The following plan rule amendments have been approved by the LAPP Sponsor Board. You can read about the plan rule amendment process below.
|Plan Rule Amendment||Details||Effective Date||Date of Posting|
|Removal of Coordination||Coordination will no longer be available to members who start their pension on or after January 1, 2021.||January 1, 2021||October 22, 2020|
|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:
|January 1, 2022||December 15, 2020|
|Immediate Vesting||All entrants 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 emcompassing that date.||December 15, 2020|
Process for Plan Amendments
At the first Sponsor Board meeting of each year, the Board will consider a list of potential amendments requested by stakeholders. Stakeholders can submit requests for changes to plan rules using the Stakeholder Request for Plan Amendments form. The Board will decide which amendment requests will be considered for a Board decision.
The 2021 process will be as follows:
January 15, 2021*
All stakeholder requests for Plan amendments received in writing by this date will be eligible for Board consideration in the 2021 review cycle. The full list of requests will be posted under the Proposed Amendments tab (above).
February Sponsor Board Meeting
The Board will be presented with all requests for plan rule amendments and will decide which requests to consider in 2021. The requests to come back to the Board for a final decision in September will be posted under the Amendments Under Consideration tab.
September Sponsor Board meeting
The Board will make a decision on each proposed amendment, and the final decisions will be posted under the Board Decision tab.
* This date is for the first year of the process only. In future years, stakeholders will have a full year (until December 1) to submit requests.
All requests for plan rule amendments made by January 15, 2021 will be listed here as soon as they are available, to presented to the Sponsor Board at the February Board meeting.
Amendments Under Consideration
This list includes those plan rule amendments the Board has agreed to consider in 2021. These changes will be considered by the Board at its September meeting.
This will be updated with the Board's decision on plan rule amendments considered in 2021.