Finance.alberta.ca/publications/pensions/eppa.html

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Understanding Alberta’s Employees’ Pension Plan Act (EPPA)

The Employees’ Pension Plan Act (EPPA) is the primary legislation governing the Employees’ Pension Plan (EPP) in Alberta. This Act outlines the framework for how the EPP is managed, administered, and funded, ensuring retirement security for participating public sector employees.

Key Aspects of the EPPA

  • Governance: The EPPA establishes the roles and responsibilities of various entities involved in the plan’s operation, including the Sponsor (Treasury Board), the Plan Manager (Alberta Pensions Services Corporation – APS), and the Board of Directors. It defines their authority and accountability in overseeing the plan’s assets and ensuring its long-term sustainability.
  • Membership and Eligibility: The Act defines who is eligible to become a member of the EPP. Generally, it includes employees of the Government of Alberta and other participating employers within the public sector. Specific criteria and contribution requirements are detailed within the EPPA and its associated regulations.
  • Contributions: The EPPA specifies the contribution rates for both employees and employers. These rates are subject to review and adjustment, taking into account factors like actuarial valuations and the overall financial health of the plan. Contribution levels directly impact the level of retirement income members will receive.
  • Benefits: The Act outlines the various types of benefits offered under the EPP, including retirement pensions, disability benefits, survivor benefits, and termination benefits. The calculation of these benefits is based on factors like years of service, salary, and the applicable benefit formula outlined in the EPPA and associated regulations.
  • Funding and Valuation: The EPPA mandates regular actuarial valuations to assess the financial position of the EPP. These valuations determine whether the plan is adequately funded to meet its future obligations. The Act also establishes rules for addressing any funding shortfalls or surpluses.
  • Portability and Transfers: The EPPA addresses the portability of pension benefits when members leave their employment. It may allow for the transfer of pension credits to other registered pension plans or the purchase of an annuity. Specific rules and conditions apply.
  • Amendments and Regulations: The EPPA provides the framework for amending the legislation and enacting regulations to clarify and supplement the Act’s provisions. These regulations provide more detailed guidance on specific aspects of the EPP’s operation.

Accessing the EPPA and Related Information

The full text of the Employees’ Pension Plan Act, along with associated regulations and other relevant publications, can be found on the Alberta Finance website. This resource provides comprehensive information for members, employers, and stakeholders interested in understanding the legal and regulatory framework governing the EPP.

Staying Informed

It’s crucial for members of the EPP to stay informed about the provisions of the EPPA and any changes that may affect their benefits. Reviewing the information available on the Alberta Finance website and contacting Alberta Pensions Services Corporation (APS) with specific questions can help members make informed decisions about their retirement planning.

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