Message from the SFPP Board Chair
October 20, 2015
The recent ceremonies marking National Police and Peace Officers Memorial Day in Alberta provided a heartfelt reminder of the ultimate sacrifice our police and peace officers are prepared to make every time they put on their badges and go to work.
The recent loss of Edmonton Const. Daniel Woodall and RCMP Const. David Wynn was remembered in a ceremony on the lawn of the Alberta legislature on Sunday, September 27. It is an all too sad chapter in a familiar story of bravery, commitment and sacrifice that comes from dedicating one's life to protecting society and keeping us safe.
The Board of Special Forces Pension Plan supports the great work being done by our municipal police officers in Alberta, working in Calgary, Camrose, Edmonton, Lacombe, Lethbridge, Medicine Hat and Taber. We are working every day to take care of your pension and make sure it is there when you are ready to retire.
Thank you for your dedicated service.
There is not much new to report since my last message to you. We are waiting to hear what is in store when the provincial budget is tabled by government. The budget is likely to reflect a significant loss in provincial revenues, given the low price of oil and the resulting downturn in the energy sector.
While the price of oil has a limited impact on our investment funds thanks to our diversified portfolio, SFPP can still expect to feel the impact of tough economic times if the provincial budget means less money for municipalities and/or budget restraint for police services.
Wage freezes, hiring freezes or other limits on growth in the public sector can increase the amount of money the Plan owes, driving up the cost of pensions. This requires even higher investment returns than we estimated when setting our assumptions for the funding of the Plan in our last actuarial valuation at December 2013.
Whatever is around the corner, at SFPP we continue to monitor economic and demographic risks to the Plan and find ways to manage and mitigate those risks. We provided a risk report to the previous President of Treasury Board and Minister of Finance and we continue to act on that while we wait to hear from the new government about what its vision is for public sector pensions in Alberta.
Check back for future updates and watch for our Fall Newsletter which will be coming your way soon.
Chair, SFPP Board