WELCOME! Ottawa Chapter Spring AGM Meeting May 28, 2013.
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Transcript of WELCOME! Ottawa Chapter Spring AGM Meeting May 28, 2013.
WELCOME!
Ottawa Chapter
Spring AGM Meeting
May 28, 2013
AGM Agenda 9:30 Welcome & Introduction
Marlyn Easterbrook 9:40 Treasurer’s Report Don Dutton10:00 President’s Report Dan McDonald
Q & A11:00 ~ Break ~11:25 Guest Speaker – Peter McKenna
Executive Director: Rideau Community Health Services
12:25 Wrap Up12:30 Meeting Close
May 28, 2013 2
Video of President’s Report on Website
www.bellpensionersgroup.ca
May 28, 2013 3
Communications Facebook LinkedIn
May 28, 2013 4
!!!!! RECRUITMENT !!!!!
May 28, 2013 5
NEXT MEETING
Tuesday October 29, 2013
9:30 a.m. - 12:30 p.m.
Nepean Sportsplex
May 28, 2013 6
Ottawa Chapter- Financial ReportMay 28, 2013
Don Dutton
Ottawa Chapter Treasurer
Financial Summary – BPG Inc.Year ending Dec. 31, 2012
2012 2011
REVENUES 215,976 214,740
EXPENSES 165,599 175,222
Excess Rev/Exp 50,377 39,518
Total Members 10,059 10,179
May 28, 2013 8
Paid Membership – Ottawa ChapterYear ending Dec 31, 2012
Year Members Increase
2006 1132 172
2007 1252 120
2008 1206 (46)
2009 1332 126
2010 1356 24
2011 1331 (25)
2012 1235 (96)
May 28, 2013 9
Financial Summary – Ottawa ChapterYear ending Dec 31, 2012
2012 2011REVENUE 25,403 27,140 Transfer to Corporate 13,220 12,620 EXPENSES 6,269 9,919Excess Rev/Exp 5,914 4,978
Bank Account * 36,251 32,956Total Paid Members 1,235 1,331
*Includes Deferred Member Fees & PayPal Income
May 28, 2013 10
Financial Summary – Ottawa ChapterYear ending Dec 31, 2012
Revenue 2012 2011Member Fees 25,060 27,140Other Income 343 377
------------- -------------Total Revenue 25,403 27,517
ExpensesMeeting Facilities & Expense 2,813 3,585Postage & Printing 855 2,834Telephone (Conf. Calls) 69 0Office Supplies 420 360Office Equipment 318 2,095Gifts/Donations 50 100Membership Promotion 1,529 640Bank Charges 94 130PayPal Fees 121 175
------------- -------------Total Operating Expense 6,269 9,919
Transfer to Corporate 13,220 12,620------------- -------------
Excess of Rev/Exp 5,914 4,978
May 28, 2013 11
Financial Summary – Ottawa ChapterBalance Sheet
Year ended Dec 31, 2012
ASSETSCurrent Assets - Bank Account 36,218 - PayPal Account 34
- Pre-Paid Expense 157------------
Total Assets 36,409
LIABILITIES & EQUITYCurrent Liabilities - Prepaid Memberships - 2013 12,580
- 2014 to 2020 2,360------------
Total Current Liabilities 14,940
Total Equity - (Retained Earnings + Net Income 2012) 21,469------------
Total Liabilities & Equity 36,409
May 28, 2013 12
BPG Ottawa ChapterHow your money was spent in 2012
May 28, 2013 13
Fiscal Year 2013As of May 16, 2013
Member Database 1,443
Paid Membership – 2013 1019(70%)
Revenue (Membership fees) 2012 4202013 & Beyond 20,380Interest & Other 289
Total Revenue 21,089
Expenses Postage & Printing 488Office Supplies 52PayPal Fees 129Bank Charges 39
Total Operating Expense 709
Transfer to Corporate 10,380
Net Income YTD 10,000
May 28, 2013 14
Ottawa Chapter Balance SheetAs of May 16, 2013
ASSETSCurrent Assets - Bank Account 20,054
- PayPal Account 1,034- Reserve Account-GIC 15,000
------------Total Assets 36,088LIABILITIES & EQUITYCurrent Liabilities - Prepaid Memberships - 2014 3,360
- 2015 to 2020 1,260
------------Total Current Liabilities 4,620
Total Equity - (Retained Earnings + Net Income 2013) 31,468------------
Total Liabilities & Equity 36,088
May 28, 2013 15
Approval of Auditors - 2013
In accordance with the new Not for Profit regulations
I move – That the firm BDO Canada be retained as the auditor
for BPG until the close of the next annual meeting at the remuneration agreed to in the response – Request for Audit Services
May 28, 2013 16
Approval of Financial Audit for 2013
In accordance with the new Not for Profit Corporations regulations
I move – That BDO Canada be asked to conduct an audit
engagement instead of the default review engagement as required under the new Canada Not for Profit Corporations Act
May 28, 2013 17
Bell Pensioners' GroupMay – June 2013
President's Report
Presented by Dan McDonald
Summary
Changes to By-law No. 1
Establishment of a new Chapter
Plan Performance
Indalex Decision
Focus for 2013
BPG Board of Directors
May 28, 2013 19
By-law No. 1 The Act has changed and not-for-profit
corporations must make sure that their By-laws are consistent with the new Act
The new Act forces some changes to the BPG By-law
All Board directors must be elected, including that the Chapter chairs being appointed to the Board automatically
At the same time, other changes are proposed to simplify organizational change
May 28, 2013 20
By-law No. 1
Outlines Rights and responsibilities of members Organization of BPG Obligations of the BPG Board
Must be approved by membership
Must be approved by Industry Canada
Must conform to the Canada Not-for-profit Corporations Act (NFP Act)
May 28, 2013 21
Objectives for By-law Changes
Compliance with the new Act
No change of members' rights
Organizational flexibility
May 28, 2013 22
By-law Changes – Chapter Chairs
Until now: each chapter chair, elected by that chapter's members, automatically sits on the Board
With new Act: members of each chapter will elect one Director to sit on the Board, and that Director will also be the Chapter Chair
End result: no practical change
May 28, 2013 23
Other Changes (required by Act) Notice of meetings: 21 days (up from 14)
Financial statements: must be made available 21-60 days before AGM
2/3 voting majority needed to change any By-law provisions affecting
Members' rightsVoting process & notice of meetingsSpecial general meeting must be called if
5% of members request it (previously: 25%)
May 28, 2013 24
BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:
1. The directors of the Corporation are authorized and directed to make an application under section 297 of the NFP Act to the Director appointed under the NFP Act for a Certificate of Continuance of the Corporation;
2. The Articles of Continuance (transition) of the Corporation, which have been submitted to this meeting and are annexed to these minutes as Schedule A, are approved;
May 28, 2013 25
BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:
3. The general operating By-law of the Corporation (as amended) is repealed effective on the date that the corporation continues under the NFP Act and the new general operating By-law No.1 which has been submitted to this meeting and is annexed to these minutes as Schedule B is approved and will be effective on the same date.
4. Any one of the officers and directors of the Corporation is authorized to take all such actions and execute and deliver all such documentation, including the annexed Articles of Continuance (transition), the notice of registered office and of directors in the forms fixed by the Director, which are necessary or desirable for the implementation of this resolution.May 28, 2013 26
Motion
Approval of By-law changes
May 28, 2013 27
Establishment of a new Chapter
In early 2012, retirees from Télébec sought the possibility to join BPG. Since they were under Bell Aliant’s accountability, BPG did not have access to the information related to their DB Pension and Benefit plans.
BPG proposed to Télébec’s retirees the
establishment of a new Chapter which would provide the required expertise to answer requests associated to their DB Pension and Benefit plans.
May 28, 2013 28
Establishment of a new Chapter (cont’d)
Value added for BPG:
Consolidating Bell/BCE DB Pension retirees under one entity
Providing BPG more influence facing Bell/BCE and Government
Focusing one voice and one direction when negotiating with BCE and Government
Better understanding of other DB pension plans managed under Bell/BCE
Increasing BPG’s membership Getting closer to the members in the regionsMay 28, 2013 29
Plan Performance ($M)
Plan Valuation Report as of December 31, 2011
Solvency Shortfall $3,134.6M
Solvency Ratio 79.7%
Return on Assets 4.95%
May 28, 2013 30
1000
500
0
-500
-1000
-1500
-2000
-2500
-3000
2003 2004 2005 2006 2007 2008 2009 2010 2011
FullyFunded
MarketValue
Actuary Value
Trend 2004-2011
Bell’s Contribution in 2012
May 28, 2013 31
Bell excess prepaymentsas of December 31, 2011Used to reduce theamortization payment
2012 contribution DB & DC normal cost and special advance contribution
Minimum amortizationpayment required in 2012Bell excess prepaymentsas of December 31, 2012
Bell excess prepaymentsgoing in 2013
$1,142.8 M
$750 M
$565.7 M
$577.1 M
$1,327 M
+
=
=
_
Indalex Decision
Ontario Court of Appeal ruling gave pensioners claims priority above those of other creditors, including the debtor-in-possession (DIP) lenders
The Supreme Court of Canada agreed that while the deemed trust established under provincial law did confer a priority on the pensioners, the laws of the federal government are paramount when federal and provincial laws conflict
May 28, 2013 32
Indalex Decision
As the DIP priority came under the federal law, it superseded the priority granted under the provincial law
Bad news for those pension plans that fall completely under federal jurisdiction
BPG must continue its efforts with the Federal Government to enshrine pension protection safeguards in federal legislation or regulations
May 28, 2013 33
Security of our Pension Promise BPG Focus for 2013
BPG will continue its efforts with the Federal Government to enshrine pension protection safeguards in federal legislation or regulations - Letter to Minister Flaherty
Follow-up of the d’Amour Expert Committee Report Key topics the Pension Committee will pursue in 2013:
1. Corporate Restructuring2. Indexation Calculations3. Trade COLA for Enhanced Pension4. Pension vs Annuities5. Valuation Methods6. Investment Strategies
May 28, 2013 34
BPG Board Dan McDonald (President) Charlie Labarge (Vice-President) Penny Gilray (Treasurer) Lancy Hum (Secretary)
Committees Roberte Cadieux (Communications) Bob Farmer (Governance) Bob Bartlett (PC, Nominations) Marg Eades (PC) Ron Hunt (Governance) Jean-Luc Geha (Audit) Michel Doyon (Audit & PIC) Louise Touchette (Nominations) Sue Dawes (Alternate PIC rep)
Chapter Chairs Marlyn Easterbrook (Ottawa)
Titus Ramkhalawansingh (Toronto)
Frank Bible (SW Ontario)
Robert Guay (Montreal)
Jean Lamer (Quebec City)
Norm Kelly (Télébec)
May 28, 2013 35
Q & A
May 28, 2013 36
NEXT MEETING
Tuesday October 29, 2013
9:30 a.m. - 12:30 p.m.
Nepean Sportsplex
May 28, 2013 37