PAC Election 2024
Call for Nominations
Join the Pension Advisory Committee!
In May, WISE Trust will be holding an election to fill vacant positions on the Pension Advisory Committee (PAC).
This is an exciting opportunity to get involved with your Pension Plan and join the PAC! As a PAC member you will have an opportunity to learn more about your pension, promote awareness and understanding of the Pension Plan, and network with other actively engaged plan members.
What's on this page
- What you need to know
- Contribution formula
- Member contributions
- Pensionable earnings example
Background
What is the Pension Advisory Committee or PAC?
The Pension Advisory Committee (PAC) was established to keep members involved in the administration of the Plan, make views of members known to the Board of Trustees, and promote awareness and understanding of the Plan. The PAC includes both elected and appointed members.
Spring elections are being held to elect PAC members from the following groups for the term starting in June 2024.
Eligibility
To qualify as a candidate for the Pension Advisory Committee (PAC) an individual must be a member or former member of the WSIB Pension Plan.
Representatives of the following membership groups are encouraged to respond to the call for nominations and run in the upcoming elections:
- Current WSIB Non-Bargaining Unit Employees
- Current Safe Workplace Association Non-Bargaining Unit Employees
- Retirees/Deferred Members
Those with a background in finance and/or accounting may benefit from their experience however, you do not have to be well-versed in pension management to successfully serve on the committee.
Election Period
After the closing date of nominations, eligible plan members will receive voting instructions by mail (for retired/deferred members) or email (actively employed NBU members). Voting is anonymous and will be conducted by an external, third-party voting management company, Simply Voting Inc. Individuals are only able to vote for the candidates in the electing group or category to which they belong. For example, only retired/deferred members can elect the retired/deferred representative to the PAC.
When two candidates are to be elected to the same position (i.e. retiree/deferred members or WSIB NBU) each voter is required to vote for at least two of the candidates on the ballot.
In the event that there are fewer nominees than the number of positions available or, if the number of nominations is equal to the number of positions, the Returning Officer will declare the person(s) nominated to be elected by acclamation.
The elections will be held online between Friday, May 17, 2024 and Friday, May 31, 2024 and you will have an opportunity to vote electronically until 11:59 p.m. on the last day. Voters will also have the option to vote by telephone.
Interested Nominees
The PAC nomination period has ended.
Election results and updates will be published in June 2024.
Frequently Asked Questions
A. Eligible members of the Pension Plan may self nominate to run in the election. However, they must be endorsed by one other member of the electing group that they wish to represent.
A: PAC members meet at least twice and normally four times per year. Meetings are, on average, between two to three hours long. Additional time is required to review materials in advance of meetings.
A: PAC meetings are virtual. PAC members who take on the role of an Observer will have the option to travel to in-person Board of Trustees meetings. Meeting are scheduled during the regular work week, traditionally in the mornings.
A: The PAC is a voluntary group. Members are reimbursed for approved expenses, like travel for meetings.
A: PAC members are elected for a three-year term. At the end of their term they can choose to run for re-election. The new term begins in June 2024.
A: PAC members must have access to a computer or other device that allows them to attend virtual meetings. Reliable internet service is also a necessity.
A: The purpose of the PAC is to:
– Monitor the administration of the Plan
– Make views of members known to the administrator of the Plan
– Promote awareness and understanding of the Plan among the members of the Plan.
PAC members are expected to actively participate in PAC meetings by sharing insights from the Pension Plan members. They should also be prepared for potential nomination to serve as Observers to meetings of the Board of Trustees.
Beyond these expectations, just an interest in continuous learning will be necessary!