How to be a member of your pension committee
A pension committee member is...
- a member of the plan
- a beneficiary of the plan
- a person interested in pension plan administration
You will have to...
- learn what is involved in pension plan administration
- be dedicated to the interests of plan members and beneficiaries and sound pension plan administration
- develop and update knowledge to carry out your role as a pension committee member
If you're interested, be a candidate!
To become a pension committee member, you must submit your name during the plan's annual meeting of members and beneficiaries. The pension committee can propose nomination rules. However, the plan's members and beneficiaries can themselves set the rules during the annual meeting.
You can also communicate your interest in being a committee member to those who have the power to designate members (for example, the employer or the union).
A good way to learn
If you would like to be a committee member without having any responsibility for the decisions made by the committee, one way would be to sit on the committee as a non-voting member. You would have all the rights that other committee members have, except the right to vote. If that option interests you, you must submit your name during the annual meeting.
As a non-voting member, you would have the opportunity to learn about the plan and its administration little by little. That is an excellent way to prepare for a voting seat on the committee.
What you need to know about: