The Healthcare Employees’ Pension Plan was established effective January 1, 1997, to provide pension benefits to Manitoba’s healthcare employees, retirees, and their beneficiaries. With over 62,000 members and $3.5 billion in assets as at December 31, 2009, the Plan is one of the largest pension funds in Manitoba is ranked as one of the top 50 pension plans in Canada in terms of plan assets.
The Plan is governed by an independent, 12-member Board of Trustees, with equal representation from healthcare-related unions in Manitoba and from participating employers. Trustees act on behalf of the Plan beneficiaries to manage the organization and to manage and invest the assets of the Plan.
The Plan is a defined benefit pension plan. Unlike an RRSP or a defined contribution pension plan, a defined benefit pension plan uses a formula, rather than investment income derived from pension contributions, to determine benefits payable to eligible members at retirement.