The NHRIPP is administered by a Board of Trustees which is appointed by the SEIU, CUPE, Unifor and ONA. The administration of the Plan and the investment of its assets is the responsibility of the Board. The Board ensures the Plan is well managed and must act in the best interest of members. Accordingly, the Board holds quarterly Board meetings and files regulatory documents such as audited financial statements and actuarial valuations with FSRA and the Canada Revenue Agency.
Running a successful pension plan requires the assistance of pension professionals. The Board is charged with selecting these professionals and monitoring their performance. For a current list of the Board members and their professional advisors, click here.
Ensuring the NHRIPP is managed in the best interest of Plan members is the Board’s mission. A well-managed plan is a key component of a member’s’ financial security during retirement.
The Board of Trustees has the authority to amend the plan rules at any time, in accordance with Ontario’s Pension Benefits Act and the Income Tax Act. For example, the Board may:
- amend the Plan to comply with pension legislation
- increase benefits if the Plan has sufficient funds
- reduce the level of benefits for current and/or retired members to deal with a funding shortfall or if contributions are reduced or eliminated.
The Board of Trustees is the legal Plan administrator. However, the Board retains InBenefits as a third-party administrator to manage the Plan’s day-to-day operations. InBenefits processes benefit applications, communicates with members, and ensures compliance with regulatory requirements. InBenefits staff also provides the Board with consulting services regarding plan management, dealing with pension regulators, and managing special projects as required.
If you have questions about the operation of the Plan, calculation of benefits, or if you need to obtain an application for benefits or a pension, please contact InBenefits.