Governance

Objectives and Principles

Pension plan governance is about delivering on the pension promise consistent with the pension plan documents and pension legislation. Pension legislation defines the pension plan administrator as the body ultimately responsible for the governance of the pension plan. Pension plan governance refers to the structure and processes for overseeing, managing and administering a pension plan to ensure the fiduciary and other obligations of the plan are met.

Governance Mission Statement

• To provide a pension benefit through collective bargaining that in conjunction with benefits from the Canada Pension Plan, the Old Age Security Pension and the Member’s personal investments allows the Member to maintain his current lifestyle throughout his retirement years.
• To administer the Plan and the Fund in a prudent and cost effective manner.
• To prudently invest the assets of the Fund for long-term growth at a minimum level of risk.

The Board of Trustees are the administrator of the Plan and while administering the Plan, the Board of Trustees shall:

• Exercise the care, diligence and skill in the administration of the Plan that a person of ordinary prudence would exercise in dealing with property of another person.
• Use in the administration of the Plan and in the administration and investment of the pension fund all relevant knowledge and skill that the administrator possesses or, by reason of the administrator’s profession, business or calling, ought to possess.
• Not knowingly permit the administrator’s interest to conflict with the administrator’s duties and powers in respect of the pension fund.
• Where it is reasonable and prudent in the circumstances to do so, employ one or more agents to carry out any act required to be done in the administration of the Plan and in the administration and investment of the pension fund.
• Select the agent and be satisfied of the agent’s suitability to perform the act for which the agent is employed, and they shall carry out such supervision of the agent as is prudent and reasonable.
• Not be entitled to any benefit from the Plan other than pension benefits, ancillary benefits, a refund of contributions and fees and expenses related to the administration of the Plan and permitted by the common law or provided for in the Plan.

The Board of Trustees of the Teamsters and Participating Employers of Ontario Pension Plan has adopted the following Plan Governance Guidelines published by the Canadian Association of Pension Supervisory Authorities (“CAPSA”):

1. Fiduciary responsibility
2. Governance objectives
3. Roles and responsibilities
4. Performance measures
5. Knowledge and skills
6. Access to information
7. Risk management
8. Oversight and compliance
9. Transparency and accountability
10. Code of conduct and conflict of interest
11. Governance review