Many Nations offers a choice. You can choose to become a member in The Retirement Plan for the Employees of the Participating Employers of the Many Nations Pension Plan (also known as The Many Nations Multi-Employer Pension Plan) with over 120 First Nations organizations, coast to coast, large and small, with combined assets of more than $140 million. This pension plan is the largest First Nations Multi-Employer Pension Plan in Canada. The growing value of the plan translates into economic power, which we use to influence the pricing and investment decisions of our major financial business partners. Due to the size of the Pension Plan, we pay a lower management fee and we pass the savings along to you, our members.
Many Nations Multi-Employer Pension Plan is a “defined contribution” plan offering employees a wide variety of “no-load” investment options. The Many Nations Pension Committee bears the fiduciary responsibility for overseeing and administering the plan in accordance with the legislation set out by Canada Customs and Revenue Agency (CCRA) and by the Office of the Superintendent of Financial Institutions (OSFI).
As an alternative and in special cases, a stand-alone pension plan may be preferred. We partner with the pension providers to provide this alternative. We currently service approximately $140 million of assets in our clients’ stand-alone pension plans.
As a First Nations organization, you may be eligible for funding through the Indigenous Services Canada (ISC) Employee Benefits program (formerly Band Employee Benefit (BEB) Funding. Included as an additional service to our clients, we are pleased to assist you in preparing your application for submission to your Funding Services Officer (FSO).
Many Nations Multi-Employer Pension Plan
Many Nations Multi-Employer Pension Plan is a defined contribution multi-jurisdictional pension plan. The majority of the plan members fall under Federal Jurisdiction, therefore, the plan is registered with the Office of the Superintendent of Financial Institutions (OSFI) and administered based on the applicable jurisdiction of each individual employer.
The Plan Design of the Multi-Employer Pension Plan allows each Participating Employer to “customize” their participation in the plan in areas where regulations allow variables.
The Pension Committee is the plan sponsor of the Multi-Employer Pension Plan. The Pension Committee assumes the responsibility for Plan Governance. By providing governance to the pension plan, the employer does not incur the expenses, both financially and in terms of human resources, which they would be responsible for in a stand-alone pension plan.
The Pension Committee has developed a “Governance Document”. This Governance document defines the roles and responsibilities of the Committee and has been approved by OSFI.
The Plan Manager ensures that all aspects of the administration processes are adhered to in compliance with the Plan Governance adopted by the Pension Committee.