The Municipal Pension Plan (MPP) is a jointly trusteed defined benefit pension plan governed by a Joint Trust Agreement (Agreement). The partners to the Agreement are the Municipal Employees' Pension Committee, as the member partner, and the Province of British Columbia and the Union of British Columbia Municipalities, as the employer partner. The Partners and appointing authorities are responsible for nominating and appointing the sixteen trustees and sixteen alternate trustees representing Plan members and Plan employers. The Agreement describes the composition and powers of the Municipal Pension Board of Trustees (Board) and provides the authority for the Board to make MPP rule changes, if changes are cost-neutral to the Plan. Unless required for legal compliance, changes that result in contribution rate changes, or cause or increase an unfunded liability, can only be initiated by the Partners. The Board is fully responsible for the management of the Plan, including investment of the assets and Plan administration. The Chair and Vice Chair of the Board are appointed by the other trustees. British Columbia Pension Corporation provides benefit administration services and British Columbia Investment Management Corporation (BCI) provides investment management services as agents of the Board. BCI has a role that goes beyond that of a typical fund manager, effectively functioning as MPP’s internal investment staff.