The Trustees of the PowerSector Benefit Trust (PSBT) are Members of the Plan, as chosen by their peers (other Plan Members) to represent the interests of all the Members. The Trustees are the voice of Members, which ensures the Plan responds to the needs of all participants.
While there are many people and organizations involved in the day-to-day management of the Trust, there is only one stakeholder—the Member of the Plan. The Trustees make decisions through this lens. They, too, are Members of the Plan and make decisions in the best interests of the PowerSector Benefit Trust Members and their families.
The Trustees are responsible for managing Member contributions as outlined in the wage schedules of the various Collective Agreements. The Trust receives contributions from employers on behalf of Members. These contributions are paid into the operative Group Plan for tax purposes. They also issue tax documentation to the Canada Revenue Agency.
The Trustees have financial responsibility and liability for the operation of the Trust outlined in the Trust Document. Some of the critical duties of the Trustees are:
- Administration and day-to-day operations
- Plan management and Member benefits
- Local, national, global economics, regulations, and trends
- Finance and operations
- Computer programming
- Advise, negotiate and administer agreements
- Oversee claims management