*May be reviewed earlier as required
| Policy Number: | GP 20 | Approve Date: | September 2025 |
| Review Frequency: | Triennial
*May be reviewed earlier as required |
Effective Date: | Oct. 1, 2025 |
The Pension Compliance Committee (PCC) is established in accordance with the Employment Pension Plans Act (EPPA), the Employment Pension Plans Regulation (EPPR) and common law.
The PCC is delegated authority from Council via Bylaw 3.
3.1. The PCC is comprised of the following College of Registered Nurses of Alberta (CRNA) employee members:
3.2. The Senior Financial Officer (SFO) shall serve as PCC Chair.
3.3. The PCC Chair is the direct liaison between the PCC, Finance & Audit Committee (FAC) and Council for all PCC-related matters.
3.4. The PCC Chair is responsible for the addition or removal of internal delegates based on changes in defined committee composition roles as identified in clause 3.1.
In the event of organizational structural changes that impact position titles or reporting relationships, the Chair of the PCC is responsible for the addition or removal of CRNA and ARNET employee members or internal delegates. These adjustments will be made in accordance with changes to employment status in roles defined under clause 3.1 of the committee composition, ensuring alignment with the updated organizational structure.
4.1. The PCC is authorized to establish a working group to support the PCC in carrying out its pension plan administrator role.
4.2. The PCC Working Group members require the necessary skills and education to perform all pension administration functions to comply with legislation and regulation.
The PCC Working Group shall consist of up to six internal delegates from CRNA, selected based on their functional responsibilities within the organization. Representation will include individuals with expertise in the areas of financial management, people and culture, and compensation and benefits administration.
4.3. The Director, People and Culture, serves as the PCC Working Group Chair.
5.1. The term of office for internal delegates is ongoing, based on employment in the roles that comprise committee membership.
6.1. The Chair is responsible for:
6.2. The PCC will operate under the following recommendation processes:
6.2.1. Recommendations will be based on pension legislation, compliance, and guidance from expert external agents.
6.2.2. Recommendations will guide pension policies and pension administration and ensure priorities and outcomes are achievable.
6.2.3. The PCC will be timely and efficient in making recommendations that are based on legislation and best practices within the pension industry, while focusing on the primary purpose of the pension plan.
7.1. Quorum is a majority of members and must include the Chair.
7.2. Quorum must be present to put a recommendation forward for a vote.
7.3. All decisions are made by majority vote.
8.1. The PCC will meet a minimum of four (4) times per year to review pension administration and compliance.
8.2. The PCC will meet a minimum of two (2) times per year with the auditors, including the pre- and post-audit meeting.
8.3. The PCC will meet a minimum of one (1) time per year with the fund holder investment manager to review/discuss investment performance and one (1) time per year to review/discuss the stewardship report.
8.4. The PCC will meet a minimum of one (1) time per year with the actuary to discuss the annual pension governance compliance report and pension compliance calendar.
8.5. The PCC Working Group will meet at least eight (8) times per year to perform their body of work throughout the year.
The PCC administers the pension plan of the College and Association of Registered Nurses of Alberta (CARNA) operating as the College of Registered Nurses of Alberta (CRNA) and participating employer, the Alberta Registered Nurses Educational Trust (ARNET). The PCC assists Council to meet its legislated fiduciary responsibilities as the pension plan sponsor and as plan Administrator. The PCC reviews and makes recommendations to Council as appropriate but is not delegated the authority to make decisions on behalf of Council. For matters related to the financial health of the pension plan, the PCC will review and make recommendations to FAC as appropriate but neither party is delegated the authority to make decisions on behalf of Council. All categories below comprise the pension administration duties administered by the PCC.
9.1. Education
Council and the PCC must have the necessary skills and knowledge needed to properly administer the plan. All PCC members are required to demonstrate they have continuously increased their pension-related knowledge, skills and education to ensure informed and knowledgeable decisions are made on matters related to the plan.
To support educational requirements of PCC members, CRNA:
9.2. Pension plan administration
9.2.1. Review and recommend changes, when necessary, to the pension plan governance policy.
9.2.2. Review and recommend amendments, when necessary, to the pension plan (including text) to meet legislated changes.
9.2.3. Review and verify amendments to and/or reinstatements of the pension plan’s text.
9.2.4. Ensure pension plan administration activities are completed in compliance with EPPA, EPPR and common law.
9.2.5. Review the pension plan’s annual reports in accordance with the pension plan compliance calendar.
9.2.6. Review the audited pension fund financial statements, including the audit findings report.
9.2.7. Solicit submissions from external agents for presentation and review.
9.2.8. Present recommended proposals to FAC and/or Council, for approval, to retain such external agents and document the selection process.
9.2.9. At least once every three years, review the performance of external agents based on service contracts and established standards.
9.3. Pension fund investments
9.3.1. Review and recommend changes, when necessary, to the pension plan statement of investment policies and procedures (SIPP).
9.3.2. Conduct an in-depth review of the asset mix at minimum every five years.
9.3.3. Review the semi-annual investment manager report conducted by Fund Holder investment manager and recommend further discussion when required.
9.3.4. Recommend changes to the Fund Holder investment manager when necessary.
9.3.5. Review and inform FAC on investment performance annually as part of the pension plan assessment and compliance report.
9.4. Pension plan funding
9.4.1. Review and recommend changes, when necessary, to the pension plan funding policy.
9.4.2. Review the actuarial method and assumptions to ensure compliance with the pension plan funding policy.
9.4.3. Review and recommend, when financially appropriate, supplementary contributions to achieve the funding policy targeted solvency ratios as determined by the actuary.
9.5. Actuarial matters
9.5.1. Review and recommend changes, when necessary, to the pension plan actuarial assumptions and methodologies.
9.5.2. Present the actuarial valuation report to FAC for their review and recommendation to Council.
9.5.3. Upon Council’s approval of the actuarial valuation report, the chair of the PCC will advise the actuary to file the actuarial valuation report with the appropriate regulatory authorities.
9.5.4. Recommend changes to the actuary when necessary.
9.6. Pension compliance
Evaluate the administration of the pension plan through an annual pension plan assessment and compliance report to Council in annually, which includes the pension plan compliance calendar.
10.1. The PCC is accountable to Council and provides reporting on matters related to the governance and administration of the pension plan.
10.2. Recommendations from the PCC will be supported by analysis and documentation prepared by the PCC for the FAC’s review and recommendation to Council as appropriate.
10.2.1. The PCC will present the findings and recommendations of investment reviews, audit findings, and actuarial assessments to the FAC for reporting to Council.
10.2.2. The PCC will act as a liaison with the external auditors during the annual pension fund audit.
10.2.2.1. The PCC will recommend to the FAC for approval: