To:  All Members of the ACAW Trust Funds 

From:  Robert J. Provencher

I have been involved with the ACAW Trust Funds since October 2001 and have been Board Chair of the Health & Wellness Plan since 2005 and the Pension Plan since 2007.  Since 2007, we have seen the Pension Plan assets grow from $404 million to $2.239 billion.  This has been an increase of 454%, or 11.3% per year.  The Health & Wellness Plan assets have expanded as well to increase the benefits provided to members.

In addition, our Pension Plan is one of the best funded construction industry pension plans in the Province of Alberta with a funded ratio of 140%.  This means the assets of the Plan exceed the liabilities by 40%, which is a healthy margin and has allowed your Board of Trustees to be able to put through amendments to improve benefits for active, deferred and retired members.  The most recent improvement was effective January 1, 2024.  With the expert advice of our consulting actuary, your Pension Plan became the first pension plan in Alberta to be registered under new 2014 pension legislation as a target benefit plan in respect of service after 2014.  This provision removes ambiguity and provides better certainty in the funding of your Pension Plan so that reserves are set aside to protect your pension in the event of market downturns.  With assets exceeding the value of the pensions earned by 40%, your pension is secure.

When I reflect upon these accomplishments over the last number of years, I now feel that it is time to pass the leadership of the ACAW Trust Funds onto a new generation who will continue with the progress that we have made over the last two decades.  It is therefore my intention to retire from all positions I hold with the ACAW Trust Funds, effective March 31st, 2024. This means as of that date I will no longer be a Trustee and Chair of the Board of Trustees of the Pension Plan and the Health & Wellness Plan.

Following my departure, the Board of Trustees of both Plans will proceed to elect a new Chair to succeed me.  The process for replacing the Chair and selecting a new Trustee will be finalized over the next few months and the new appointees will be announced to the membership in a timely manner.

I firmly believe that our accomplishments were quite literally a team effort.  These successes are due to the dedication, knowledge and contribution of my fellow Trustees, along with the Plans’ legal, actuarial, investment and accounting advisors.

The delivery of quality service to all members and beneficiaries would not have been possible without the dedication demonstrated by the management and staff of the ACAW Trust Funds.

Our successes have been a collective effort.  I am pleased to have worked with a quality team of Trustees, service providers and staff.  I remain confident that the quality of service and stewardship that we provide for your Pension and Health & Wellness Plans will continue after I leave.

 I wish you all the best in the coming years.

Yours truly,

R. J. Provencher

Chair and Trustee, Boards of Trustees, ACAW Trust Funds.