The mandate of the Finance & Audit Committee (“FAC”) is to advise the Executive Board on all financial matters, including investments, affecting the Conference and to approve on behalf of the Executive Board those financial strategies, contracts, and agreements delegated to it under Executive Board policies, and act on behalf of the Executive Board and oversee qualitative aspects of financial reporting, processes for the management of financial risk, control and audit functions, and compliance with policy and significant applicable legal, ethical and regulatory requirements.

The Canadian Mennonite Brethren Pension Plan (the “Plan”) was established on March 1, 1971, and has over 1,500 members. The Pension Advisory Committee was established in January 2022 to support FAC in undertaking a comprehensive review of the Plan. The Pension Advisory Committee comprises voting FAC members and several nonvoting employees of CCMBC Legacy Fund and makes recommendations to the Executive Board through FAC. As CCMBC is the sponsor and fiduciary of the Plan, the Executive Board has ultimate decision-making rights for Plan changes.

Following a comprehensive review led by a third-party pension consultant, the Executive Board approved several changes including the appointment of a new recordkeeper and fund manager.

Starting October 2024:

• Canada Life shall serve as pension recordkeeper. Canada Life also serves as CCMBC’s group benefits provider. CCMBC Legacy Fund will continue administering both plans.
• Fidelity Investments Canada shall serve as the investment manager. The Plan’s investment offering will move from a single balanced fund to a suite of target date funds.
• Plan members may open a Life Income Fund (LIF) or Registered Retirement Income Fund (RRIF) – registered accounts designed to pay plan members an income from their pension assets.

These changes mean:

• Easier access to planning tools and resources – members will see Group Benefits and Pension Plan information in one view.
• Streamlined customer service – members will get support from Canada Life’s health and wealth consultants.
• Lower fees.
• A new investment offering designed to help members reach a more financially secure retirement.
• More payment options at retirement to give members more choice with how their pension will be paid.

CCMBC is committed to offering enriching benefits, including a pension plan designed with employees’ best interests in mind. As we get closer to the transition date, Canada Life and CCMBC Legacy Fund will offer information sessions and resources in English and French.

Submitted by Jason Krueger on behalf of the Finance & Audit Committee,

Michael Dick, Chair

Cory Regier

Bertha Dyck

Tim Doerksen