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2018: The government and the plans reach an agreement and new pension legislation is passed, setting an effective date for joint-governance. 2019: In March, LAPP becomes a jointly governed plan, giving the responsibility for decisions and risks of the Plan to the employer and employee groups contributing to the pension. [3]
That same season, employees of the Alberta Liquor Control Board went on strike for 10 days, winning substantial wage increases. This unrest culminated on October 1, 1974, when 12,500 direct government employees walked off the job for two days because the government had arbitrarily imposed a pay increase six days before bargaining was due to ...
Based in Edmonton, APS administers seven statutory public sector pension plans, including its largest client LAPP (which contributes 72% of the annual operating budget), and two supplementary retirement plans on behalf of the Government of Alberta. [1]
Today, most employer retirement plans come in the form of 401ks, as companies with pensions are becoming harder and harder to come by. Employees at businesses that don't offer 401ks will have to ...
In November 2024, the Alberta government claimed that from 2019 to 2023, AIMCo's total fund return averaged 7.62% annually. [7] The government reported that by the end of 2023 AIMCo had $160.6 billion in assets under management and posted an overall return of 6.9%, which was below its benchmark return of 8.7%.
Unlike traditional pension plans, in which the employer promises a specified monthly benefit at retirement, 401(k) plans are funded by contributions deducted directly from the employee’s ...
Offering phased retirement plans, Garcia adds, also helps land talented employees in the first place. "We’re seeing so much more now that companies have to care about you as a person or you won ...
In addition to the public pension system, some employers maintain private pension plans for their employees, they usually boost retirement savings. They are retirement savings plans that are sponsored by employers, unions, or other organizations. They are also known as defined benefit or defined contribution plans.