New team… same mission!
Here are the newly appointed members to the committee:
Charles-Éric Latour, Committee Chair
Marie-Claude Bourdages, YUL
David Ogilvie, YYZ
Julie Roberts, YVR
Sheena Sumra, YVR, Component link
As new representatives, our first meeting was held on October 20.
Our mission will always be to inform you about pension/retirement plans: RRMS and RRSP/DPSP.
Here is the email address to reach us:
Also, we strongly encourage you to consult the websites of the two plans to have access to all information, general and personal, about your contributions, investments and returns.
For the MSPP (Multi-Sector Pension Plan): www.mspp.ca
And for the Manulife RRSP/DPSP pension plan: manulife.ca/pro
As the retirement project is very personal and different for each and every one of us, it is important to take charge of your own goals, your own decisions. That is why it is also important to obtain the information that will allow you to fully realise YOUR retirement project.
Knowing how to plan… is being able to enjoy!
This is why we also encourage you to use the services of a financial advisor in your decision-making, as your committee members are not qualified to fulfil this role.
Breaking News:
RRSP/DPSP collective: Transfer from Manulife to Desjardins
At the last meeting of the governance/surveillance committee of the RRSP/DPSP collective on October 3 and at which Charles-Éric was present as a representative of the CC, the company informed us that our Manulife supplier would be replaced by Desjardins.
This announcement was confirmed by Christophe Hennebelle of HR during the last webcast on October 27.
As you suspected, this is an important change. That is why we are notifying you now and it will be the only subject developed in this Newsletter.
According to the information provided by the company, this transfer will take place over a period of one year and in two phases:
1. communication and publication of information by Desjardins,
2. technology for the implementation of the platform.
Of course, your committee will carefully follow each step of this process and inform you.
The process and the reasons:
As early as 2020, the governance committee complained that Manulife did not offer all the investment options available on the market. A request had been made to them to remedy this and modernise the options.
Indeed, given the entire current economic context: volatility, inflation, potential recession, etc., investment options aimed at stabilising portfolios had to be added to the program. Without going into details, these options concern tangible assets, which are found in private markets. These are mainly investments in infrastructure and real estate.
The other objective that the company wishes to achieve in modernising investment options for the RRSP/DPSP concerning ESG (Environment, Society, Governance) and the related ethical values. In other words, it is to have a financial supplier that offers options that align with the values that Transat already defends as a company.
However, as since the beginning of 2020 Manulife had not delivered new options and given the delays caused by the pandemic, Transat conducted a request for tenders under the supervision of Normandin/Beaudry (actuary consultant for the company), this procedure having received the approval of the company’s direction.
Three financial institutions were selected for submission: Sunlife, Industrial Alliance and Desjardins. According to the members of the selection committee, Desjardins emerged, without a doubt, the great winner of this presentation, among other things, because of their philosophy and approach, as well as the services they offer. This selection was submitted to the company’s Human Resources and Remuneration Committee (HRRC), which endorsed it. (The members of this committee are members of the board of directors of Transat A.T. Inc.)
Faced with this statement and at this same meeting, representatives of the different groups of employees of the surveillance committee expressed their disappointment at not having been consulted, or even informed of this transfer.
The company has heard this disappointment and is now offering us to attend a presentation by Desjardins, which will take place in December.
Indeed, one of the next crucial steps is the selection of investment funds that will be offered to employees by Desjardins. Normandin Beaudry will make a presentation of the results of their analysis of the funds as well as recommendations in the selection of the selected funds.
The company has also informed us that the final selection will have to be endorsed at the beginning of 2023 by the members of the HRRC.
In other words, we are invited to attend the process, but the decisions will be made by the company. At least at this stage, we will be able to exercise our monitoring mandate and thus keep you informed of the results for the next steps.
Monitoring this important change will therefore be the priority of committee members in the coming months.
However, we also have the project, in collaboration with the company, to produce an information kit for future retirees and that will cover the steps to follow.
Thank you for taking the time to read us and see you soon.
In solidarity,
Charles-Éric,
Julie, Marie-Claude and David
Sheena