Notice from VESP -Change in Plan Administrator

The Nominees of the Vancouver Employees’ Savings Plan (VESP) have been reviewing the services of the plan administrator, Morneau Sobeco, and have decided to appoint a new administrator, BenFlex Services Inc., effective November 1, 2010.
BenFlex Services Inc. is a Vancouver-based benefit plan administrator. Although smaller than Morneau Sobeco, BenFlex Services Inc. has many years of experience of benefit plan administration and has gained an excellent reputation for client service.

TRANSITION

The present plan administrator will continue to process all VESP benefit payments and respond to all member inquiries until October 31, 2010, as well as prepare and distribute the September 30, 2010 quarterly member statements.

Effective November 1, 2010, VESP will have a new website and new telephone help centre. Please note the new website address and telephone number:
VESP website: www.vesp.ca
VESP help centre: 604-261-2444 (available weekdays between 8:00 a.m. and 4:00 p.m.)

From November 1, 2010, BenFlex Services Inc., as the new plan administrator, will maintain VESP members’ records, issue quarterly statements and calculate all entitlements under the plan.

When you access the new website for the first time, you will be asked to create a new user name and password.

There is no change to VESP’s trusteeship and investment management. In particular, Canadian Western Trust will continue as VESP’s trustee and Phillips, Hager & North Investment Management Ltd. and the Ethical Funds Company will continue as VESP’s investment managers.

Also, the change in plan administrator will not affect VESP’s four investment options or your holdings under these options.

BENEFITS OF THE CHANGE

The Nominees anticipate that there will be a number of benefits flowing from the change in plan administrator. These should include:
• improved member service;
• more timely distribution of quarterly member statements; and
• lower plan expenses.

Also, the Nominees anticipate that VESP will be able to offer members the option of having their VESP contributions treated as Tax-Free Savings Account (TFSA) contributions, beginning in January, 2011. Having your contributions treated as TFSA contributions will allow you to shelter the investment income on these contributions from income taxes. More information on this new option will be provided to you later in 2010.