CARP has been keeping a close eye on pension changes in Alberta. This past week, Bernice Rempel, Chair of the Edmonton Chapter, represented CARP before the Standing Committee on Alberta’s Economic Future to review Bill 9 (Public Sector Pension Plans Amendment Act) and Bill 10 (Employment Pension Plans Amendment Act) on Thursday, June 5, 2014. The proposed changes in Bill 9 and 10 raised many concerns, specifically the proposals to change the early retirement formula, reduce of the Cost of Living Adjustments for active plan members, and place a firm cap on contribution rates, all of which together would fundamentally compromise the defined benefit structure of the affected plans.
Shortly after CARP raised the concerns in a meeting with Minister Horner on May 1, 2014, the Alberta government withdrew Bill 9 and 10. Instead, the bills were referred to the Standing Committee on Alberta’s Economic Future for further study. As result, the committee invited CARP to present on the Bills on June 5, 2014. Representing 13,000 CARP members in Alberta, Bernice Rempel delivered an excellent presentation on behalf of CARP, voicing CARP’s concerns and recommendations.