The Local Authorities Pension Plan (LAPP) is a defined benefit pension plan. This means your pension at retirement will be based on: • your length of pensionable service; and • your highest five-year average pensionable salary.
Also know, does AIMCo manage Lapp?
Alberta Investment Management Corporation (AIMCo) is one of Canada's largest institutional investment fund managers. AIMCo manages billions of dollars for Alberta pensions, endowments and government funds, including the LAPP Fund, which is one of AIMCo's largest clients.
Also to know, is Lapp indexed to inflation?
A LAPP pension is partially indexed to protect the value of your money. Without any inflation protection, your pension would not keep up with the cost of higher prices for goods and services that tomorrow will bring. At LAPP, your pension is adjusted annually with a Cost-of-Living Adjustment. We call it COLA for short.
Is Lapp a registered pension plan?
LAPP is a jointly-sponsored pension plan. The Plan sponsors are both the employees (LAPP members) and the employers (LAPP employers) who pay into the Plan. The role of the Corporation is to ensure that pensions are paid to members.
How is Lapp calculated?
LAPP is a defined benefit pension plan. Your pension is calculated based on a formula that looks at your length of pensionable service and the average of your highest five consecutive years of pensionable salary up to the salary cap.