Straight talk on retirement and pensions
April 15, 2019
2018 Report to Members - 50 years of turning retirement dreams into reality
By now, active members will have received the College Pension Plan 2018 Report to Members.
Financial highlights, plan updates and more
The report features the latest financial information about the plan, tips on using My Account, and useful information on extended health care and dental coverage. This year's theme is all about reflecting on the past 50 years, and highlighting key events that have shaped the plan into what it is today.
The report also creates a historical journey for members, demonstrating how far the plan has come since its inception in 1968, dotting the report with images of both plan and world events. Major milestones include plan assets exceeding $1 million in 1971, funding the first cost of living adjustment in 1982, joint trusteeship in 2000 and reaching $5 billion in assets in 2018.
It's not just the assets that have increased. The plan began with just 302 members and six employers. Since then, more employers have signed on, and membership has grown and evolved. Today there are 23 employers and more than 28,000 members. Membership demographics have changed, too. Where women only made up 17 per cent of the plan's active members in 1968, today they now make up 56 per cent.
The plan's net return on investments for the year ending August 31, 2018, was 10.3 per cent with net assets available for benefits exceeding $5 billion – almost $500 million more than at September 1, 2017.
Plan updates include increasing contribution rates to strengthen the Inflation adjustment account (IAA). Both member and employer contribution rates increased one dollar for every $1,000 of salary earned effective April 1, 2018. The new contribution rates were in step with negotiated salary increases in the college sector. These contributions, along with investment income, fund the IAA, which is used to fund cost of living adjustments for retired members.
The full 2018 Report to Members is available in the related content column on the right-hand side of the page. Read it today!
Want the latest financial statements? Check back in May 2019 when the 2018 Annual Report will be released.