The Public Employees Benefits Agency (PEBA) is pursuing a new operating structure as a not-for-profit corporation separate from the Government of Saskatchewan.
Why is this change being made?
“PEBA is one of the last provincial government agencies in Canada that administers pensions on behalf of pension plan boards,” PEBA Assistant Deputy Minister, Jeremy Phillips said. “The boards of the largest pension plans PEBA administers requested the Government facilitate this change, so it has been initiated.”
This effort was conceived and spearheaded by the Municipal Employees’ Pension Commission (MEPC, the Commission), with 26,000 members and $3 billion in assets and the Public Employees Pension Board (PEPB, the Board), with 67,000 members and approximately $12 billion in assets. They will jointly own the new not-for-profit corporation, which will continue to be based in Regina.
“The Canadian pension plan landscape continues to evolve,” MEPC chair Ashley Stradeski said. “Our Commission is excited about moving toward Canadian best practice.”
Will I be impacted by this change?
There will be no changes to the pension and benefits plans that PEBA manages. Members and participating employers will not be impacted in any way. Similarly, there will be no changes that affect PEBA employees during this transition. Salaries, benefits, and union affiliations will not be impacted.
When will this change happen?
PEBA has been and continues to work with the Government of Saskatchewan and expert consultants on the design and transition to the new governance and operating structures.
In 2022, a legislative process will begin to allow PEBA to operate as a not-for-profit corporation, separate from the Government of Saskatchewan. It is anticipated this transition will be complete by 2024.
What if I have questions?
Please review the Steady. Trusted. Future Ready. - MNP Report. If you have questions about this change after reviewing the report, please contact a Pension Information Officer at 306-787-2684 or toll-free at 1-877-506-6377.