NRFP 6121 - Pension Administration Services

ICBC sponsors four defined benefit pension plans for ICBC employees and former employees including:

a) The Insurance Corporation of British Columbia Pension Plan for Management and Confidential Employees (“Management Plan”) is a registered plan for its current and former management and confidential employees;

b) Supplemental Employee Retirement Plan (SERP) is an unfunded plan that provides benefits in addition to the Management Plan for benefits solely to compensate for Income Tax Act limitations imposed on benefits determined under the Management Plan formulas;

c) Supplemental Retirement Plan ‘A’ for Designated Officers of ICBC (Supplemental Plan ‘A’) is a closed plan that was established for the initial officers of ICBC. It is an unfunded plan that currently has 3 members in receipt of a pension; and

d) MoveUp / ICBC Pension Plan (the “MoveUP Plan”), for current and former ICBC employees who are or were members of MoveUp (COPE Local 378). This pension plan is in trust by trustees appointed by both ICBC and MoveUp; (collectively, the “Plan”)

ICBC has a centralized HR function and uses SAP SuccessFactors as its human resources information system (HRIS) for HR data including but not limited to demographics, earnings, service and contributions. ICBC is accountable for pension enrollments (i.e. enrollments only but Proponent is responsible to record and maintain spouse and beneficiary designations) and life cycle amendment transactions within SAP. Payroll and HRIS are administered internally. ICBC has outsourced its pension administration services since 2009. All employee inquiries for pension are directed to ICBC’s current service provider and all post-retirement benefit claims inquiries are directed to the benefit service provider’s call centre.