Annual General Meeting Wednesday, June 11, 2014
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
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 Non-Active Member Trustee Helen Quinn 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
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
Acceptance of 2013 Minutes Steven Gaetz
2013 Financial Statements Gregory Ozechowsky
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
Financial Statements Highlights – Retirement Plan Canadian Real Estate 10% Equities 29% Mortgages 14% Cdn Equities US Equities Int'l Equities Bonds Mortgages Real Estate US Equities 16% Bonds 23% Int’l Equities 8%
Appointment of Auditors Barry Miller Craig & Ross, Chartered Accountants
Election of Trustees Ron Brown 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.
Plan Consultant’s Report ACTUARIAL TEAM ADMINISTRATIVE TEAM Dennis Ellement Wendy Bonner Brandon Ellement Sara Vandenberghe Laura Reimer
Draft Financial Position as at December 31, 2013 ����������������������� ����������� ����������� ������������������������� $����� !"� �" #� $��� �"#��"�#% ���������&����&�'&�&�( ������ ) *"�+�"*�*, ���� ) �"+++"+%�, ���-��.���/)�0��01�1��&�'&�&�(,��������12���3�0�� $������� �"�%�"! * $����� �"� +"#!# ���4�01�1����&�� �� 5!6 ���5!6 -������7���-� ����������� ����������� ������������������������� $����� !"� �" #� $��� �"#��"�#% ���������&����&�'&�&�( ������ )+�"###"!*#, ���� )+�"�!#"�#%, ���-��8�0�(�������9����/)���&�&�0�(,��������12���3�0�� $������ )�" �+"�%+, $�� )��"+!*"���, ���-��8�0�(����&� %�5�6 #%5+6
Participating Agencies as at December 31, 2013 79 agencies participate Pension only – 25 Group Benefits only – 26 Pension & Group – 28 Pension only Group Benefits only Pension & Group
Pension Plan Membership as at December 31, 2013 �!� �*� ���&8�� � � �������1������� ��3'��������3'��� ��� <�0�&�0��������� ��� !� *� � �� � �+����% ������ �+����% ������ �+����% ���� +��� % +����+ ++���+% *����* *+���*% #����# #+���#% !����! !+���!% %����% %+���%% �:��;�01 866 active members 286 deferred members 286 pensioners 1,438 Total Plan Membership
Rate of Return as at December 31, 2013 ��5�� �+5�� ��5�� +5�� ��������������� �5�� )+5��, )��5��, )�+5��, )��5��, ���� ���� ���� ��� ���+ ���* ���# ���! ���% ���� ���� ���� ���� ������������� �����������������0 �<� ������&�0����� =&����&�����8���:� • Average asset performance has been higher than expected • Bond interest rates remain at historical lows
Asset Mix 31-Dec-2013 ���? ���> #5!#6 �5� 6 ;�01 ��5�#6 �-�? �+5++6 Change in Asset Class Holdings $�"+��"��� ���� � 5�*6 $�"���"��� �1�? �!5�*6 $�"+��"��� ����������� %5#+6 $�"���"��� $�"+��"��� ���? ���> #5!�6 �5!!6 $�"�� "! �� $�"���"��� �-�? ��5+!6 $�"�� "��!� ;�01 $+��"��� $+ �"++!� � 5��6 $# "%*�� $#��"*+%� $*�%"���� $� $)�� "�* , )$+��"���, ���> ;�01 ���� ����������� �1�? �-�? ���? �1�? ��5�*6 ���� � 5*�6 ����������� %5!�6 31-Dec-2012
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.
Group Benefit Plan Report Jane Helbrecht, AQ Group Solutions
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
Group Benefit Plan Report Three Year Review 2012 2013 2014 Basic Life 17.6% No No Insurance Decrease Change Change AD & D 6.3% No No Decrease Change Change Long Term 24.4% No No Disability Decrease Change Change
Group Benefit Plan Report Three Year Review 2012 2013 2014 Health Care 2.8% No 1.8 % Benefit Decrease Change Decrease Dental Care 5.9% No 7.22% Benefit Decrease Change Increase
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%
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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