Plan Rule Amendments
The following plan rule amendments have been approved by the LAPP Sponsor Board. For more information, please visit the Plan Rule Amendment Process page.
| Plan Rule Amendment | Details | Effective Date | Date of Posting |
|---|---|---|---|
| Additional Payment Option for Certain Former Pension Partners. | Where a member experiences a relationship breakdown prior to retirement and divides their LAPP benefit, the former pension partner currently transfers their share as a lump-sum benefit. For pension divisions from July 1, 2023, if the member is at least age 55 at relationship breakdown and has not commenced a pension, the former pension partner will also have the option of an immediate or delayed LAPP pension. | July 1, 2023. | March 30, 2023. |
| Maximum Employee Cost. | There is no longer a 50% funding cap on member contributions. A member can now fund up to 100% of their benefit. This change is a result of government passing Bill 22. | January 1, 2022. | December 15, 2020. |
| Contribution Interest Rate. | The interest rate on contributions is changing, and will be as follows: 2021: 0.90% 2022: 4.40% 2023: 4.72% |
January 1, 2023. | December 15, 2020. |
| Immediate Vesting. | All members will be immediately vested in the Plan. A vested member is eligible for a lifetime LAPP pension at retirement. | January 1, 2022 or the first payroll period encompassing that date. | December 15, 2020. |
| Voiding of Actuarial Reserve Purchases. | The reversal of any actuarial reserve purchases if a member elects a CV transfer will be eliminated effective January 1, 2022, aligning LAPP with the Alberta Employment Pension Plans Act standards. | January 1, 2022. | November 5, 2021. |
| Amending or Eliminating a Qualifying Disability Plan Filed with LAPP. | Subject to the requirements and limitations under Section 2.99(a) of the LAPP plan text and any applicable legislation, the sponsor (employer) of a Qualifying Disability Plan may amend or terminate the terms of the Qualifying Disability Plan that has been filed with LAPP. | January 1, 2022. | November 5, 2021. |
| Removal of Coordination. | Coordination will no longer be available to members who start their pension on or after January 1, 2021. | January 1, 2021. | December 15, 2020. |
| Treatment of Suspensions as Approved Leaves of Absence. | LAPP employers will be permitted to designate the unsalaried portion of periods of suspension as approved leaves of absence, subject to a maximum suspension period of three months. | January 1, 2020. | December 15, 2019. |
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