1142:
1132:
1112:
1092:
1082:
1122:
1102:
27:
218:
strategic guidance for the Plan, managing risk, and ensuring the long-term sustainability of LAPP. A 12-member
Sponsor Board, whose members are appointed as representatives of the members (employees) and employers, is legislated to make decisions about plan design, employer eligibility rules, and contribution rates.
213:
Originally established in 1962 for the employees of local authorities, LAPP now includes 437 employers (2022) from the healthcare sectors, cities, towns, villages, summer villages, municipal districts, colleges, school boards, non-profits/not-for-profits, charities, other public sector entities, and
240:
duty and responsibility to act in the best interests of LAPP's members. Contributions are collected from employers and employees and the money is invested provincially, nationally, and globally in fixed income, public and private equities, real estate, infrastructure, natural resources, bonds, and
217:
LAPP Corporation is overseen by a 12-director Board of
Directors, nominated by employer and employee groups. This Corporate Board and LAPP Corporation are responsible for the administration of the pension benefits and to ensure that retirement income is paid to members, which is done by providing
297:(PSPPA), which created a separate LAPP fund, LAPP employers and members became jointly responsible for funding the Plan, removed the government as a guarantor of the Plan and Fund for new service, and outlined independence for the pension plan with a three-party agreement.
362:(Bill 22) is passed, and governance provisions for LAPP are changed. Two crown corporations, AIMCo and APS, are mandated by legislation as respectively the investment management services provider and benefits administration services provider for LAPP.
1012:
358:
2019: In March, LAPP becomes a jointly governed plan, giving the responsibility for decisions and risks of the Plan to the employer and employee groups contributing to the pension. In
November, the
590:
247:(SIPP). Interest, investment returns, and contributions are used to pay lifetime retirement income (pension benefits, often termed the pension promise) to current and future LAPP retirees.
1166:
1085:
583:
659:
1145:
576:
1186:
1057:
202:
1191:
1196:
1181:
1176:
1171:
380:
198:
355:
2018: The government and the plans reach an agreement and new pension legislation is passed, setting an effective date for joint-governance.
879:
874:
1201:
782:
190:. Dedicated to helping every member retire with dignity, the plan guarantees a predictable and secure retirement income for life.
352:
2015–18: A coalition negotiates an agreement for self-governance and independence on behalf of the public pension plan sponsors.
667:
644:
1115:
857:
317:(MoU) on self-governance was signed by stakeholders and sent to the government for review with the target date reset to 2002.
256:
1962: LAPP is established as the Local
Authorities Pension Plan with a flat accrual benefit equal to 2% of a member's salary.
1125:
1095:
276:
1981: The first public plan pension fund is created. Prior to this employer and employee contributions were pooled in the
1105:
862:
187:
241:
other investment vehicles by its investment management services provider, AIMCo, in accordance with LAPP Corporation's
692:
687:
682:
677:
672:
314:
242:
115:
739:
949:
899:
837:
797:
744:
346:
197:
and
Administrator of the Plan, and supported by the over 400 employees of its pension benefits services provider
320:
2004: The Board creates an informal role for Plan sponsors by creating the
Stakeholder Consultation Group (SCG).
1135:
1052:
1047:
474:
1032:
1027:
982:
119:
734:
1042:
1007:
904:
49:
345:
2015: A newly appointed
Minister of Finance calls for consultation, which is delayed by the pre-election
959:
867:
277:
528:
510:
419:
987:
772:
649:
329:
2006–11: The Board and stakeholders continue to seek self-governance. Phase Two is never implemented.
186:
With 291,259 members and $ 58.7 billion in assets (2022), LAPP is a multi-employer jointly sponsored
1062:
924:
832:
827:
823:
777:
260:
1037:
997:
934:
929:
767:
332:
2011: The Board offers to lead the process for the creation of a task force to reform governance.
300:
1997: The Board voted to terminate statutory LAPP and to reestablish the Plan by
January 1, 2000.
1002:
729:
724:
719:
634:
842:
711:
622:
1022:
944:
792:
754:
629:
603:
135:
847:
762:
639:
599:
267:
143:
326:
2006: Phase One reform involves the creation of ALAPP Corporation to support the Plan.
1160:
954:
939:
919:
807:
568:
273:
1973: The first Board of
Trustees is formed as Administrator and Trustee of the Plan.
1067:
992:
964:
909:
802:
59:
310:
1999: The Plan's move to self-governance has a renewed review target date of 2001.
852:
455:
201:(APS) and the over 600 employees of its investment management services provider
26:
1017:
787:
437:
35:
914:
237:
492:
398:
87:
194:
176:
91:
617:
180:
129:
572:
233:
transitioned LAPP to joint governance effective March, 2019.
225:(EPPA), requiring it meet the rules and standards set out by
563:
103:
Participating employers and employees in
Alberta, Canada
558:
259:
1964: Contribution rates are first integrated with the
551:
529:"Joint Governance of Public Sector Pension Plans Act"
475:"Year's Maximum Pensionable Earnings (YMPE) Overview"
323:
2005: The government announces two phases of reform.
263:(CPP) up to the Year's Maximum Pensionable Earnings.
973:
892:
816:
753:
710:
701:
658:
610:
360:
Joint Governance of Public Sector Pension Plans Act
231:
Joint Governance of Public Sector Pension Plans Act
152:
142:
127:
107:
97:
83:
65:
55:
45:
33:
414:
412:
157:
307:. PSPPA changes were made to employer withdrawal.
1167:Financial services companies established in 1962
303:1998: The Board completed draft Plan Text and a
293:1992–93: Provincial pension reforms led to the
244:Statement of Investment Policies and Procedures
171:, formerly known by its expanded acronym, the
584:
381:"LAPP appointing Troy Mann as president, CEO"
335:2012: A Plan review is led by the government.
8:
1086:Private equity and venture capital investors
19:
420:"Public sector pensions – Joint governance"
1121:
1101:
1058:Taxation of private equity and hedge funds
875:Private investment in public equity (PIPE)
707:
591:
577:
569:
25:
18:
203:Alberta Investment Management Corporation
372:
270:(COLA) payments are issued to retirees.
456:"Employment Pension Plans Regulation"
221:LAPP is registered under the Alberta
199:Alberta Pensions Services Corporation
7:
511:"Public Sector Wage Arbitration Act"
227:Employment Pension Plans Regulations
289:Local Authorities Pension Plan Act.
287:was repealed and replaced with the
340:Public Sector Wage Arbitration Act
14:
1187:Organizations established in 1962
493:"Public Sector Pension Plans Act"
175:, is the largest pension plan in
1141:
1140:
1131:
1130:
1120:
1111:
1110:
1100:
1091:
1090:
1081:
1080:
473:Kagan, Julia (August 14, 2022).
1192:Organizations based in Edmonton
295:Public Sector Pension Plans Act
1197:1962 establishments in Alberta
1182:Private equity firms of Canada
1177:Investment companies of Canada
1172:Public pension funds in Canada
858:Publicly traded private equity
438:"Employment Pension Plans Act"
193:LAPP Corporation is the legal
173:Local Authorities Pension Plan
1:
1126:List of venture capital firms
285:Local Authorities Pension Act
1106:List of private equity firms
863:Business Development Company
223:Employment Pension Plans Act
188:defined benefit pension plan
315:Memorandum of Understanding
280:(GoA) General Revenue Fund.
179:and the seventh largest in
71:; 62 years ago
1218:
950:High-net-worth individuals
740:Leveraged recapitalization
214:for-profit corporations.
1202:Infrastructure investment
1076:
838:Limited liability company
798:Venture capital financing
745:Dividend recapitalization
268:Cost-of-Living Adjustment
24:
138:58.7 billion (2022)
905:Institutional investors
236:LAPP Corporation has a
1043:Liquidation preference
1008:Distribution waterfall
960:Sovereign wealth funds
1116:Venture capital firms
868:Venture capital trust
278:Government of Alberta
1096:Private equity firms
824:Private equity firms
773:Post-money valuation
650:Equity co-investment
305:Declaration of Trust
1146:Portfolio companies
1063:Undercapitalization
915:Insurance companies
833:Limited partnership
778:Pre-money valuation
342:(Bill 9) is tabled.
261:Canada Pension Plan
21:
998:Capital commitment
768:Business incubator
735:Buy–sell agreement
385:benefitscanada.com
1154:
1153:
1003:Capital structure
888:
887:
730:Divisional buyout
725:Management buyout
720:Financial sponsor
166:
165:
1209:
1144:
1143:
1134:
1133:
1124:
1123:
1114:
1113:
1104:
1103:
1094:
1093:
1084:
1083:
945:Commercial banks
935:Investment banks
843:Carried interest
708:
611:Investment types
593:
586:
579:
570:
555:
554:
552:Official website
537:
536:
535:. 24 April 2024.
525:
519:
518:
517:. 24 April 2024.
507:
501:
500:
489:
483:
482:
479:investopedia.com
470:
464:
463:
452:
446:
445:
434:
428:
427:
426:. 24 April 2024.
416:
407:
406:
399:"Annual Reports"
395:
389:
388:
377:
266:1969: The first
162:
159:
148:LAPP Corporation
132:
123:
79:
77:
72:
29:
22:
1217:
1216:
1212:
1211:
1210:
1208:
1207:
1206:
1157:
1156:
1155:
1150:
1136:Angel investors
1072:
1023:High-yield debt
976:financial terms
975:
969:
884:
812:
793:Startup company
749:
703:
697:
654:
606:
604:venture capital
597:
550:
549:
546:
541:
540:
527:
526:
522:
509:
508:
504:
497:open.alberta.ca
491:
490:
486:
472:
471:
467:
460:open.alberta.ca
454:
453:
449:
442:open.alberta.ca
436:
435:
431:
418:
417:
410:
397:
396:
392:
387:. 22 June 2023.
379:
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369:
253:
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128:
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100:
75:
73:
70:
38:
17:
12:
11:
5:
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1199:
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1179:
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1138:
1128:
1118:
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1065:
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1005:
1000:
995:
990:
985:
979:
977:
971:
970:
968:
967:
962:
957:
955:Family offices
952:
947:
942:
940:Merchant banks
937:
932:
927:
922:
917:
912:
907:
902:
896:
894:
890:
889:
886:
885:
883:
882:
877:
872:
871:
870:
865:
855:
850:
848:Management fee
845:
840:
835:
830:
820:
818:
814:
813:
811:
810:
805:
800:
795:
790:
785:
780:
775:
770:
765:
763:Angel investor
759:
757:
751:
750:
748:
747:
742:
737:
732:
727:
722:
716:
714:
705:
699:
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664:
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656:
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653:
652:
647:
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637:
632:
627:
626:
625:
614:
612:
608:
607:
600:Private equity
598:
596:
595:
588:
581:
573:
567:
566:
561:
556:
545:
544:External links
542:
539:
538:
520:
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484:
465:
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371:
370:
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365:
364:
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948:
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933:
931:
928:
926:
923:
921:
920:Fund of funds
918:
916:
913:
911:
910:Pension funds
908:
906:
903:
901:
898:
897:
895:
891:
881:
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841:
839:
836:
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831:
829:
825:
822:
821:
819:
815:
809:
808:Venture round
806:
804:
801:
799:
796:
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791:
789:
786:
784:
781:
779:
776:
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709:
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694:
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689:
686:
684:
681:
679:
676:
674:
671:
669:
668:Early history
666:
665:
663:
661:
657:
651:
648:
646:
643:
641:
638:
636:
633:
631:
628:
624:
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609:
605:
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594:
589:
587:
582:
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575:
574:
571:
565:
564:AIMCo website
562:
560:
557:
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394:
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386:
382:
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366:
361:
357:
354:
351:
348:
344:
341:
338:2013–14: The
337:
334:
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328:
325:
322:
319:
316:
312:
309:
306:
302:
299:
296:
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68:
64:
61:
58:
54:
51:
48:
44:
40:
37:
32:
28:
23:
1068:Vintage year
993:Capital call
965:Crowdfunding
900:Corporations
803:Venture debt
532:
523:
514:
505:
496:
487:
478:
468:
459:
450:
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402:
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384:
375:
359:
339:
304:
294:
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243:
235:
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226:
222:
220:
216:
212:
209:Organization
192:
185:
172:
168:
167:
130:Total assets
84:Headquarters
60:Pension fund
46:Company type
930:Foundations
853:Pledge fund
645:Secondaries
559:APS website
114:Troy Mann (
99:Area served
1161:Categories
1018:Envy ratio
925:Endowments
788:Seed money
702:Terms and
533:alberta.ca
515:alberta.ca
424:alberta.ca
367:References
283:1985: The
109:Key people
36:Trade name
988:Cap table
893:Investors
817:Structure
635:Mezzanine
623:Leveraged
238:fiduciary
205:(AIMCo).
116:President
1038:Leverage
974:Related
704:concepts
347:Red Zone
88:Edmonton
56:Industry
1048:M&A
755:Venture
660:History
630:Venture
403:lapp.ca
251:History
195:Trustee
177:Alberta
153:Website
92:Alberta
74: (
66:Founded
50:Private
1013:EBITDA
712:Buyout
640:Growth
618:Buyout
313:2001:
229:. The
181:Canada
144:Parent
828:funds
693:2020s
688:2010s
683:2000s
678:1990s
673:1980s
880:SPAC
826:and
783:SAFE
602:and
169:LAPP
158:lapp
118:and
76:1962
69:1962
41:LAPP
20:LAPP
16:LAPP
1053:PME
1033:IRR
1028:IPO
983:AUM
183:.
160:.ca
136:C$
120:CEO
1163::
531:.
513:.
495:.
477:.
458:.
440:.
422:.
411:^
401:.
383:.
90:,
592:e
585:t
578:v
499:.
481:.
462:.
444:.
405:.
349:.
122:)
78:)
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