The Co-operative Superannuation Society (CSS) Annual Meeting was held on Thursday, April 5, 2019 at the Delta Bessborough Hotel in Saskatoon.
Along with reflecting on the past year’s successes and challenges, value for money and managing risks in the Pensions Fund topped the agenda.
An interactive information session for CSS delegates was held the evening prior to the Annual Meeting. Martin McInnis, the Plan’s Executive Director, and Brent Godson, the Plan’s Director of Investments and Financial Management, delivered presentations about managing longevity risk in the Pensions Fund, how the Plan measures value delivered, and initiatives underway to assist members in maximizing the value they derive from the Plan.
Longevity risk is the risk to which the Plan could be exposed to as a result of higher than expected payout ratios that are due to pensioners living longer, on average, than expected and therefore receiving pension payments for longer than expected. Delegates were updated on the initiatives that the CSS Board and management have undertaken to significantly reduce our exposure to this risk. The ultimate objective of reducing this risk exposure is to protect the long-term sustainability of the Pensions Fund, which is a popular retirement income choice amongst our members.
The value for money presentation and table-top discussions provided an opportunity for delegates and CSS management to explore and discuss how the Plan creates value for members, comparisons to some of our Canadian defined contribution pension plan peers (CSS compares very well to our peers), as well as current opportunities and challenges that exist in assisting members in maximizing the value they derive from our Plan. Given CSS’ success over the past 80 years in creating value for members, this session was an opportunity to consider what CSS should be doing to position itself to continue to create value for members over the years to come.
Al Meyer, President, presented the Directors’ Report to the delegates with a recap of some of the Plan’s and Board’s highlights for 2018.
Brent Godson delivered the Investment Report and provided answers to several questions from delegates.
Martin McInnis presented the 2018 Management Report and financial statements.
At the Board re-organization meeting held immediately after the Annual Meeting, CSS directors elected Jeff Ambrose as president of the CSS Board of Directors (succeeding Al Meyer) and Shannan Corey as vice-president (succeeding Jeff Ambrose). Congratulations to Jeff and Shannan as they continue to offer their time, leadership and skill in the service of Plan members.
On behalf of the Plan members, we thank Al Meyer for his service and contributions to the Co-operative Superannuation Society during his years as President of the Board.
Employee DirectorsJeff AmbroseMike GartnerJason Sentes
Several service awards were presented at this year’s Annual Meeting.
Five-year service awards
10-year service award
20-year service award
25-year service award
Front row from left:
Back row from left:
Article from the spring 2019 issue of TimeWise