The funded status is a measure of the financial health of the Plan and is calculated annually. Funded status has an impact on things such as fund contribution rates for employees and employers, indexation to be applied to annual pensionable earnings for active members, and adjustments to pension benefits for retirees.
The funded status is a calculated by dividing the assets by the liabilities. The result is expressed as a percentage and is known as the funded status.
Assets are made up of contributions made by employees and employers, in addition to investment income and special payments.
Liabilities reflect the present value of the future payouts a pension plan is obliged to make to its current retirees and future retirees (i.e. employees).
A funded status greater than 100% means the Plan has a surplus, while a funded status of less than 100% means the Plan is in deficit. The Plan must use surplus funds to award indexation to both active members and pensioners. If the Plan is in deficit, indexation cannot be awarded for that fiscal year.
The funded status of the Plan as at April 1, 2024, is as follows:
* Figures shown above are rounded to the nearest $1 million
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