These Key Roles and Responsibilities are related to the governance structure for CMHC's Registered Pension Plan and exclude the Supplemental and the Executive Plans. This document is intended as a consolidated reference and in the event of any inconsistency with the Trust Agreement, Statement of Investment Policies and Goals, or other governance documents approved by the Board of Directors or the Pension Fund Trustees, those documents prevail over this consolidated reference. All attempts have been made to ensure the consistency of this document with the original sources.

Governing

Board of Directors

  • Established the Pension Fund pursuant to Section 13 of the CMHC Act
  • Approves the pension governance structure and changes thereto
  • Delegated the management and administration of the Fund to the Trustees pursuant to a Trust Agreement
  • Reviews and approves the appointment of non-elected Trustees and of observers to meetings of Trustees
  • Approves the mission, investment philosophy and Enterprise Risk Management (ERM) policies applicable to the Pension Fund, including the asset allocation policy for the Fund
  • Reviews and approves policies governing the administration of the Corporation's Pension Fund and Pension Plan Rules including:
    • reviews and approves the Pension Plan Rules and any amendments thereto
    • approves the levels of employer and employee contributions to the Fund in accordance with the Pension Plan Rules
  • Approves actuarial valuation reports for filing with regulatory authorities
  • Reviews annually the performance of the Pension Fund, the compliance report related to the Pension Plan regulatory filings, and approves the Pension Plan Annual Report
  • Receives reports from the Chair of Trustees on the meetings of the Trustees

Managing

Pension Plan Administration

President, with input from Management Committee / Human Resources Council

  • Exercises authority under the Pension Plan Rules, as required, including interpretation of the Plan Rules and setting terms and conditions where Plan Rules explicitly so require
  • Approves the processes for approving changes to Pension Plan administrative procedures
  • Reviews and recommends for approval by the Board of Directors:
    • Changes to the pension governance structure
    • The filing of actuarial valuations with regulatory authorities
    • The levels of employer and employee contributions to the Pension Fund in accordance with the Pension Plan Rules
    • Changes to pension benefits or plan design, and amendments to the Pension Plan Rules
  • Monitors compliance with the Pension Plan Rules and monitors and annually reports on compliance with Pension Plan regulatory filings
  • Appoints the Pension Plan actuary

Pension Fund

President

  • Develops and recommends for approval by the Board of Directors the appointment of non-elected Trustees and of observers to meetings of Trustees

Pension Fund Trustees

  • Manage and administer at the direction of the Board all aspects of the Fund as specified in the Trust Agreement
  • Establish the Statement of Investment Policies and Goals ("SIP&G") and carry out their responsibilities thereunder; review and approve the SIP&G at least annually
  • Review and recommend for approval by the Board of Directors:
    • Changes to the mission, investment philosophy, and ERM policies applicable to the Pension Fund, including the asset allocation policy
    • The Pension Plan Annual Report
  • Authorize, by way of Resolution, the Investments and Pension Fund investment management staff to purchase and sell investments, and enter into agreements relating to real property
  • Authorize, by way of Resolution, the Investments and Pension Fund administration staff to manage banking and custodial matters
  • Approve the investment strategy and key initiatives set out in the annual business plan of the Pension Fund and the Fund's operating and administrative budget
  • Review the performance of the Fund in accordance with the ERM policies and report annually to the Board of Directors
  • Monitor compliance with established policies, standards and objectives, and applicable legislation
  • Approve the audited annual financial statements of the Pension Plan
  • Report to the Board of Directors on the meetings of the Trustees
  • Receive reports on the meetings of the Pension Fund Investment Committee and the Pension Council
  • Appoint the auditors of the Pension Fund

Pension Fund Investment Committee

  • Reviews and endorses recommendations of the Investments and Pension Fund staff to the Trustees including:
    • Changes to the SIP&G
    • Changes to the mission, investment philosophy, or ERM policies applicable to the Fund
    • Changes to the investment strategies
    • The investment strategy and key initiatives set out in the annual business plan of the Fund
  • Approves investment mandates for internal and external managers within the context of policies approved by Trustees; specifically, selection universe, performance benchmark, and performance expectations
  • Approves specific investment strategies and guidelines in relation to internal investment mandates, including operating parameters such as criteria for security/investment selection, business allocations to equity dealers/brokers, and guidelines in relation to the oversight of external mandates
  • Approves tactical asset allocation within the policy ranges set out in the SIP&G
  • Monitors the performance of the Fund regularly
  • Reports to Trustees on the meetings of the Pension Fund Investment Committee

Operating

Pension Plan Administration

Human Resources (HR) Pension and Benefits Administration Staff

  • Administers the Pension Plan, including:
    • Paying members' pension benefits
    • Deducting from the salaries of contributors to the Pension Fund contributions as called for in the Pension Plan Rules and remitting these amounts to the Fund
    • Developing and carrying out plan member communication initiatives and responding to plan member inquiries
    • Developing in conjunction with Investments and Pension Fund Staff, the Pension Plan Annual Report
    • Providing input to assumptions for actuarial valuations
    • Maintaining plan member pension records and providing  benefit statements to members
    • Making required filings with regulatory authorities in regards to amendments to the Pension Plan Rules
    • Reporting to Management Committee on the compliance of pension benefits administration with the Pension Plan Rules
    • Annually reporting on compliance with Pension Plan regulatory filings
    • Managing and coordinating all aspects of the Pension Council, including providing any information that is necessary to enable it to carry out its functions
  • Reports to Trustees on the meetings of Pension Council
  • Recommends to Management Committee / Human Resources Council for approval by the Board:
    • Changes to pension benefits or plan design, and amendments to the Pension Plan Rules
  • Recommends to Management Committee for approval by the Board, in conjunction with Investments and Pension Fund Staff:
    • Changes to the pension governance structure
    • The levels of employer and employee contributions to the Pension Fund, consistent with the Pension Plan Rules

Pension Fund

Investments and Pension Fund Staff

  • Develops and recommends for endorsement by the Investment Committee and approval by the Trustees:
    • Changes to the SIP&G
    • Changes to the mission, investment philosophy, or ERM policies applicable to the Fund
    • Changes to the investment strategies
    • The investment strategy and key initiatives set out in the annual business plan of the Fund
  • Develops and recommends for approval by the Trustees:
    • The Pension Plan Annual Report, in conjunction with HR Pension and Benefits Administration Staff
    • The audited annual financial statements of the Pension Plan
    • The annual operating and administrative budget
  • Develops and recommends for approval by the Investment Committee:
    • Investment mandates for internal and external managers; specifically, selection universe, performance benchmark, and performance expectations
    • Tactical asset allocation within the policy ranges set out in the SIP&G
    • Business allocations to equity dealers/brokers
  • Implements the investment policies and strategies within the approved mandates through the analysis, acquisition, purchase, and sale of investments
  • Develops and maintains performance and compliance controls for the Fund and reports quarterly to the Investment Committee and the Trustees on the performance and compliance of the Fund
  • Manages the custodial and administration activities of the Fund, and maintains related records
  • Directs the preparation of reports and provides input into the development of assumptions used by the actuary in the actuarial valuation, in conjunction with CMHC's Finance divisions and HR Pension and Benefits Administration staff
  • Recommends to Management Committee for approval by the Board:
    • Changes to the pension governance structure, in conjunction with HR Pension and Benefits Administration Staff
    • The filing of actuarial valuations with regulatory authorities
    • The levels of employer and employee contributions to the Fund, in accordance with Pension Plan Rules, in conjunction with HR Pension and Benefits Administration Staff
  • Receives employer and employee contributions to the Pension Fund
  • Makes required filings with regulatory authorities in regards to the Pension Fund, investment and actuarial matters
  • Supports HR Pension and Benefits Administration Staff with the provision of information to Pension Council