PSP Board

Board Structure

The Public Service Pension Board (PSP Board) has six members, including three employer representatives nominated by the Government of Alberta and three employee representatives nominated by the Alberta Union of Provincial Employees (AUPE). Provincial legislation requires the offices of Board Chair and Vice-Chair alternate every two years between employer and employee nominees.

Board Responsibilities

The Board is responsible:

  • to make plan provisions by regulation to ensure that service under the Plan is funded according to the Act;
  • to make recommendations about changing the Plan rules;
  • to set general policy guidelines re: investment and management of the Fund's assets and the administration of the Plan;
  • to review administrative decisions as delegated by the President of Treasury Board and Minister of Finance;
  • to have an actuarial valuation of the Plan prepared at least every three years; and
  • review the responsibilities of the trustee, the President of Treasury Board and Minister of Finance every five years.

Board Mandate and Roles

The 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.

Board Vision, Mission and Values


The Public Service Pension Plan is a highly valued, reliable component of compensation recognizing dedicated public service and contributing to a secure retirement.

Mission Statement

To govern the Plan to ensure its sustainability by:

  • Following best practices in pension plan governance and management;
  • Prudent investment of the fund; and
  • Adherence to applicable rules, laws and regulations.


The following values will guide the Board in carrying out its mission:

  • Collaboration - working together to achieve results.
  • Stewardship - management and care of Plan resources for the benefit of Plan members.
  • Independence - acting in the interests of Plan members.
  • Equity - costs and benefits are shared equitably among different generations of members.
  • Transparency - providing relevant information to the Trustee, Stakeholders and Plan members

Download the Code of Conduct and Ethics

Download the Three-Year Business Plan

2018 Board Members

The PSP Board has six members: three employer representatives nominated by the Government of Alberta and three employee representatives nominated by the Alberta Union of Provincial Employees (AUPE). Board members come from diverse backgrounds and each brings a unique set of skills and experience to the Board.

Larry Murray

Larry Murray
Board Chair

Larry has more than 35 years of experience in pensions, including governance, administration, consulting, provincial regulation, and corporate sponsorship of domestic and international pension programs. He has served on the Board since July 2013 as an employee nominee.

In 2013, Larry actually returned to the Plan - in the past, he was Executive Director to the Board. He has also served as Chair and Vice-Chair of the Board of Trustees of the Alberta Local Authorities Pension Plan.


Denise Hamilton

Denise Hamilton
Board Vice-Chair & Investment Committee Chair

Denise is a retired finance executive with 35 years of experience in financial and pension management, treasury and governance. She joined the Board in July 2017 as an employer nominee.

Denise is also a director of Provident10, the Public Service Pension Corporation of Newfoundland and Labrador, and has served as Chair on other private sector pension plan boards. An avid volunteer, Denise serves on boards and committees with Habitat for Humanity Southern Alberta, her Strata Board, ACPM's National Conference Planning Committee, and volunteers at the Calgary Food Bank.

Denise is a graduate of the Southern Alberta Institute of Technology, a Chartered Professional Accountant (CPA, CMA), and has also earned professional designations/certifications in risk management, internal audit and information systems.


Mike Dempsey

Mike Dempsey

Mike is an Environmental Protection Officer with Alberta Environment and Sustainable Resources Development, now working out of the Lower Athabasca Region. Mike has been a member of our Plan and AUPE since 1982 and joined the Board in January 2014 as an employee nominee.

Mike has been active on the AUPE provincial executive and other committees, including those related to collective bargaining and political action. He was elected to his first term as an AUPE Vice-President in 2013.


Jason Heistad

Jason Heistad

Jason is the Executive Secretary-Treasurer at AUPE. He previously served eight years as an AUPE Vice President and is active on various AUPE committees, including Chair of AUPE's pension committee.

He was also a member of the Innisfail Town Council from 2004-2013 and served briefly as Innisfail's Deputy Mayor in 2004 and 2005.

Jason joined the Board in February 2016 as an employee nominee.


Ellen Nygaard

Ellen Nygaard

Ellen worked for the Government of Alberta for 26 years, occupying increasingly responsible regulatory and policy positions, including Executive Director of Pension Policy for Alberta Treasury Board and Finance. Ellen has a BA in English and an MBA from the University of Alberta. Ellen joined the Board in July 2017 as an employer nominee.

Ellen also currently serves on two other pension plan boards. She has been involved as a volunteer and board member of several community organizations over the years, including her community league and Planned Parenthood. She currently volunteers as an English tutor for new Canadians at the Edmonton Mennonite Centre for Newcomers.


External Investment Committee Members
Wes Peters
Craig Smith
Janet Julé

Plan Board Staff

Lynette Martin
Lynette Martin,

Monica Yang
Monica Yang,
Operations Lead

Mary McGillivray
Mary McGillivray,
Plan Board Specialist

Advisors and Suppliers

Alberta Pensions Services Corporation (APS)

Fund Management
Alberta Investment Management Corporation (AIMCo)

Auditor General of Alberta

George & Bell Consulting Inc.

Investment Consultant
Aon Hewitt