Pensions will increase by 1.50% on January 1, 2018

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1 PENSION NEWS LATER IN THIS ISSUE > Retired employee under age 65? Your annual statement helps you prepare for any income changes when you turn > Behind the scenes the Pension Board working to meet the pension promise...4 > Your January pension payment, the busiest payment of the year...5 > The Pension Administration Centre website worth checking out...5 Pensions will increase by 1.50% on January 1, 2018 Pension indexing helps protect the purchasing power of your pension. Under the CBC Pension Plan, your pension is increased on January 1st of each year if there has been an upward movement in the Consumer Price Index (CPI) over the previous year, to a maximum of 2.7%. The Consumer Price Index average for the 12-month period ending in September of the current year is compared with the average for the 12-month period ending in September of the previous year. The Consumer Price Index is a measure of the change in prices over time. An increase in the Consumer Price Index is commonly referred to as inflation. Here s how the 2018 pension increase was calculated: CPI average for 12 months (October 2015 to September 2016) CPI average for 12 months (October 2016 to September 2017) -1 x 100 For 2018 indexation, this was: = ; [ ] x 100 = 1.50% CANADA 2017 YEARBOOK NOW AVAILABLE As Canada s 150 comes to a close, CBC/Radio-Canada is pleased to present WHAT S YOUR STORY? A CANADA 2017 YEARBOOK, a bilingual collection of over 150 stories and photographs from Canadians across the country a snapshot of the diverse people, places, things and events that tell a story of who we are now, and where we are headed together as a nation. This limited edition yearbook is available to the public at Indigo (online at Chapters, Coles and independent booksellers for $ A downloadable, digital version is also available free to all Canadians at cbc.ca/2017yearbook. We re thrilled with the public response to our What s Your Story? campaign to mark Canada s 150th anniversary, which provided a public space for Canadians to share their stories and connect with each other. We re grateful for each of the hundreds of s, photos, videos and letters we received. CBC/Radio-Canada 1

2 ARE YOU A RETIRED CBC/RADIO-CANADA EMPLOYEE UNDER AGE 65? Your annual statement helps you prepare for any income changes when you turn 65 In May 2017, for the first time, retired employees received a pension statement confirming some of the personal information we have on file as well as information on the Pension Plan s financial situation as of December 31 of the previous year. One of the items we ve included on the annual statement is the current monthly gross pension you are receiving, as well as the amount (in today s dollars) that you will receive when you reach 65. All retired employees see a change in their CBC pension income at 65, and for some, it comes as an unpleasant surprise. Now, with this reminder provided every year in your annual statement, you ll be better prepared; at any time, you can review your current retirement income and estimate your retirement income at 65. PENSION STATEMENTS EVERY YEAR FOR RETIRED EMPLOYEES Every year, retired employees now receive a pension statement. By law, pension statements must be mailed by June 30 each year for the period that ended December 31 of the previous year. Be sure to watch for this annual communication. Review your retirement income BEFORE 65 AFTER 65 CBC pension payable up to 65 Canada Pension Plan/Québec Pension Plan (CPP/QPP) (payable with a reduction as early as 60) Income from RRSPs CBC pension payable after 65 (refer to your CBC annual pension statement for this amount) CPP/QPP (payable unreduced at 65, or delayed until up to 70 and increased for every month delayed after 65) Pension from another employer Income from RRSPs Other income Pension from another employer Old Age Security (payable at 65 or delayed until up to 70 and increased for every month delayed after 65) Other income 2

3 Why does the CBC pension change at 65? During your working years, you contributed to both the Canada Pension Plan/Québec Pension Plan (CPP/QPP) and the CBC Pension Plan. Your CBC pension contributions and the CBC pension formulas took into account the contributions you made to and the benefits you earned under CPP/QPP during the same period. CONTRIBUTIONS TO THE CBC PENSION PLAN DURING YOUR WORKING YEARS To recognize that you also had to contribute to CPP/QPP, you contributed at a lower rate on salary up to the CPP/QPP maximum salary (called the YMPE), and a higher rate on salary above the maximum, if your salary was higher. BENEFITS FROM THE CBC PENSION PLAN ONCE YOU RETIRE There are two components to your CBC Pension Plan benefits: a lifetime pension and a temporary supplementary pension payable until you reach 65. The temporary pension supplements your retirement income until you reach 65 when you're eligible for an unreduced CPP/QPP pension. The month after you turn 65, the temporary pension from the CBC Pension Plan ends. The Level Income Option Instead of choosing a lifetime pension and a temporary pension payable until 65, calculated by the CBC Pension Plan formulas, employees who retire before 65 can choose another way to receive their pension payments, called the Level Income Option (also referred to as Option B or the OAS option ). If you took this option when you retired, you chose to rearrange your CBC Pension Plan payments to level out your sources of retirement income before and after 65 to account for government pensions. The calculation of the Level Income Option looks at various factors, such as your age at retirement (i.e., the number of years between retirement and age 65), how long you are expected to live and the government benefits in effect at your retirement. For the vast majority of retirees who took this option, it meant receiving an even larger pension before 65 with a bigger reduction after 65 (compared to the pensions payable under the Plan s lifetime and temporary pension formulas). Since our Pension Plan provides generous early unreduced retirement benefits, this option made sense to many employees retiring at a young age. If you are a pensioner who took this option and also chose to take early CPP/QPP, it s even more important to understand what your retirement income from all sources will look like when you reach 65. DO YOU HAVE IDEAS FOR NEXT YEAR S PENSION NEWS? We re always looking for CBC pension topics that might be of interest to our pensioners. Do you have questions about how the Plan works, your monthly pension deposit or the financial situation of the Plan? Send your ideas for newsletter topics to CBC Pension Payroll: By pension@cbc.ca By mail: PO Box 3220, Station C, Ottawa ON K1Y 1E4 3

4 BEHIND THE SCENES the Pension Board working to meet the pension promise As a retiree after your years of working at CBC/Radio-Canada and making contributions to the CBC Pension Plan you now enjoy the benefits of the CBC Pension Plan and peace of mind knowing that you will receive pension income for the rest of your life. Although your work may be done, the work to ensure the Plan remains financially healthy continues. A group of seven Trustees and a team of investment and pension professionals at the Pension Board are focused on making sure that your pension is secure. Although you don t have to worry about the security of your pension it s in good hands! you may be interested in keeping up to date on the Pension Board s activities. To keep you informed, the Pension Board provides a website that houses information on the financial health of the Plan and the workings of the Pension Board. The quarterly Communiqué is a short bulletin that provides recent financial and operational information on the Pension Plan. The CBC Pension Plan Annual Report provides an annual update on investments, funding and plan operations prepared every spring for the previous year ended December 31. The About section of the site provides information on the Plan, its Trustees and management. Here s an example of what you ll find in the September 2017 Communiqué The CBC Pension Plan is focused on one simple overriding objective to meet the pension promise. What this means to you, our plan members, is that everything we do is aligned with ensuring that members receive every dollar of pension benefits that they have earned. We strive to ensure that whether you retire today, tomorrow or in 40 years or more from now, the Plan will be able to pay the pension benefits that you have earned. Maureen McCaw, Chair, CBC Pension Board of Trustees, 2016 Pension Plan Annual Report. HOW WOULD YOU LIKE TO RECEIVE INFORMATION FROM THE PENSION BOARD? Interested in receiving the Highlights of the Annual Report and this newsletter by ? When you receive these documents by , you save the Plan money and save trees. If you would like to receive the Highlights and this newsletter by , please let us know by sending an to pension@cbc.ca. Prefer paper copy by regular mail? If you prefer receiving information from the Pension Board in paper form, don t worry, you ll continue to receive the Highlights of the Annual Report and this newsletter to your mailing address until you instruct us otherwise. 4

5 YOUR JANUARY PENSION PAYMENT, THE BUSIEST PAYMENT OF THE YEAR There s a lot happening on January pension payments, so it s a good time to take a close look at your January 2018 Notification of Deposit (NOD) that you recently received or will soon receive in the mail and check out any changes: If you have coverage under the Supplementary Health Care Plan, your premium for coverage will change Your gross pension increased for indexation Your income tax Your new pension amount after deductions Canadian Broadcasting Corporation Société Radio-Canada PENSION BOARD OF TRUSTEES CONSEIL DE FIDUCIE DE LA CAISSE DE RETRAITE Please complete the box in the section below if your address has changed and return to CBC PENSION PAYROLL Veuillez remplir la case dans le section ci-dessous si vous changez de domicile et retourner à PAIE DES RETRAITES SRC PO BOX / CP 3220 STN C OTTAWA ON K1Y 1E4 CBC ID Name street/rue apt/app. 123 Street city/ville City, Province X0X 0X0 Canada province code postal code tel/tél. ( ) For any change to your direct deposit, please return this section with a VOID personalized cheque or a direct deposit form from your banking institution. Pour tout changement relié au dépot direct, veuillez retourner cette section avec un cheque ANNULE personallisé ou un formulaire de dépôt direct de votre instituion bancaire. NOTIFICATION OF DEPOSIT AVIS DE DÉPÔT PENSION BOARD OF TRUSTEES CONSEIL DE FIDUCIE DE LA CAISSE DE RETRAITE DESCRIPTION OF EARNINGS DESCRIPTION DES GAINS PENSION AMOUNT YTD AMOUNT MONTANT CUMULATIF PAY PERIOD FEDERAL EXEMPTION PROVINCIAL EXEMPTION PÉRIODE DE PAIE EXEMPTION DE BASE (FÉD) EXEMPTION DE BASE (PROV) BEGINS DÉBUT X X ENDS TAXATION PROVINCE FIN PROVINCE D IMPOSITION ON CBC ID No d identité SRC DESCRIPTION OF DEDUCTIONS DESCRIPTIONS DES RETENUES SUPP. HEALTH CARE ASSOCIATION DUES FEDERAL INCOME TAX ADD. FED. INCOME TAX ON SALES TAX -SHCP Your home phone number is also shown on the Notification of Deposit on the top section below your address. Be sure to advise Pension Payroll if this is no longer your current phone number. See the last page of this newsletter for Pension Payroll s contact information. We mail you a Notification of Deposit whenever there is a change in the net amount of your pension and always: 1. For your December 1st payment to provide you with year-end amounts (shown in the columns called YTD AMOUNT) and help you get a head start on your income tax return. 2. For your January 1st payment the busiest payment of the year. CURRENT COURANT YTD CUMULATIF GROSS EARNINGS GAINS BRUTS REFERENCE NUMBER NUMÉRO DE RÉFÈRENCE AMOUNT MONTANT XX.XX XX.XX YEAR / MONTH / DAY ANNÉE / MOIS / JOUR 2018/01/01 YTD AMOUNT CUMULATIF TOTAL DEDUCTIONS NET PAYMENT TOTAL DES RETENUES PAIEMENT NET = = THE PENSION ADMINISTRATION CENTRE WEBSITE WORTH CHECKING OUT It s worth checking out the CBC/Radio- Canada Pension Administration Centre (PAC) website if you haven t already. The website is a good place to get information on your CBC pension and group benefits, as well as information on living well in retirement, government benefits and tax issues. If you re logging in for the first time, go to and follow the instructions under Initial password on the right-hand side of the login page for the steps to take to log in for the first time and set your password. If you forget your password or exceed the maximum login attempts you can reset your password yourself by going to Forgotten password on the login page, and following the instructions to answer your Challenge questions. Keep in mind, the answers to your Challenge questions are case-sensitive: you need to answer them exactly the way you originally recorded them. When you correctly answer them, your password will be reset to the Initial password. Then, log in with your Initial password, and follow the instructions to choose a new password. It s that easy! 5

6 Who to contact Here is a quick summary of who to contact for what in CBC Pension Plan and benefits administration. For questions, requests or feedback related to Your address, pension cheque or direct deposit Your income tax deductions Your tax slips The Pensioner Declaration Service you ve received from the Pension Administration Centre (administered by our third-party provider Morneau Shepell) Logging in to the PAC website or to have your password reset The amount of your gross pension, or any adjustments to your gross pension, such as changes when you turn 65 Benefit deductions from your pension payment, such as for the Supplementary Health Care Plan (SHCP) or life insurance Joining, cancelling or changing your dependents under the SHCP The Premium Continuance Program Life insurance, such as confirmation of the amount of your life insurance, as well as joining, increasing or decreasing your Optional Life Insurance coverage and taxable benefits A claim you ve submitted under the Supplementary Health Care Plan (SHCP) What s covered under the SHCP Accessing GroupNet for Plan Members The drug card Contact CBC Pension Payroll By telephone: Through PAC at option 1, or Directly at or By pension@cbc.ca By fax: By mail: CBC Pension Payroll PO Box 3220, Station C Ottawa ON K1Y 1E4 CBC/Radio-Canada Pension Administration Centre (PAC) administered by Morneau Shepell By telephone: (in North America) or (outside North America) > Pension-related option 2 > Benefits-related option 3 By mail: CBC/Radio-Canada Pension Administration Centre 1060 Robert-Bourassa Blvd, Suite 900 Montreal QC H3B 4V3 On the website at > Use the Ask a question feature > Check out your personalized pension and benefits information under Your profile > Download the forms you need under Resources > Forms including: Tax forms Application/Modification/Dependent Information Form for the SHCP Optional Life Insurance Application/ Modification/Beneficiary Designation Basic Life Insurance Beneficiary Designation > Find the survivor planning workbook and other useful documents under Resources > Library Great-West Life By telephone: (in North America) (outside North America) On GroupNet for Plan Members: > SEASON S GREETINGS & BEST WISHES FOR THE NEW YEAR from CBC/RADIO-CANADA AND THE PENSION BOARD 6