2020 ANNUAL REPORT

2020 ANNUAL REPORT . The Local Authorities Pension Plan (LAPP) is a jointly-sponsored defined benefit pension plan. It was established in 1962 for the employees of local authorities in Alberta. The employers include organizations from the health care sector, cities, towns, villages, municipal districts, colleges, school boards and other affiliated public sector entities. LAPP Corporation is the legal trustee and administrator of the Plan and is governed by a 12-member Board of Directors, nominated by employees and employers. LAPP is registered under the Alberta Employment Pension Plans Act (EPPA) and is now governed by new provincial legislation passed late in 2018. The Joint Governance of Public Sector Pension Plans Act transitioned LAPP to joint governance effective March 1, 2019. Amendments to the Act in 2019, stipulate that LAPP Corporation is required to use two crown corporations of government to provide investment and benefit administration as follows: Alberta Investment Management Alberta Pensions Services Corporation Corporation (AIMCo) is responsible for (APS) is responsible for benefit investment management services under administration services to LAPP Corporation the direction of an investment policy as outlined in a Pension Services set by the LAPP Board and under an Agreement signed between LAPP and APS.

governance structure that features a fiduciary corporation (LAPP Corporation) with a board of directors and a representative board (LAPP Sponsor Board). It was a year full of challenges and opportunities with positive results for the Plan. Our work included important performance reviews and monitoring of our key service providers, Alberta

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