The Public Service Pension Board of Trustees has five committees that make recommendations to the board on issues affecting BC's Public Service Pension Plan.
Members of the Public Service Pension Board of Trustees participate on board committees, which meet regularly throughout the year to review specific areas of pension plan administration. They make recommendations to the board and approve matters through the authority delegated to them by the board.
There are five committees:
- Interplan audit
- Interplan investment
The benefits committee reviews plan rules that affect benefit entitlements and pension plan policies related to benefit administration, and recommends changes as required. The committee also reviews post-retirement group benefit rules and recommends changes to plan design, coverage levels and cost structure.
The communications committee is responsible for regular, clear and concise communications, and informing members about any changes to the rules or governance environment. It oversees the release and updating of plan communications materials, including the annual report, Report to Members and Pension Life.
The governance committee considers board policy, tools and processes for board and committee self-assessment, risk management and other matters. The committee also reviews service agreements.
Interplan audit committee
The interplan audit committee includes representatives from the College, Municipal, Public Service and Teachers’ pension boards of trustees. Its mandate is to provide:
- A timely and cost-effective system of accounting and reporting
- Financial statements conforming to generally accepted accounting principles
- An independent audit of the financial statements
- Audited financial statements, which are published in the annual report
The committee provides financial oversight by:
- Monitoring and reporting to the boards on the integrity of reporting, internal controls and compliance
- Monitoring and reporting on the independence and performance of external auditors
- Monitoring and reporting on risk management as it affects financial reporting
- Recommending the selection and compensation of external auditors
- Addressing matters referred to the committee by the College, Municipal, Public Service or Teachers’ pension boards of trustees
Interplan investment committee
The interplan investment committee provides a forum for considering investment issues common to the College, Public Service and Teachers’ pension boards of trustees. It can make recommendations to each pension board on matters such as investment policy and procedure statements, and investment issues identified by a pension board, British Columbia Investment Management Corporation or the committee itself.The committee regularly considers investment industry trends, regulatory and legal developments, responsible investing issues, asset class reviews and updates on capital markets.