Retirement
_____ _____ ____ is:
* The first day of the month following final paid work day.
* The first day of the month following eligibility to receive pension.
* The first day of the month in which we receive a complete & correct application.
Pension Effective Date
or
Pension Start Date
Within an average of 28 days of receiving your complete and correct application, we will send you a ______ _ ____ showing cost, payment due date & payment options.
Statement of Cost
Which amount is likely to change in an updated Termination Selection Statement?
Commuted Value
If the board decides to grant a cost-of-living adjustment (CPP, MPP, TPP, WSBC)/inflation adjustment (PSPP), when will it take effect?
January of each year
What contact reason code is used when you transfer a call to specialist?
Transferred to spec(ialist)
You have 60 days from the date on your letter (_____ _______) notifying you that your pension benefit has been granted to change your pension option.
Advice Statement
Name the 3 ways a member can pay for their purchase of service?
Online Banking, Cheque and/or transferring from an existing RRSP or LIRA
False. See MyA access rules!
What months do plan members get their MBS? Name the plan(s) and month.
MPP & TPP - June
PSPP & WSBC - September
CPP - February
At what point in the death process do you need to request 3 identifiers for the survivor/beneficiary even if you've fully verified the deceased member?
Once their own pension is in pay (PID is on RMS)
What is the new deadline we provide on a letter as part of the EST+RAP package for previous or current month pension (previously known as 30-day letter)?
False.
A member is eligible for a refund payment of commuted value instead of a lifetime monthly pension if the commuted value of their pension is _____ or less of the year's maximum pensionable earnings (YMPE) in the year we calculate their benefit.
20%
If a retired member's address has not changed, when can they request a duplicate paper copy of their Annual Statement? (Member did not opt in for digital communications)
On or after March 1st.
A _______ is a person appointed by the court, who can make decisions on behalf of the patient (member) and must act in the patient's (member's) best interests. The court may also attach conditions or restrictions to the _______’s powers.
Committee
If a 60 year old MPP member with no spouse requests a pension estimate for the current month, how many (default) pension options will appear on their estimate?
12!
*Single life 5yr GP with 1/4, 1/2, full, and no TA
*Single life 10yr GP with 1/4, 1/2, full, and no TA
*Single life 15yr GP with 1/4, 1/2, full, and no TA
How long are the waiting periods for each plan?
PSPP - 30 days, MPP - 90 days, TPP - 6 months
When are duplicate (=reprint) paper Pension Adjustments printed and mailed?
Third Wednesday of each month
What does the acronym FOIPPA stand for?
FREEDOM OF INFORMATION AND PROTECTION OF PRIVACY ACT
A teacher retired on July 23rd, submitted their application on July 28th, called in on August 2nd and asked if they can return to work next week. What is the correct answer to their question?
You can return to work after receiving your first pension.
What three factors are the cost to buy service for a leave of absence based on?
*The number of months you want to buy
*Your current full-time gorss monthly pensionable salary (or equivalent, if working part time)
*The current employee and employer contribution rates
A member may submit a _____ Request to Reduce Tax Deductions at Source form to the CRA to avoid paying tax on cash portion of CV. The member needs to send the ____ _ ____ with TSS to the plan by the guarantee date.
T1213
Letter of authority
What three factors are a COLA (cost-of-living adjustment) based on for the Municipal Pension Plan?
* The change in the Canadian consumer price index (CPI) from September to September
*The funds available in the plan's inflation adjustment account
*A COLA cap that may be set by the board
______ ____ allows the estate of the last survivor to take the remainder of contributions plus interest as a lump sum, if both member and spouse died before the total of payments received by both parties equals contributions plus interest when member chose a JL100% option. *for some plans only, applies even when there is no g period
Overriding guarantee