Record Keeper and Investment Management Services for the GMPP

The Government of Newfoundland and Labrador (GNL) GMPP provides defined contribution pension coverage for part-time employees of government and its agencies and full-time employees (of Participating Employers) that are ineligible to participate in other government sponsored pension plans. The GMPP Committee was established by the Lieutenant-Governor in Council to oversee the operations of the Government Money Purchase Pension Plan (GMPP). Employer representatives are appointed by virtue of their positions in government, while employee representatives are appointed based on the recommendation of the various unions. Committee members are responsible to ensure that contributions accumulated to the credit of the employee are invested prudently in the investment classes prescribed by the Committee and to promote the plan and educate employees on the importance of taking an active interest in their investments. The retirement security of a GMPP member depends on the member’s investment decision, which in turn depends on the member’s investment profile and risk tolerance. Consequently, it is critical that members take an active interest in their portfolio. To facilitate prudent investment decisions by members, the GMPP, through the Committee, adheres a Statement of Investment Policies and Procedures, which outlines the investment options provided to members. The current options include Guaranteed Investment Accounts (GIAs) and market-based funds, including a Canadian equity fund, a bond fund, two global equity funds, a balanced fund, and target date funds. Recently a review was conducted to ensure that the current investment options meet plan member needs. Appendix D outlines the new investment options that the Province will offer on April 1, 2028 on implementation date of the Contracted Supplier. Pursuant to section 12.1 of the Government Money Purchase Pension Plan Act, the Committee is mandated to administer the GMPP. The mandate is delivered by completing the following