The MSPP is 100% union sponsored and trusteed by the Canadian Union of Public Employees (CUPE) and the Service Employees International Union (SEIU). The Sponsors are not responsible for the administration of the Plan or the investment of Plan assets. Rather, the Sponsors appoint a Board of Trustees (the "Board") whose role it is to act in the best interest of the Plan members and to ensure the Plan is well managed. The Board's oversight of the Plan includes holding quarterly Board meetings and filing regulatory documents such as audited financial statements, actuarial valuations and the Statement of Investment Policy and Procedures.
One of the Board's key responsibilities is to choose experts to help run the Plan. Once it has selected these professionals, it is up to the Board to manage them and monitor their performance. For a current list of the Board members and professional advisors, see here.
The Board recognizes that the Plan is a key component of a member's financial security during retirement. The mission of the Board is to provide Plan members with much-deserved retirement benefits by acting in the best interest of Plan members and ensuring the MSPP is well managed.
Under the terms of the Plan, the Board has the power to change the Plan at any time in accordance with Ontario's Pension Benefits Act and the federal Income Tax Act. This includes changing the Plan rules to comply with pension legislation, increasing benefit levels if the Plan has more than enough funds, or reducing benefit levels for current and former members (including pensioners), if the Plan does not have enough funds to pay the targeted-level of benefits- or if contributions are reduced or discontinued.
Although the Board is the legal Plan administrator, it retains InBenefits as a third-party administrator. InBenefits is responsible for the Plan's day-to-day administration including record keeping, processing benefit applications, communicating with members and providing compliance with regulatory requirements.
InBenefits should be your main contact if you have questions about the operation of the plan, calculation of benefits entitlements, or if you need to obtain applications for benefits. InBenefits also works with Board on plan management, consulting, dealing with pension regulators, and managing projects s needed.
The Board also retains a custodian, CIBC Mellon Global securities Services Company, to hold and keep record of the Plan's assets.