Effective 8 July 2019 CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN
|
|
- Hugh Roland Strickland
- 6 years ago
- Views:
Transcription
1 Effective 8 July 2019 CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN 1
2 MORE SUSTAINABLE: CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN We are making changes to the Canadian Forces Non-Public Funds Employees Pension Plan (the Pension Plan) to support its sustainability and protect our commitment to maintaining a defined benefit pension plan for you, our members. Thanks to skillful management, the Pension Plan has experienced strong returns over its lifetime, under challenging circumstances. But for several years now, we have been required to top-up the plan funding, costing the organization millions of extra dollars. In recent times, many plan sponsors have faced difficult decisions on how to most effectively use limited financial resources, and we are no exception. External factors have created a level of risk that the Chief Executive Officer (CEO) and the Pension Board are no longer comfortable with. We have decided to address this risk by changing certain elements of the Pension Plan in order to ensure its long-term sustainability. The CEO and Pension Board have analyzed and considered a variety of plan change options. After determining which changes would affect employees the least, incorporating employee feedback from focus groups, and conducting a detailed analysis of the external factors affecting Canadian pensions, we have determined that the measures detailed below provide the best path forward for our membership and the long-term health of the Pension Plan. The ultimate goal was to protect the defined benefit plan and to look for the best balance for change for all employees. We took a holistic approach when considering potential changes. The upcoming enhancements to the Federal Government s Canada Pension Plan (CPP) played a significant role in the decision making process. Starting in 2019, the CPP will be gradually enhanced and you will receive higher benefits in exchange for making higher contributions (for more information visit: RISKS TO DEFINED BENEFIT PENSION PLANS GLOBAL ECONOMY AND MARKET INVESTMENT RISKS REMAIN HIGH HISTORICALLY LOW INTEREST RATES HAVE WEAKENED NORMALLY RELIABLE FORMS OF INVESTMENT INCOME PEOPLE ARE LIVING LONGER IN RETIREMENT, ADDING PRESSURE TO LIFETIME PENSIONS THE CHANGES COME INTO EFFECT FROM 8 JULY 2019, AND ONLY APPLY GOING FORWARD FROM THAT DATE. REGARDLESS OF A MEMBER S RETIREMENT DATE, ALL THE BENEFITS OF SERVICE PRIOR TO 8 JULY 2019 WILL REMAIN COMPLETELY UNAFFECTED. CURRENTLY RETIRED MEMBERS WILL REMAIN UNAFFECTED BY THE CHANGES. 2 CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN
3 4 CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN THAT COME INTO EFFECT FROM 8 JULY 2019 But let s start with what hasn t changed: YOUR CONTRIBUTION RATE REMAINS UNCHANGED! The upcoming changes to the Canadian Pension Plan (CPP) will affect all Canadian workers. Starting in 2019, the CPP will be gradually enhanced and you will receive higher benefits in exchange for making higher contributions. Since this will already affect your take home pay, we did not want to impact your take home pay twice. 1 THE PENSION FORMULA CHANGES FROM 1.5%/2% FOR BELOW/ABOVE THE CPP/QPP YEAR S MAXIMUM PENSIONABLE EARNINGS (YMPE)* TO 1.3%/2% BELOW/ABOVE YMPE We faced difficult decisions on how to most effectively use our limited financial resources and strongly considered the 2019 CPP enhancements. Essentially, the 0.2% reduction should be offset by the enhanced CPP, which will help maintain the same level of post-retirement income that existed pre-changes. Given the different segments of our workforce, we balanced the needs of new members just starting their pensions, as well as long-standing members who have contributed to the plan for many years. This is why the pension formula will be calculated taking into account your various years of service. If you re close to retirement, this will have little impact since the majority of your pension earned will be prior to 8 July *Year s Maximum Earnings (YMPE): The maximum earnings set each year by the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) on which you are required to make CPP/QPP contributions. The YMPE also determines the earnings amount that is used for calculating the Staff of the Non-Public Funds, Canadian Forces pension contributions each year. IMPACT OF ENHANCED CPP AT AGE 65 Shared contributions of 9.9% CURRENT CPP Pension (25%) FUTURE Enhanced CPP Pension (33.3%) Shared contributions of 11.9% Employee contributions of 4.5% / 6% NPF Pension NPF Pension Employee contributions of 4.5% / 6% CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN 3
4 PENSION FORMULA NEW - For pensionable service earned on or after 08 July 2019: 1.3% of your Earnings up to the average YMPE 2% of your Highest Average Earnings above the average YMPE For pensionable service earned between January 1, 1997 and July 07, 2019: Years of Service since July 8, 2019 Earnings = your average earnings as a member during the three highest-paid consecutive years in the ten years before your pensionable service ceases. 1.5% of your Earnings up to the average YMPE 2% of your Earnings above the average YMPE Years of Service between January 1, 1997 and July 7, 2019 For service earned before January 1, 1997 THE GREATEST OF 1, 2 OR 3 BELOW: 1. 40% of your total required contributions before January 1, % of your Earnings up to the average YMPE 2% of your Earnings above the average YMPE Years of Service before January 1, % of your average annualized earnings for 1994, 1995, 1996 up to $34, % of your average annualized earnings for 1994, 1995, 1996 up to $34,900 but below $52,350 2% of your average annualized earnings for 1994, 1995, 1996 above $52,350 Years of Service before January 1, 1997 THE PENSIONABLE AGE* FOR RETIREMENT INCREASES FROM 60 TO 65. People are living and working longer today than ever before, and the common industry practice for retirement is shifting nationally to 65. Given the strain that the added expense of early retirement places the Pension Plan, combined with increased longevity in plan members, increasing the 2pensionable age to 65 is a necessary change. * Age: the earliest age at which you may begin to receive a pension benefit without the consent of the Employer and without reduction by reason of early retirement. 4 CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN
5 3 THE EARLY RETIREMENT REDUCTION INCREASES FROM 3% PER YEAR TO 5% PER YEAR. Early retirement is a personal decision for each individual employee. Given that it is a choice that is subsidized by the Pension Plan, the early retirement reduction was increased to 5% which reflects the actual cost of early retirement to the Pension Plan. Increasing the reduction was considered a fair compromise between employees choosing early retirement, and the added cost borne by all members of the Pension Plan. 4 THE BRIDGE BENEFIT REMAINS WITH A CLARIFICATION ON ELIGIBILITY FOR RETIREMENTS UNDER THE AGE OF 55. If you retire between the ages of 50 and 55 with at least 10 years of total pensionable service earned both before and after July 8, 2019, you will be eligible to receive the bridge benefit. In this case, your bridge benefit will be calculated based on only your pensionable service earned prior to July 8, No bridge benefit is payable for your pensionable service earned on and after July 8, Your bridge benefit will be paid from the first of the month following age 60 until the month you turn age 65. Should you die prior to age 65, your bridge benefit will cease in the month following your death. NO DOUBT, YOU VE GOT QUESTIONS 1. Will my take home pay change? Your contribution rate remains the same, but it is important to bear in mind that your take home pay will change due to upcoming changes to CPP by the Federal government. 2. Should I retire before July 8, 2019? When you decide to retire is a personal decision. It is important to understand, though, that the pension you earn before July 8, 2019 will not be affected by the changes. The pension changes are not applied retroactively. Also, for every additional year of service, your pension will increase and, of course, you will continue to earn your salary. 3. When can I retire? If your pensionable service is earned from July 8, 2019 onwards, then your pensionable age is age 65. This means: YOU CAN RETIRE. AND RECEIVE On the first day of the month following your 65 th birthday. An immediate unreduced pension. On the first day of the month following your 55 th birthday. An immediate pension reduced by 5/12 per cent for each month (5% per year) preceding age 65. CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN 5
6 If your pensionable service started prior to July 8, 2019, then your total pensionable service earned before and after July 8, 2019 is used to determine your retirement date; however, you may have two (2) different pensionable ages for the purpose of calculating your pension benefit. This means: IF YOU ARE YOU CAN RETIRE. AND RECEIVE At least sixty-five (65) years of age and have less than ten (10) years of pensionable service* On the first day of the month following your 65 th birthday. An immediate unreduced pension. At least sixty (60) years of age and have ten (10) or more years of pensionable service* On the first day of the month following your 60 th birthday. An immediate pension. For your service prior to July 8, 2019, the pension is unreduced. For your service on or after July 8, 2019, the pension is reduced by 5/12 (5% per year) per cent for each month preceding age 65. At least fifty-five (55) years of age and have less than ten (10) years of pensionable service* On the first day of the month following your 55 th birthday. An immediate pension. For your service prior to July 8, 2019, the pension is reduced by 1/4 per cent for each month (3% per year) preceding age 65. For your service on or after July 8, 2019, the pension is reduced by 5/12 per cent for each month (5% per year) preceding age 65. Or, alternatively, you may elect to defer your pension. At least fifty (50) years of age and have ten (10) or more years of pensionable service* On the first day of the month following your 50 th birthday. An immediate pension. For your service prior to July 8, 2019, the pension is reduced by 1/4 per cent for each month (3% per year) preceding age 60. For your service on or after July 8, 2019, the pension is reduced by 5/12 per cent for each month (5% per year) preceding age 65. Or, alternatively, you may elect to defer your pension. * Please note that pensionable service includes service earned both before and after July 8, CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN
7 For example, Jane has a total of ten (10) years of pensionable service. She earned five (5) years of pensionable service before July 8, 2019 and earned five (5) years of pensionable service after July 8, Jane wants to retire at age sixty (60). Based on Jane s total 10 years of pensionable service, she can retire at age 60. Jane s pension benefit for her 5 years of pensionable service before July 8, 2019 will not be reduced. This is because her pensionable age for this period of service is age 60. Jane s pension benefit for her 5 years of pensionable service after July 8, 2019 will be reduced by 25 per cent. This reduction is because her pensionable age for this period of service is age 65. Therefore, if Jane retires at age 60, then the benefit has to be reduced by 5% per year (or 5/12 per month) which equals a 25% reduction. If Jane s highest average pensionable earnings are $50,000, her pension is calculated as: 1.5% of $50,000 = $750 5 years of pre- July 8, 2019 Service = $3, % of $50,000 = $650 5 years of post- July 8, 2019 Service = $3,250-25% reduction ($812.50) = $2, = $6, per year CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN 7
8 ON THE ROAD FOR CHANGE: We have created a range of communication resources to help you understand how the Pension Plan works and how the changes might affect your eventual retirement plans: March 2018: Ask the Expert sessions your opportunity to ask questions directly with subject matter experts CEO Quarterly Messages: Featuring answers to the most Frequently Asked Questions Spring 2018: Pension Plan Estimator will be updated to reflect the upcoming changes. Once available through Coughlin and Associates, you will be able to explore how the changes will affect your retirement income June 2019: Ask the Expert Returns 8 July 2019: Pension changes come into effect WHAT DOES THIS MEAN FOR ME? Coming Spring 2018! Coughlin and Associates will be updating the pension estimator to reflect the pension changes, designed to provide you with an estimate of your future monthly retirement benefit. While this estimate will not contain all the information of a formal pension estimate, it will provide you with the opportunity to review your current situation and project future pension benefits. WHAT DO YOU NEED TO DO? All you need to do is stay informed. We understand that the Pension Plan is very important to you, and any change to the Pension Plan can raise questions. You are encouraged to visit to access a variety of retirement planning resources. For general information regarding the Pension Plan, pension benefits, contributions, etc. please contact your local Human Resources office. For information regarding your annual pension statement or pension options after retiring or terminating, please contact our Pension Administrator, Coughlin and Associates at: npfpension@coughlin.ca or CHANGES TO THE CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN
EMPLOYEES PENSION PLAN
Effective 8 July 2019 Your Pension Plan was established on 1 January 1969 by Her Majesty in Right of Canada through the Minister of National Defence, pursuant to his authority and responsibility with respect
More informationPension Plan Frequently Asked Questions
Pension Plan Frequently Asked Questions Questions SECTION A PENSION CHANGES: A1. Why are the changes being made? A2. Why can t CFMWS continue to make up the pension funding shortfalls? A3. Why aren t current
More informationWELCOME TO PENSION SERVICES GLOSSARY OF TERMS
WELCOME TO PENSION SERVICES GLOSSARY OF TERMS Please follow the appropriate links below to find relevant definitions of regularly used pension terms. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
More informationwhat s the plan? what you need to know USASK PENSION Overview of the 1999 Academic Pension Plan
what s the plan? USASK PENSION what you need to know Overview of the 1999 Academic Pension Plan Retirement is an important milestone We want you to enjoy your retirement years to the fullest. That s why
More informationTable of Contents. 24 Self-Pay 25 Reciprocal Agreements 27 Life Changes 28 Marriage Breakdown
Table of Contents 1 About this Booklet 2 Key Plan Benefits at-a-glance 5 Becoming a Plan Participant 6 Entitlement to Benefits 8 Earning Pension Credits 9 Past Service 11 Future Service 13 How your Pension
More informationRetirement Plan of the University of St. Michael s College
Retirement Plan of the University of St. Michael s College September 2013 Table of Contents INTRODUCTION.......................................... 4 BACKGROUND TO THE PLAN...................................
More informationPension Frequently Asked Questions
Eligibility: 1. Who is eligible to join the Pension Plan? 2. Who is not eligible to join the Pension Plan? 3. When is a temporary employee eligible to join the pension plan? 4. When is an indeterminate
More informationGREYHOUND WESTERN EMPLOYEES RETIREMENT INCOME PLAN YOUR PENSION PLAN SUMMARY
GREYHOUND WESTERN EMPLOYEES RETIREMENT INCOME PLAN YOUR PENSION PLAN SUMMARY November 2003 GREYHOUND WESTERN EMPLOYEES RETIREMENT INCOME PLAN PENSION PLAN SUMMARY YOUR RETIREMENT PLAN The Greyhound Western
More informationOffer of OMERS MEMBERSHIP. (part-time employees) An introduction to the OMERS Plan
Offer of OMERS MEMBERSHIP (part-time employees) An introduction to the OMERS Plan This booklet is intended as a reference about some features of the defined benefit provision of the OMERS Primary Pension
More informationFORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN
F I N A N C I A L S T A T E M E N T S For CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN For year ended DECEMBER 31, 2007 AUDITORS' REPORT To the Chairperson and Members of the Employee Pension
More informationAmendments to the Canada Pension Plan to be phased in from 2011 to 2016
Now and Tomorrow Excellence in Everything We Do Amendments to the Canada Pension Plan to be phased in from 2011 to 2016 Technical Presentation Last updated in May 2011 This document contains information
More informationThe Public Service Pension Plan. Employee Booklet
The Public Service Pension Plan Employee Booklet Table of Contents Preface... 1 An Introduction to the Public Service Pension Plan... 2 Public Service Pension Plan Reform... 3 Eligibility for Membership...
More informationA handbook for members of the OMERS Plan
A handbook for members of the OMERS Plan This handbook is a summary of the defined benefit provision of the OMERS Primary Pension Plan (OMERS Plan). In this booklet, we refer to the OMERS Primary Pension
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for Professionals/Managers 6-9.
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for Professionals/Managers 6-9. BACKGROUND TO THE PLAN The current Pension Plan for the staff of the University
More informationOnce you become a Member of the Plan, you may not withdraw from the Plan so long as you remain employed by the City.
Retirement Benefit Plan for the Employees of the City of St. John s as applicable to Members of CUPE Local 1289, CUPE Local 569, NAPE Local 7808, and Non-Bargaining (Option 1) The Retirement Benefit Plan
More informationA handbook for members of the OMERS Plan
A handbook for members of the OMERS Plan This handbook is a summary of the defined benefit provision of the OMERS Primary Pension Plan (OMERS Plan). In this booklet, we refer to the OMERS Primary Pension
More informationThe sooner you join. / working part time. Information for part-time or casual employees thinking
The sooner you join / working part time Information for part-time or casual employees thinking of joining HOOPP Contents 2 / The sooner you join 3 / Taking care of those who take care of us 6 / How you
More informationVictoria Mechanical Industry Pension Plan
VMI Pension Plan Reference Book Victoria Mechanical Industry Pension Plan May 2013 Plan s Mission: It is the aim of the Victoria Mechanical Industry Pension Plan: to deliver the pension promise to the
More informationACTUARIAL REPORT. as at 31 March Pension Plan for the PUBLIC SERVICE OF CANADA
ACTUARIAL REPORT as at 31 March 1996 on the Pension Plan for the PUBLIC SERVICE OF CANADA TABLE OF CONTENTS Page I- Overview... 1 II- Data... 8 III- Methodology... 13 IV- Assumptions... 17 V- Results
More informationLearn about your Social Security benefits. Investor education
Learn about your Social Security benefits Investor education The role Social Security plays in your retirement Whether you re approaching retirement or you ve already retired, you and your financial advisor
More informationPension Adjustment Guide
Pension Adjustment Guide T4084(E) Rev. 08 Before You Start Is this guide for you? This guide is for you if you want information about how to calculate a pension adjustment (PA). All employers who sponsor
More informationCONTRIBUTORY PENSION PLAN FOR SALARIED EMPLOYEES OF MCMASTER UNIVERSITY INCLUDING MCMASTER DIVINITY COLLEGE 2000 (as at July 1, 2000)
Appendix B CONTRIBUTORY PENSION PLAN FOR SALARIED EMPLOYEES OF MCMASTER UNIVERSITY INCLUDING MCMASTER DIVINITY COLLEGE 2000 (as at July 1, 2000) CERTIFIED to be a true and complete copy of the text of
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for the following employee group; OPSEU 519
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for the following employee group; OPSEU 519 BACKGROUND TO THE PLAN The current Pension Plan for the staff
More informationYOUR OMERS PENSION. A handbook for members with a normal retirement age of 60
YOUR OMERS PENSION A handbook for members with a normal retirement age of 60 Important! This handbook is a summary of the defined benefit provision of the OMERS Primary Pension Plan for members with a
More informationHoneywell Retirement Earnings Plan
Honeywell Retirement Earnings Plan SUMMARY PLAN DESCRIPTION Describing the Bendix Salaried Formula Effective January 1, 2010 Honeywell Retirement Earnings Plan Summary Plan Description Table of Contents
More information4 Retirement. 4.1 Eligibility for a pension Pension formula Pension options Reduced and unreduced pensions 9
Section Contents 4 Retirement 4.1 Eligibility for a pension 4 4.1.1 Termination of employment 5 4.2 Pension formula 6 4.3 Pension options 7 4.4 Reduced and unreduced pensions 9 4.5 When a member is retiring
More informationTotal Compensation Pension Pay and Incentives Benefits Health and Well-Being. Your information booklet Defined Benefit (DB)
Total Compensation Pension Pay and Incentives Benefits Health and Well-Being Your information booklet Defined Benefit (DB) May 2018 Welcome to the Canada Post pension plan Defined Benefit component Canada
More informationHow is my Pension Calculated?
How is my Pension Calculated? Ensuring you have adequate income when you retire requires careful attention. In non-working years your income will come from different sources, including your Public Service
More informationPENSION PROGRAM GUIDE
PENSION PROGRAM GUIDE October 2012 Pension Program Guide for Members of the Saskatchewan Retail, Wholesale and Department Store Union Pension Plan (SRWDSU) October 2012 This Guide contains an overview
More informationTWPP TELECOMMUNICATION WORKERS PENSION PLAN
TWPP TELECOMMUNICATION WORKERS PENSION PLAN Effective January 1, 2002 TABLE OF CONTENTS 1 Section Page INTRODUCTION 3 1 ELIGIBILITY AND PLAN PARTICIPATION 4 2 CONTRIBUTIONS 6 3 TERMINATION OF EMPLOYMENT/PARTICIPATION
More informationWhat you need A PENSION PLAN FOR YOU. Information for new employees about the features of HOOPP
What you need A PENSION PLAN FOR YOU Information for new employees about the features of HOOPP CONTENTS 2 Introduction 3 Reasons to love your HOOPP DB pension 4 About HOOPP 5 How your HOOPP pension works
More informationPension plan for Non-Academic Employees of Mount Allison University
Pension plan for Non-Academic Employees of Mount Allison University This brochure summarizes the major features of the Pension Plan for Non-Academic Employees of Mount Allison University. If you have questions
More informationThe foundation of your retirement income
Government Benefits The foundation of your retirement income As you go through your working life, you will generally have one primary source of income: your job or your business. In retirement, you will
More informationUniversities Academic Pension Plan
Universities Academic Pension Plan 2016 Member Handbook Table of Contents INTRODUCTION... 1 Overview... 1 UAPP Website... 2 Information Sheets... 2 Retirement Planner... 2 Contacts for More Information...
More informationACTUARIAL REPORT on the Pension Plan for the CANADIAN FORCES Reserve Force as at 31 March 2015
on the Pension Plan for the CANADIAN FORCES Reserve Force To obtain a copy of this report, please contact: Office of the Chief Actuary Office of the Superintendent of Financial Institutions Canada 12 th
More informationTotal Compensation Pension Pay and Incentives Benefits Health and Well-being. Your information booklet Defined contribution (DC)
Total Compensation Pension Pay and Incentives Benefits Health and Well-being Your information booklet Defined contribution (DC) March 2018 17718 Welcome to the Canada Post pension plan Defined Contribution
More informationCONSULTATION PAPER THE PENSION BENEFITS ACT REVIEW. January 2018
CONSULTATION PAPER THE PENSION BENEFITS ACT REVIEW January 2018 CONSULTATION PAPER THE PENSION BENEFITS ACT REVIEW Department of Finance January 10, 2018 TABLE OF CONTENTS Part 1 - Introduction Part 2
More informationVictoria Mechanical Industry Pension Plan
VMI Pension Plan Reference Book Victoria Mechanical Industry Pension Plan May 2006 Plan s Mission: It is the aim of the Victoria Mechanical Industry Pension Plan: to deliver the pension promise to the
More information4 Retirement. 4.6 Retirement planning and application To start the pension After the pension starts 18
Section Contents 4 Retirement How members get information about their pensions 3 4.1 Eligibility for a pension 4 4.2 Pension formula 5 4.3 Pension options overview 7 4.4 Reduced and unreduced pensions
More informationRRSP Contribution Limits Pension Adjustment (PA)... 9 RRSP Contribution Room... 9
Pension Plan for the Eligible Employees at the University of Saskatchewan (Research Pension Plan) Contents Introduction... 2 Eligibility... 2 Enrolling in the Plan... 2 Contributions... 2 Other Contributions...
More informationTHE HOOPP HANDBOOK. A guide for HOOPP members and those eligible to join HOOPP
THE HOOPP HANDBOOK A guide for HOOPP members and those eligible to join HOOPP CONTENTS WELCOME TO YOUR PENSION PLAN 2 About HOOPP 3 Advantages of being a HOOPP member SECTION ONE GETTING TO KNOW THE HOOPP
More informationProvince of British Columbia Ministry of Finance MECHANISMS FOR EXPANDING PENSION COVERAGE AND RETIREMENT INCOME ADEQUACY IN CANADA
Province of British Columbia Ministry of Finance MECHANISMS FOR EXPANDING PENSION COVERAGE AND RETIREMENT INCOME ADEQUACY IN CANADA This paper seeks your views on how best to address anticipated future
More informationPension Plans. University of Guelph. Pension. University of Guelph. Total Compensation. Base Pay. Group. Benefits. Post Retirement.
University of Guelph Pension Plans Pension Recognition Programs Group Benefits Base Pay University of Guelph Total Compensation Post Retirement Benefits Employee Assistance Program Vacation and Leaves
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for Faculty/Librarians.
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for Faculty/Librarians. BACKGROUND TO THE PLAN The current Pension Plan for the staff of the University of
More informationa CANADIAN UNION OF PUBLIC EMPLOYEES EMPLOYEES PENSION PLAN (CEPP) MEMBER BOOKLET
Canadian Union of Public Employees Employees Pension Plan (CEPP) MEMBER BOOKLET a Also available on the CUPE Employees Pension Plan website www.cepp.ca Last update September 2013 This member booklet provides
More informationTaking care of your future. Now.
Taking care of your future. Now. A GUIDE FOR HOOPP MEMBERS CONTENTS WELCOME TO YOUR PENSION PLAN A GUIDE FOR HOOPP MEMBERS 3 About HOOPP 3 Reasons to love your HOOPP DB pension SECTION ONE HOW YOUR HOOPP
More informationACTUARIAL REPORT. on the Pension Plan for the
on the Pension Plan for the MEMBERS OF PARLIAMENT Office of the Chief Actuary Office of the Superintendent of Financial Institutions Canada 16 th Floor, Kent Square Building 255 Albert Street Ottawa, Ontario
More informationTWPP TELECOMMUNICATION WORKERS PENSION PLAN
TWPP TELECOMMUNICATION WORKERS PENSION PLAN Effective January 1, 2008 TABLE OF CONTENTS 1 Section Page INTRODUCTION 3 1 ELIGIBILITY AND PLAN PARTICIPATION 4 2 CONTRIBUTIONS 6 3 TERMINATION OF EMPLOYMENT/PARTICIPATION
More informationPLAN RESTATEMENT. October 1, 2015
December 8, 2015 THE UNIVERSITY OF BRITISH COLUMBIA STAFF PENSION PLAN PLAN RESTATEMENT as at THE UNIVERSITY OF BRITISH COLUMBIA STAFF PENSION PLAN TABLE OF CONTENTS Article 1 Introduction... 2 Article
More informationTentative Agreement Q&A Part 2 of 3
Tentative Agreement Q&A Part 2 of 3 Jointly Sponsored Pension Plan (JSPP) JOINTLY SPONSORED PENSION PLAN (JSPP) Key Pension Features: Our pension provides a guaranteed income after our working years. Our
More informationROOFERS LOCAL 30 MEMBER PENSION PLAN BOOKLET
ROOFERS LOCAL 30 MEMBER PENSION PLAN BOOKLET AS AT SEPTEMBER 1, 2016 1 GENERAL INFORMATION The Roofers Local 30 Pension Plan (the Plan ) commenced May 1, 1993. Contributions to the Plan are negotiated
More informationALBERTA IRONWORKERS PENSION FUND
ALBERTA IRONWORKERS PENSION FUND 2013 Plan Booklet ALBERTA IRONWORKERS PENSION FUND 10154-108 Street, NW Edmonton, Alberta T5J 1L3 Telephone: (780) 452-5161 Toll Free (Canada & U.S.): 1-800-770-2998 Fax:
More informationA NEW PATH FOR ONTARIO UNIVERSITY PENSIONS
universitypension.ca A NEW PATH FOR ONTARIO UNIVERSITY PENSIONS University administrations, faculty associations, unions and other staff groups at University of Toronto, University of Guelph and Queen
More information1) Q: What changes were made to my pension as a result of the 2012 IAM&AW pension MOA?
Q & A DOCUMENT FOR ALL IAM&AW AIR CANADA CLERICAL, FINANCE & TMOS MEMBERS CONCERNING THE JUNE 2012 PICHER AWARD PENSION MOA PLUS THE OCTOBER 2012 AIR CANADA RETIREMENT ADMINISTRATION & POLICY CHANGES 1)
More informationOF BOILERMAKERS LODGE 359
BOILERMAKERS PENSION PLAN BOOKLET for ACTIVE FIELD MEMBERS OF BOILERMAKERS LODGE 359 As of May 1, 2017 Pension Plan registration numbers: Current as at: BC Financial Institutions Commission: #085447 Canada
More information2000 Academic Money Purchase Pension Plan
2000 Academic Money Purchase Pension Plan TABLE OF CONTENTS Introduction... 2 Eligibility... 2 Enrolling in the Plan... 2 Contributions... 2 Other Contributions... 3 Retirement Benefits... 4 Retirement
More informationMusicians Pension Plan
This document contains both information and form fields. To read information, use the Down Arrow from a form field. Musicians Pension Fund of Canada Caisse de retraite des musiciens du Canada Helping you
More informationSHEET METAL WORKERS LOCAL UNION 30 A HISTORY OF THE SHEET METAL WORKERS PENSION PLAN
SHEET METAL WORKERS LOCAL UNION 30 A HISTORY OF THE SHEET METAL WORKERS PENSION PLAN Updated September 1, 2016 TABLE OF CONTENTS Table of Contents Where It Started, 56 Years Ago... 1 Local 30 s Charter
More informationNOVA SCOTIA ASSOCIATION OF HEALTH ORGANIZATIONS
NOVA SCOTIA ASSOCIATION OF HEALTH ORGANIZATIONS PENSION PLAN Adopted by Nova Scotia Hospital Association, the Predecessor to the Nova Scotia Association of Health Organizations, on December 17, 1960, and
More informationUNDERSTAND YOUR WESTERN RETIREMENT PLAN...1
Last Updated: January 2017 TABLLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 PLANNING FOR RETIREMENT Retirement Counselling... 2 Retirement Workshop and Information Sessions... 3 Online Financial
More informationACTUARIAL REPORT PUBLIC SERVICE OF CANADA ON THE PENSION PLAN FOR THE AS AT 31 MARCH 2002
2003 ACTUARIAL REPORT ON THE PENSION PLAN FOR THE PUBLIC SERVICE OF CANADA AS AT 31 MARCH 2002 Office of the Superintendent of Financial Institutions Canada Office of the Chief Actuary Bureau du surintendant
More informationPension. Plan. Tober Enterprises Division. for further information. United Food and Commercial Workers Union
United Food and Commercial Workers Union for further information Plan Administrator: William M. Mercer Suite #860, One Bentall Centre 505 Burrard Street Vancouver, BC, V7X 1M4 e-mail: ufcw@ca.wmmercer.com
More informationTHE UNIVERSITY OF BRITISH COLUMBIA STAFF PENSION PLAN. PLAN RESTATEMENT as at September 30, 2015
October 25, 2016 THE UNIVERSITY OF BRITISH COLUMBIA STAFF PENSION PLAN PLAN RESTATEMENT as at THE UNIVERSITY OF BRITISH COLUMBIA STAFF PENSION PLAN TABLE OF CONTENTS Article 1 Introduction... 2 Article
More informationPENSION PLAN BASICS. Summary of The Canadian Christian School Pension Plan and Trust Fund. FSCO and CRA Registration No
PENSION PLAN BASICS Summary of The Canadian Christian School Pension Plan and Trust Fund FSCO and CRA Registration No. 0283812 Table of Contents The Plan... 4 How It Works... 6 Benefits... 7 Procedures...
More informationHow can I obtain information relating to my pension investment?
Under what authority does the Memorial University Pension Plan operate? The Memorial University Pension Plan is a legislated public sector pension plan that operates under the authority of the Memorial
More informationTWPP TELECOMMUNICATION WORKERS PENSION PLAN
TWPP TELECOMMUNICATION WORKERS PENSION PLAN Effective January 1, 2013 TABLE OF CONTENTS 1 Section Page INTRODUCTION 3 1 ELIGIBILITY AND PLAN PARTICIPATION 4 2 CONTRIBUTIONS 6 3 TERMINATION OF EMPLOYMENT/PARTICIPATION
More informationRetirement Planning. Gordon Guides For the CFP Exam. By the end of this section CFP exam candidates should be able to:
Retirement Planning By the end of this section CFP exam candidates should be able to: 1. Summarize a client s current retirement objectives and perform a needs analysis. 2. Calculate a client s required
More informationGROUP SAVINGS & RETIREMENT. The basics of financial planning. Plan for life
GROUP SAVINGS & RETIREMENT The basics of financial planning Plan for life Hello. Are you getting started on the road to retirement? Then finding out more about financial planning might be a good idea,
More informationSHARED RISK PLAN FOR CUPE EMPLOYEES OF NEW BRUNSWICK HOSPITALS. Amended and Revised as at
SHARED RISK PLAN FOR CUPE EMPLOYEES OF NEW BRUNSWICK HOSPITALS Amended and Revised as at October 20, 2017 TABLE OF CONTENTS Article I BACKGROUND AND PURPOSE OF THE PLAN...1 Article II DEFINITIONS...2 Article
More informationTHE EDMONTON PIPE INDUSTRY PENSION PLAN
THE EDMONTON PIPE INDUSTRY PENSION PLAN AS AT JANUARY 1, 2016 1 The Mission of The Edmonton Pipe Industry Pension Plan includes: Contributing to the well being of the Plan Members by providing reasonable
More informationNow and Tomorrow Excellence in Everything We Do. Benefits for Seniors with a Low Income
Now and Tomorrow Excellence in Everything We Do Benefits for Seniors with a Low Income Benefits for Seniors with a Low Income This publication is available for download at canada.ca/publicentre-esdc It
More informationTeacher Pensions and the Income Tax Act Frequently Asked Questions
Teacher Pensions and the Income Tax Act Frequently Asked Questions The pension benefit paid out under the Teachers Pension Plan (the Plan) is governed by a formula that includes a calculation of a benefit
More informationCONTRIBUTORY PENSION PLAN FOR SALARIED EMPLOYEES OF MCMASTER UNIVERSITY INCLUDING MCMASTER DIVINITY COLLEGE
CONTRIBUTORY PENSION PLAN FOR SALARIED EMPLOYEES OF MCMASTER UNIVERSITY INCLUDING MCMASTER DIVINITY COLLEGE (Amended and restated effective January 1, 2014) Registration Number: 0215400 CERTIFIED to be
More informationMUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN APPENDIX TO THE ANNUAL ACTUARIAL VALUATION REPORT DECEMBER 31, 2016
MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN APPENDIX TO THE ANNUAL ACTUARIAL VALUATION REPORT DECEMBER 31, 2016 Summary of Plan Provisions, Actuarial Assumptions and Actuarial Funding Method as
More informationTHE PENSION PLAN FOR PROFESSIONAL STAFF LAKEHEAD UNIVERSITY
THE PENSION PLAN FOR PROFESSIONAL STAFF OF LAKEHEAD UNIVERSITY AMENDED AND RESTATED AT January 1, 2016 Office Consolidation For Reference Purposes Only Consolidated text incorporating all amendments up
More informationFuture PREPARING FOR THE INTRODUCING YOUR UNIVERSITY OF MANITOBA PENSION PLAN (1993) What is inside. May 2012
May 2012 PREPARING FOR THE Future INTRODUCING YOUR UNIVERSITY OF MANITOBA PENSION PLAN (1993) What is inside Your Pension at a Glance...2 Welcome to Your Plan...3 Joining the Plan...4 Contributions...5
More informationMember Handbook. special forces. Information about your pension plan. Know your pension options. Plan for your retirement.
Member Handbook Information about your pension plan Know your pension options Plan for your retirement special forces pension plan 1 Are you online? Sign up to mypensionplan.ca and get your pension information
More informationRes HD C2C b. Pension Reform: Improvements in Tax Assistance for Retirement Saving
Res HD7105.45 C2C362 1989b Pension Reform: Improvements in Tax Assistance for Retirement Saving 3 0145 00082077 6 Pension Reform: Improvements in Tax Assistance for Retirement Saving December 1989 FINANCE
More informationActuarial Report. Updating the Actuarial Report on the Pension Plan for the. Members of Parliament. As at 31 March 2010
Actuarial Report Updating the Actuarial Report on the Pension Plan for the Members of Parliament As at 31 March 2010 Office of the Superintendent of Financial Institutions Canada Office of the Chief Actuary
More informationPENSION PLAN FOR GENERAL LABOUR, TRADES & SERVICES EMPLOYEES OF NEW BRUNSWICK SCHOOL DISTRICTS
PENSION PLAN FOR GENERAL LABOUR, TRADES & SERVICES EMPLOYEES OF NEW BRUNSWICK SCHOOL DISTRICTS Consolidated to May 9, 2002 TABLE OF CONTENTS SECTION TITLE PAGE 1 2 3 PURPOSE OF PLAN 1 DEFINITIONS 2 ELIGIBILITY
More informationReport on the Administration of the Members of Parliament Retiring Allowances Act
Report on the Administration of the Members of Parliament Retiring Allowances Act for the fiscal year ended March 31, 2015 ANNUAL REPORT Her Majesty the Queen in Right of Canada, represented by the President
More informationPENSION PLAN MEMBERS' BOOKLET
PENSION PLAN MEMBERS' BOOKLET September 2017 OPERATING ENGINEERS LOCAL 904 PENSION PLAN Dear Member: The Trustees take pleasure in providing you with this Summary Description of the Pension Plan, which
More informationYour. Pension Rights. A Guide for Members of Registered Pension Plans in Ontario
Your Pension Rights A Guide for Members of Registered Pension Plans in Ontario Endorsed by the Canadian Association of Pension Supervisory Authorities (CAPSA) What s In This Brochure Introduction....................................
More informationPension Plan for the Non-Teaching Employees of the School Boards of Nova Scotia. Employee Handbook
Pension Plan for the Non-Teaching Employees of the School Boards of Nova Scotia Employee Handbook Updated March 16, 2017 W E L C O M E T O T H E P L A N The Pension Plan for the Non-Teaching Employees
More informationTHE EDF ENERGY PENSION SCHEME. A guide for new joiners
THE EDF ENERGY PENSION SCHEME A guide for new joiners January 2016 CONTENTS Welcome 3 CARE Section 4 At a glance How it works Membership and contributions Building retirement benefits today Building retirement
More informationPULP & PAPER INDUSTRY pension plan
PULP & PAPER INDUSTRY pension plan summary Updated January 2005 Updated January 2005 Pulp and Paper Industry Pension Plan Summary Table of Contents Introduction...1 Your Privacy...3 The Plan Administrator...4
More informationPlan Member Guide. Teachers Pension Plan
Plan Member Guide Teachers Pension Plan Table of Contents Introduction... 1 Services Provided by ATRF... 2 Becoming a Member... 3 Contributions... 3 Retirement... 5 Pension Formula... 7 Pension Options...
More informationUniversity of Saskatchewan 1999 Academic Pension Plan. Funding Policy
University of Saskatchewan 1999 Academic Pension Plan Funding Policy April 19, 2013 Table of Contents Page Background and Purpose...1 Environment and Risks...2 Funding Principles...8 Financial Measurement
More information2016 PLAN. people. pensions. results.
2016 PLAN Booklet people. pensions. results. Table of Contents Getting To Know SHEPP Employees and Employers Jointly Govern the Plan 3 Funding Your Pension Benefit 3 Joining The Plan Becoming Eligible
More informationPERSI. Commitment. Employee Orientation. Competence. On- Line Self Guided Training. Character
Commitment Employee Orientation Competence Character On- Line Self Guided Training Commitment WELCOME TO Competence Character LEARNING ABOUT YOUR RETIREMENT PLAN Does this training apply to me? This presentation
More informationEmployees Retirement Plan University of Windsor Pre-Retirement Seminar. Welcome!
Employees Retirement Plan University of Windsor Pre-Retirement Seminar Welcome! May 12, 2017 Presentation Overview Preparing for Retirement Sources of Retirement Income Types of Pension Plans Plan Definitions
More informationYour Defined Benefit (DB) Pension Plan. A resource for Members of Local 967 of the Canadian Union of Public Employees
Your Defined Benefit (DB) Pension Plan A resource for Members of Local 967 of the Canadian Union of Public Employees February 2007 Table of contents How does it work?... 3 When you join the plan... 3 Who
More informationExploring Alternative Pension Solutions
Ontario Universities Pension Symposium Exploring Alternative Pension Solutions Derek Dobson CEO and Plan Manager May 6, 2014 2 As at January 1, 2014 31 PSE employers, 37,000 members $7.1 Billion in assets
More informationLeaving your employer Should you Commute Your Pension Plan?
Leaving your employer Should you Commute Your Pension Plan? Mackenzie Tax & Estate Planning In past years when an individual changed employers, it was pretty much an accepted practice to leave their defined
More informationTHE NOVA SCOTIA HEALTH EMPLOYEES
THE NOVA SCOTIA HEALTH EMPLOYEES PENSION PLAN Adopted by Nova Scotia Hospital Association, the Predecessor to the Nova Scotia Association of Health Organizations, on December 17, 1960, and Approved by
More informationTHe machinists Pension Plan,
THe machinists Pension Plan, lodge 692 Pension Plan summary UPDATED MAY 2017 mission statement The Trustees of The Machinists Pension Plan, Lodge 692 shall use all their individual and combined skills,
More informationUnit 8: Pensions and Retirement
Unit 8: Pensions and Retirement Welcome to Pensions and Retirement. In this unit, you will learn about the various types of public and private savings plans. You will learn about the different types and
More informationMost retirement pensions for defined benefit pension plans are calculated according to a formula similar to the following:
RBC Wealth Management Services The Navigator Purchasing Past Service in a Defined Benefit Pension Plan Understanding the impact on your overall retirement plan You may be a member of a defined benefit
More information(November 21, 2013 / 11:36:13) MSPP Brochure_p01.pdf.1 Member s Handbook
Member s Handbook WELCOME TO YOUR PENSION PLAN Your pension is an important part of maintaining financial security when you reach retirement. This booklet describes how your pension plan works, who manages
More information/ disability guide. Understanding roles and responsibilities of members, employers and HOOPP
here for you / disability guide Understanding roles and responsibilities of members, employers and HOOPP Contents 2 / Here for you 3 / How your plan works, when you can t 5 / Free accrual 6 / The qualifying
More information