Upcoming changes to LAPP will affect APEX Supplementary Pension Plan
The Local Authorities Pension Plan (LAPP) recently announced changes to the pension plan. As APEX is a supplementary pension plan to LAPP, it must be maintained as the same type of pension plan. This means minor changes will be made to the APEX Supplementary Pension Plan to bring it into alignment with the changes made to LAPP.
Changes to LAPP
LAPP has sent a notice to plan administrators advising that the new normal form of pension for members with a pension partner will be the ‘Joint Lifetime Reduced by 1/3 on the member death only’. These changes will result in members not seeing their pension payment reduced due to their pension partner pre-deceasing them. This change will come into effect on January 1, 2024.
Changes to APEX
As you are required to elect the same form of pension for APEX as LAPP, the APEX Supplementary Pension Plan will be updated to align with LAPP’s normal form of pension. APEX will continue to evolve to meet the retirement needs and equity expectations of its stakeholders.
Participating members will be notified directly and are encouraged to connect with our Retirement Services team with any questions via retirement [at] abmunis.ca (email) or by calling 310-MUNI from anywhere in Alberta.
