee Immigrant Centre Manitoba Inc. Susan Lewis - Secretary Standing Member United Way of Winnipeg Angela Bishop Benefits Trustee United Way of Winnipeg Aida De la Cruz Benefits Trustee Family Dynamics Barry Miller Active Member Trustee Rady Jewish Community Centre Helen Quinn

Non-Active Member Trustee

Retired from Volunteer Manitoba Inc. Gregory Ozechowsky Trustee at Large CIBC Wood Gundy Inc. Cliff Fox Trustee at Large Retired Actuary Ron Brown Trustee at Large Boys and Girls Clubs of Winnipeg

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Introductions

Office/Benefits Administration

– Kim Larsen

Benefit Consultant

– Jane Helbrecht, AQ Group Solutions

Pension Plan Consultant

– Dennis Ellement, Ellement

Great West Life

– Meeting Hosts – room, equipment, lunch – Investment Services – pension assets

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Acceptance of 2013 Minutes

Steven Gaetz

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2013 Financial Statements

Gregory Ozechowsky

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Financial Statements Highlights – Retirement Plan

Increase in assets

2013 2012 Contributions $4,039,540 $3,720,403 Investment income 5,881,470 2,728,704 9,921,010 6,449,107 Decrease in assets Pensions, Annuities & Death Benefits 1,431,248 1,334,407 Terminations Benefits 1,713,127 667,549 Administrative Costs 135,542 137,720 3,279,917 2,139,676 Net Increase in Assets 6,641,093 4,309,431 Net assets available for pension benefits $48,342,472 $41,701,379

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Financial Statements Highlights – Retirement Plan

Canadian Equities 29% US Equities 16% Int’l Equities 8% Bonds 23% Mortgages 14% Real Estate 10% Cdn Equities US Equities Int'l Equities Bonds Mortgages Real Estate

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Appointment of Auditors

Craig & Ross, Chartered Accountants Barry Miller

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Election of Trustees

Phil Chiappetta from Rossbrook House has been elected by acclamation for an Employer Trustee position. Barry Miller CMA, from Rady Jewish Community Centre has been elected by acclamation for an Active Member Trustee position. Greg Ozechowsky CIM, FCSI from CIBC Wood Gundy accepted the invitation from the board to serve another term as Trustee at Large. Steven Gaetz accepted the Board of Trustees approved request to extend his term for another two years.

Ron Brown

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Plan Consultant’s Report

ACTUARIAL TEAM ADMINISTRATIVE TEAM

Dennis Ellement Wendy Bonner Brandon Ellement Sara Vandenberghe Laura Reimer

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Draft Financial Position

as at December 31, 2013

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SLIDE 13

79 agencies participate

Pension only – 25 Group Benefits only – 26 Pension & Group – 28

Participating Agencies

as at December 31, 2013

Pension only Group Benefits only Pension & Group

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Pension Plan Membership

as at December 31, 2013

866 active members 286 deferred members 286 pensioners 1,438 Total Plan Membership

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Rate of Return

as at December 31, 2013

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  • Average asset performance has been higher than expected
  • Bond interest rates remain at historical lows
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Asset Mix

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31-Dec-2013 31-Dec-2012

Change in Asset Class Holdings

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Concluding Remarks

  • Funding Relief 1: Adopted the Non-Profit Sector Special Payments Exemption

Regulation (solvency exemption)

  • Funding Relief 2: Adopted the Special Payments Relief Regulations 2011

(extended amortization)

  • Funding Relief 3: Increased fully matched contributions rates in 2013 and in 2014

The Canadian Institute of Actuaries released a new mortality standard in 2014 which recognized increased longevity of members and hence an increase in liabilities. A task force has been established to review the Plan design and provide a recommendation no later than December 31, 2015. We are not aware of any other matters or subsequent events occurring since the completion of this Report which would materially adversely affect the financial position of the Plan as at December 31, 2013.

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Group Benefit Plan Report

Jane Helbrecht, AQ Group Solutions

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Group Benefit Plan Report

Group Benefits Plan Membership

Group Insurance Plan: 654 members 54 agencies in total Changes since December 31, 2012: 238 fewer members 2 new participating agencies

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Group Benefit Plan Report

Three Year Review

2012 2013 2014 Basic Life Insurance 17.6% Decrease No Change No Change AD & D 6.3% Decrease No Change No Change Long Term Disability 24.4% Decrease No Change No Change

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Group Benefit Plan Report

Three Year Review

2012 2013 2014 Health Care Benefit 2.8% Decrease No Change 1.8 % Decrease Dental Care Benefit 5.9% Decrease No Change 7.22% Increase

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Group Benefit Plan Report

Impact on Monthly Cost

Coverage 2013 2014 $ Difference % Difference $30,000 Single $128.44 $130.99 $2.55 1.9% $30,000 Family $195.69 $197.43 $1.74 0.9%

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Group Benefit Plan Report

Group Benefits Plan Experience

– 1 life claim paid out for members versus 0 in 2012 – 1 life claims paid out for dependents versus 0 in 2012 – 12 LTD claims approved at Great-West Life vs. 9 in 2012 – $335,556* Extended Health Care claims paid versus $359,877 in 2012 – $295,517* Dental Care claims paid out versus $363,713 in 2012

* Claims are for the 12-month period ending February 28, 2014

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Group Benefit Plan Report

Group Benefits Highlights

  • The Enhanced CAB Plan was introduced to existing

members during two information sessions on January 22nd this year.

  • Approximately 22 agencies attended the session and all

received information about the new plan by email communication.

  • Existing member agencies were able to participate in the

new enhanced plan beginning April 1, 2014.

  • The enhanced plan includes 3 health options, 4 dental
  • ptions, a weekly indemnity benefit, voluntary critical

illness coverage and executive benefits.

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Group Benefit Plan Report

Group Benefits Plan Report

  • 21 quotes have been completed for existing CAB member

agencies.

  • 5 agencies have transitioned to the enhanced plan.
  • 6 quotes have been completed for prospective agencies under

the enhanced plan options.

  • An information session for prospective agencies is being held

at the United Way Learning Centre on June 12th.

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Chair’s Comments

Steven Gaetz

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Chair’s Comments

Group Benefit Highlight’s for the Year:

  • In our second year with GWL as our Benefits

Underwriter we were able to maintain 2012 rates in 2013 and overall the plan increase for 2014 is 0.91%

  • Enhanced new plan offerings include Short Term

Disability and Executive Level coverage to help recruit and retain agencies

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Chair’s Comments

Group Benefit Highlight’s for the Year:

  • For the first time in a while, we are

recruiting new agencies

  • An information session for prospective

agencies is being held at the United Way Learning Centre at 2 p.m. on June 12th

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Chair’s Comments

Retirement Plan Highlight’s for the Year:

  • On Sept 25, 2013 the Board Elected 3 Year

Special Payment Relief (2013 to 2015) - no Special Payments during this time

  • Created and approved Terms of Reference and

instituted a Pension Task Force

  • The Task Force is looking at all forms of Plan

Reform including DB; DC; Shared Risk; Hybrid and Target Plans

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Chair’s Comments

Retirement Plan Highlight’s for the Year:

  • The Task Force set an aggressive timeline for Dec

2014 but we have until 2015

  • Board approved .5% increase to contribution

rates July 1, 2013

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2014 Annual General Meeting

Any Questions?

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2014 Annual General Meeting

New Business

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2014 Annual General Meeting

Thanks for coming Please join us for lunch