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5/14/2018

​2018 Annual Meeting highlights 

The Co-operative Superannuation Society (CSS) Annual Meeting was held on Thursday, April 5, 2018 at the Delta Bessborough Hotel in Saskatoon.


Delegate seminar

As in past years, an information session for the delegates was held the evening prior to the Annual Meeting. Brent Godson, The Plan’s Director of Investments and Financial Management, delivered two presentations to the delegates.

Brent’s first presentation was part two of “the future low-return environment” that he delivered last year. The anticipation of a low-return environment in the capital markets has existed within the investment community for some time. Since 2012, the Plan has been making changes to the Balanced Fund (BF) in anticipation of future lower returns. But the question remains: do we need to consider further changes?

Brent first reviewed the potential options to help offset the expected future returns that were put forth in last year’s presentation. He then summarized the analysis of the various potential options that was conducted since last year’s Annual Meeting. Then Brent discussed the results of the analysis and the changes that are going to be implemented to the BF to help offset the expected lower future investment returns. The biggest change to the BF going forward is that emerging market debt (EMD) is a new asset class in the BF. Also, the exposure to commercial mortgages will increase. As a result of these changes, the benchmark for the BF will be as follows:

​Canadian Equities​14%
​US Large Cap Equities​9%
​US Mid Cap Equities​8%
​EAFE Equities​18%
​Emerging Market Equities​6%
​Canada Universe Bonds​19% (down from 29%)
​Commercial Mortgages​8% (up from 5%)
​Emerging Market Debt​7%
​Cash / Short Term​1%
​Canadian Real Estate​7%
​Global REITS​3%


These recent changes to the BF are expected to enhance the long-term rate of return of the BF, with a slight increase in costs, but without changing the overall risk-return characteristics of the fund.

The second presentation that Brent delivered to the delegates was about the Pensions Fund and the risks associated with the Plan offering its monthly pensions (i.e. annuity-type payments). One of the major risks of the Plan offering its own monthly pensions by means of the Pension Fund is the risk that, on average, the pensioners live substantially longer than expected, which could happen if there is an improvement in life expectancy because of a cure for certain illnesses, for example. If this were to happen, there may not be enough money in the Pensions Fund to pay the monthly pensions to the retirees for the rest of their lives.

To offset this risk, Brent explained that the Plan is considering a longevity swap. A longevity swap is like insurance that would protect the sustainability of the Pensions Fund in the event the pensioners live longer than expected. 

Annual Meeting reports

  • Al Meyer, President, presented the Directors’ Report to the delegates. Al recapped some of the Plan’s and Board’s highlights from 2017.

  • Brent Godson delivered the Investment Report and answered several questions.

  • Martin McInnis, the Plan's Executive Director, delivered the Management Report and reported on the 2017 financial statements.

Director elections

Three director elections were held at the Annual Meeting: two employee director elections and one employer director election.

Employee director elections

  • Jason Sentes of 1st Choice Savings and Credit Union was re-elected to the Board by acclamation for a three-year term.

  • Mike Gartner, a retiree delegate from Saskatoon, SK, was elected to the Board by acclamation for a one-year term. Mike fulfills the remainder of Jim Huggard’s three-year term.

Employer director elections

  • Al Meyer of Prairie Centre Credit Union in Rosetown, SK was re-elected to the Board by acclamation as an employer director for a three-year term.

At the Board re-organization meeting held after the Annual Meeting, Al Meyer was re-elected President and Jeff Ambrose was re-elected Vice-President of the Board for 2018-19.



​Employee delegates

Back row from left:
Michael McCann, FCL Saskatoon
Darren Heide, Access Credit Union
Mike Moon, Central Plains Co-op
Greg Sarvis, Riverbend Co-op
Jason Sentes, 1st Choice Savings and Credit Union
Jason Schenn, Borderland Co-op
Ken Edey, Retired
Rand Smale, Non-contributors
Ian Anderson, Mid-Island Co-op
Jeff Ambrose, Calgary Co-op
Murray Dehn, Red River Co-op

Front row from left:
Carol Rollheiser, Wild Rose Co-op
C.A. Hatlelid, CUDG SK
Audrey Wilkinson, Concentra
Ron Inkster, Goodsoil Credit Union
Anthony Zulyniak, FCL Winnipeg
Mike Gartner, Retired
Missing: Guy Martin, Accent Credit Union


​Employer delegates

Back row from left:
Barry Engele, FCL
Duane DeRosier, FCL
Mark Topola, FCL Board
Randy Graham, FCL Board
Corvyn Neufeld, CUC SK
Patty Gifford, CUC MB
Debbie Lane, CUC SK
Dave Dyck, FCL
Barrie Davidson, CUC MB
Al Meyer, CUC SK
Angela Pomazon, FCL
Terry Wallin, FCL

Front row from left:
Brian Guillemin, Concentra
Jim Wightman, FCL
Shannan Corey, FCL
Laurie Munro, CUC AB
Darrell McKee, FCL
Brad Bauml, FCL

​Service awards

A number of service awards were presented at this year’s Annual Meeting.

Five-year service awards

  • Barry Engele, employer delegate
  • Brian Guillemin, employer delegate
  • C.A. Hatlelid, employee delegate
  • Darren Heide, employee delegate
  • Carol Rollheiser, employee delegate


10-year service awards

  • Sharon Derksen, CSS staff
  • Jason Schenn, employee delegate


15-year service award

  • Audrey Wilkinson, employee delegate


25-year service award

  • Joel Sawatsky, CSS staff


30-year service award

  • David Kapeluck, CSS staff


Article from the spring 2018 issue of TimeWise