The LAPP Board continues to work with government and stakeholders on plan sustainability. We don’t have much to report since our last update, but we want to make sure we keep you in the loop and let you know that we are still engaged in our sustainability planning process, as we promised you we would.
As we communicated to you last month, in our March 28 update, the Board’s priority is to protect the ability of LAPP to pay lifetime pension benefits to all its members, current and future. Last month, we sent a report to the Hon. Doug Horner, President of the Alberta Treasury Board, Minister of Finance and Plan Trustee, to update him on all the work that LAPP has done to date on sustainability planning. It may take a while before we hear back on our submission, but we will let you know when we do.
In the meantime, we will continue with our sustainability process and will also let you know if the Board decides on any next steps. Read more on the Board's process.
LAPP's primary goal is to provide a lifetime benefit to its members. To achieve this, the Board has to be aware of potential risks to the Pension Plan and prepare for the challenges ahead. This is what we call sustainability planning. It's about being prudent and prepared. It doesn't mean LAPP is in crisis, because it is not. The plan is strong and well-managed and the Board's goal is to keep it that way well into the future. Board Chair Grant Howell updates members in this Message from the Chair.