The Public Service Pension Plan (PSPP) is governed by the Public Sector Pension Plans Act and regulations.
The President of Treasury Board and Minister of Finance is the Administrator and Trustee of the Public Service Pension Plan. However, the Minister does not complete the day-to-day tasks in operating the pension plan.
The PSP Board Mandate and Roles document provides clarity on the governance of PSPP, and the roles and responsibilities of the President of Treasury Board and Minister of Finance and the Board.
There are a number of different organizations involved in the governance and operations of the Plan:
- Public Service Pension Board
- Plan Administrator: Alberta Pensions Services Corporation (APS)
- Investment Manager: Alberta Investment Management Corporation (AIMCo)
Alberta Pensions Services Corporation (APS) is delegated all functions in relation to the administration of benefits of the pension plan.
Alberta Investment Management Corporation (AIMCo) is responsible for the investment of the Plan funds.
Alberta Finance monitors the various delegations and the delivery of service by the various organizations.
Aon Hewitt provides actuarial services and investment consulting services to the PSP Board.
The Auditor General of Alberta conducts an independent audit of the financial statements of PSPP to ensure the financial statements are presented fairly in all material aspects and in accordance with Canadian generally accepted accounting principles.
Because there are a number of different organizations involved in the governance and operations of the plan, ongoing communication, cooperation and collaboration is required of all parties. For that reason, PSPP has operating protocols with APS and with AIMCo that detail how the organizations will work together.