Member Services Challenge
This statement is issued whenever there is a change to a member's pension payment.
Transaction Statement
Members of this plan have the unique opportunity to backdate their Pension Effective Date.
Teachers' Pension Plan. Teachers can apply for a June PED up to the end of September.
True or False: There is no cap to the amount of pensionable service a plan member may earn in their lifetime.
False. Plan members can earn up to a maximum of 35 years of pensionable service.
What is the deadline provided to a member when we send them a pension estimate and RAP?
45 days
How much do I have in my pension right now?
Name the two pirmary factors that determine the value of of a plan member's pension benefit.
The plan member's number of years of pensionable serivce and their Highest Average Salary (HAS).
If a retired member's mailing address has not changed, and they are not opted-in for digital communitication, when can they request a reprint of their tax slip and/or annual statement?
On or after March 1st.
Members of this plan may return to work for a plan employer at any time, as long as they have terminated their previous position, and submitted their application to receive their pension benefit.
Municipal Pension Plan
For all other plans, we advise members to wait to receive their first pension payment before returning back to work for a plan employer.
True or False: Teachers must apply for a June Pension Effective Date no later than June 30.
False. Teachers can apply for a June Pension Effective Date up until September 30.
This document states a 60 day deadline from the date a pension benefit is granted for a member to change their pension option.
I'm turning 65 in a few months. When will my pension payment amount change?
The month following your 65th birthday.
Bridge Benefit and Temporary Annuity payments are paid until the month a member turns 65 or dies, whichever comes first.
DAILY DOUBLE!!!
When are Member's Benefit Statements issued for each plan?
MPP - May/June
TPP - June
PSPP- September
WSBC - September
CPP - February
Members of this plan can apply to purchase service for a period of leave they took while working for previous plan employer.
Teachers' Pension Plan
True or False: all retired members of any pension plan have access to PRGB via their respective plan(s).
False. The WSBC Pension Plan does not offer PRGB to its members.
DAILY DOUBLE!!!
Name three reasons that a member's pension benefit may be suspended.
A pension benefit may be suspended if:
Three or more pieces of mail are returned to the plan as undeliverable
You were sent a pension declaration form and did not complete it
One of your payments is returned to the plan
You have separated or divorced, and your pension benefit will be divided
We are notified of your death
We need to review your pension payment for another reason
I'm turning 71 next month, and I'm still working for my plan employer. Do I have to retire?
1. When will the memeber's contributions end?
2. When is the member's PED?
No, the member can continue working at their plan employer. Contributions end November 30, PED is December 1.
You request a reprint of a member's Pension Adjustment.
1. How do you submit this request?
2. When will it be printed and mailed to the member?
1. IPAS; in the membership layer
2. Third Wednesday of each month
This plan allows its members to apply to transfer service into the plan up until they retire from or leave their job in the plan.
Teachers' Pension Plan
True or False: members from any pension plan can request a SLNG option.
False. SLNG is NOT available to CPP or PSPP* members.
*PSPP members who terminated before March 1, 2002 can request a SLNG option
An active member calls in to update their address. They decline updating via My Account. Where/how should we update their address?
Update in IPAS AND check RMS to see if they have received a payment from us previously. If yes, we need to udpate the address in RMS too.
Can I pay for my Purchase of Service by credit card?
Name all accepted methods of payment.
Online Banking
Bank draft/money order
Cheque
RRSP transfer
This is the provincial legislation that establishes minimum standards for pension plans in British Columbia.
These two plans have an "overriding guarantee" that provides the estate of the last survivor the remainder of the plan member's contributions plus interest as a lump sum, if the total payments received by both parties have not exceeded the plan member's contributions plus interest to date.
Public Service Pension Plan and Teachers' Pension Plan
True or 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 20% or less of the year's maximum pensionable earnings (YMPE) in the year we calculate their benefit.
True!
A member looking to transfer service from the FEDERAL Public Service Pension Plan must apply within ______ year(s) of their contribution start date.
A. 5 B. 3 C. 1
C. 1 year
Why is the estimate information on my statement different from last year?
(Hint: 5 possible reasons; must have minimum 3 out of 5 for full points)
Changes to the number of hours you work (pensionable service)
Changes to your salary
An increase to the Year's Maximum Pensionable Earnings (YMPE) without an equivalent increase to your salary
The reason you see a drop in your monthly lifetime pension is the monthly bridge benefit is calculated based on the YMPE for the year prior to retirement. Each year, the YMPE is adjusted by the Canada Pension Plan based on national average industrial salaries. Your highest average salary (HAS) is over the YMPE but it is not increasing at the same rate. This means the bridge portion will have increased more than the lifetime portion of your overall pension, resulting in a lower lifetime portion.
Plan design changes or pension formula changes
Errors in how your service and salary were reported