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Pension and benefit plan changes

September 10, 2010 No Comment

Lutheran Church–Canada’s Board of Directors approved changes to some parts of the Worker Benefit Plans (WBP) based on recommendations from the WBP Board of Managers (BOM). The BOM, which gives direction and oversight to LCC’s Worker Benefit Plans, made these recommendations after two days of careful deliberation at its meeting June 23-24 and after extensive consultation with stakeholders.

The plan design changes are intended to assist in the sustainability of the benefits program. They were made considering the least impact to members and to save the most benefits. Both plan members and employees received notice of the changes earlier this month.

The changes impact the pension plan, post-retirement benefits, long-term disability and permanent part-time employees. The BOM also provided for interim cost-sharing for health and dental benefits to help relieve budgetary pressure of some employers. Detailed information is online at www.lccinfodigest.ca.

“While no plan sponsor wants to reduce benefits, the changes undertaken are necessary in the current environment” explained WBP executive director Dwayne Cleave. “While the decisions were not easy, I think we have managed to strike a balance that will help lay the foundation for long-term stability for the plans.”
Members and employers will receive further detailed information on the changes prior to the changes coming into effect.

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