Funded position reaches 136.1% as assets rise to $887.6 million after 10.9% return
CWIPP closed 2024 with a $233m funding surplus and a funded position of 136.1 percent, according to its latest annual report.
Assets reached $887.6m, up $155.5m during the year, after delivering a 10.9 percent investment return.
The trustees approved pension increases for 18,000 members and pensioners, with more than half the active employer groups receiving an average 4.9 percent boost to pensions earned to date.
Managing Director Shawn Rahbek said the plan’s target benefit structure allows for prudent but not excessive margins, enabling excess assets to be directed to members when conditions allow.
He added that CWIPP’s funding policy balances adequacy, intergenerational equity, and security to support regular pension increases.
Over the past three years, pension adjustments have been consistent: in 2023, 37 groups received an average 5.5 percent increase; in 2022, 33 groups received 7.9 percent; and in 2021, 30 groups received 6.6 percent.
With assets now approaching $900m, CWIPP has achieved 5-year and 10-year annualized returns of 8.0 percent and 8.3 percent, respectively.
The results reinforce the plan’s long-term sustainability and capacity to provide lifetime monthly pension payments.
Board Facilitator and Chair Gary Goddard described CWIPP as a growing, dynamic plan committed to enhancing service and strengthening retirement security.
He called target benefit pension plans a modern, accessible option for organizations and unions seeking fair and stable retirement outcomes.
Established in 1970, CWIPP operates as a multi-employer, target benefit pension plan for unions, employers, and members.
Employers can set contribution rates through union bargaining, with fixed costs protected under pension legislation.
Member contributions are optional, and pensions are paid as monthly income for life.
