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Since becoming Board Chair in July 2025, I have focused on learning the full scope of CSSB’s work. This includes the pension and insurance plans that support our members, as well as the long-term investment strategy that helps sustain those commitments.
Through my work with other Manitoba pension plans, I have seen how important strong governance is to long-term fnancial security and member service.
Decisions made today affect members for decades to come. The Board takes this responsibility seriously and it has guided our work throughout a year marked by change and progress.
2025 brought several important leadership transitions across the organization. We thank outgoing Board Chair Carmele Peter for her leadership and many contributions to CSSB. We also thank JoAnne Reinsch for her years of dedicated service. We welcomed Donna Rose to the Board, where she brings valuable experience in compensation and benefts administration.
Change also extended to CSSB’s executive leadership. Michael Emslie joined the organization as Chief Administrative Offcer, succeeding long-serving General Manager Bruce Schroeder. Looking ahead, Chief Investment Officer Peter Josephson announced his retirement after 30 years with CSSB. We thank Peter for his dedication and leadership.
While leadership changes bring new perspectives, CSSB’s commitment to providing high-quality, up-to-date services to members remains constant.
Periods of transition reinforce the importance of strong governance. The Board’s role is to provide oversight, support sound decision-making, and help ensure the long-term sustainability of the pension plan.
In 2025, we continued to review and strengthen our governance framework to ensure our policies, practices, and decision-making processes remain aligned with the best interests of our members.
As Board Chair, I also serve on the Investment Committee. This year, we welcomed Nicoletta Oprea and William Chornous. We extend our thanks to A. Scott Penman, Sil Komlodi, and Susan Stephen for their many years of service and valuable contributions.
In 2025, the fund earned a return of 11.86%, supported by strong performance in US equities and infrastructure. Returns were slightly below the policy benchmark of 12.47%, mainly due to weaker relative performance against challenging benchmarks in international equities, Canadian equities, and private equity. However, the result was well above the actuarial rate of return of 6%.
Investment performance is one part of the plan’s long-term financial health. The Board also considers the funded status, contribution rates, and cost-of-living adjustments.
At the end of 2024, the plan was 83% funded. The funded status is an important measure of the plan’s financial health. The Board and CSSB’s actuary monitor the plan’s funded status and work with committees to make funding recommendations to the Manitoba government. To learn more, see page 31.
Contribution rates increased in April 2026 by 0.5% of pensionable earnings. The increase applies to both members and employers. This is the first of four planned increases designed to help strengthen the plan’s funding over time. For more information, see page 27.
In 2025, the cost-of-living increase was 0.87%, based on available funding. We understand that cost-of-living increases are important to our retired members. Each year, this decision is made carefully by an actuary and our Board, using the plan’s financial position and the approved decision-making framework. For more information, see page 34.
The Board remains focused on providing strong governance and oversight in support of the plan’s long-term sustainability. Through careful monitoring, informed decision-making, and a commitment to prudent management, the Board helps ensure the plan remains well-positioned to meet the needs of current and future members.