2011 APS Annual Report - Ready for the Road Ahead
June 29, 2012, Edmonton - more online services for clients and continued progress on multi-year initiatives highlight Alberta Pensions Services Corporation's (APS) 2011 annual report.
"APS had one of its most successful years in 2011," says Acting President and CEO Lesley Bowering. "The Corporation is positioning itself to respond to the trends we are certain will impact our business in the coming years, while continuing to provide risk-managed, timely and quality service."
APS received client satisfaction survey results that exceeded targets on all fronts. Members report 84 per cent satisfaction' surpassing APS' target of 82 per cent. Satisfaction rates for members in transition, or members approaching retirement, were at 83 per cent - one point above target. Pensioner satisfaction levels continued to exceed target levels at 92 per cent(target: 82 per cent).
The Corporation continued effort on the three multi-year initiatives designed to simplify operations: Business Process Simplification, Pension Policy Simplification, and Next Generation.
"The Corporation is well-positioned to embark on the next phase of its journey," says Al Mondor, APS Board Chair.
In response to feedback from clients, APS offered more products and services in 2011, including newly designed pension plan websites, new member newsletters and added online services for members, including the ability to register for one-on-one member information sessions, access to publications and the option to register a decision to purchase service.
At the end of 2011, there were 55,650 users registered on mypensionplan, a secure website for active and deferred members.
Total gross expenditures were budgeted at $44.5 million, while actual 2011 gross expenditures were $42.5 million. A key measure of APS' success is "cost per member". Our targeted cost per member of $168 continues to be the median of our peer group in pension administration; APS exceeded this target with a year-end cost per member of $155.
"Successes occurred under the leadership of Monica Norminton, former President and CEO. Ms. Norminton left APS in January 2012 to pursue new opportunities," says Bowering. "We are thankful for her many contributions."
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