PrintUNA actively pursues a stronger, more secure pension plan
United Nurses of Alberta is actively pursuing a stronger, more secure Local Authorities Pension Plan (LAPP) for its members.
In 1992, UNA supported an initiative to have the LAPP funds segregated from the Government's General Fund and to move towards a model of pension plan governance where the plan was jointly administered by Employees and Employers. Alberta’s Minister of Finance is the sole Trustee of the LAPP and has continued to maintain control over the LAPP rules, administration and investment.
Although the government claims the funding of the plan is the responsibility of the plan members and employers, UNA believes the Government's continued control over the plan prevents them from absolving themselves of all plan funding issues.
The latest challenge facing the LAPP is the discussion regarding the sustainability of the plan. This is being interpreted as reducing the costs of benefits and controlling or lowering contribution rates. The LAPP funding is not in financial peril as it is 80% funded and holds more than $20 billion in assets.
UNA's participation in sustainability discussions does not mean that the Union endorses any or all of the reductions and changes being proposed. Continuing the LAPP in its current form is the goal of UNA. If that outcome is not possible, the Union is participating to have input in the changes which may be invoked. Sustainability discussions will continue and UNA will continue to report their status.
