SEU. Pension Plan. * Please refer to the attached Notice of Amendment to Pension Plan dated May 2002 for details

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1 SEU Pension Plan On behalf of the Pension Committee, we are pleased to enclose the SEU Pension Plan Brochure which provides a general overview of the Plan (as at October 2000). We hope you will find it both informative and easy to follow. Please be advised that on November 29, 2000, the Quebec government passed Bill 102: An Act to amend the Supplemental Pension Plans Act and other legislative provisions. Bill 102 is considered to be the most important revision to the Supplemental Pension Plans Act since it came into force in It is important to note that the enclosed brochure reflects the plan provisions in effect at October 2000 and does not incorporate the amendments (most of which are effective January 1, 2001) that will be required to comply with Bill 102. Information on the changes that affect our plan will be communicated to members in due course. * If you have any comments or questions, please do not hesitate to contact the Pension Administration Section at (514) Department of Pension Management February 2001 * Please refer to the attached Notice of Amendment to Pension Plan dated May 2002 for details

2 McGill University Pension Plan for Members of the Service Employees Union NOTICE OF AMENDMENT TO PENSION PLAN Members are hereby notified that the Plan has been restated and amended in order to comply with the Supplemental Pension Plans Act (Quebec). For ease of future administration, the Pension Committee has also recommended that the Plan document be modeled on a standard Sun Life template. The following summarizes the main amendments to the Pension Plan that have been recommended by the Pension Committee for approval by the Executive Committee of the Board of Governors. The amendments are subject to enactment of a formal plan amendment to be filed with the Régie des rentes du Québec. Mandatory Amendments as a Result of Legislative Changes The Plan is amended to comply with Quebec Bill 102, An Act to amend the Supplemental Pension Plans Act and other legislative provisions (Quebec). Effective January 1, 2001, the following regulatory changes have been incorporated into the Plan: Immediate Vesting - All members whose active membership ends on or after January 1, 2001, are entitled to a deferred pension from the date they joined the Pension Plan. This is otherwise referred to as immediate vesting. The 20% Rule - A member who ceases to be an active member is entitled to a refund of the value of the member s vested benefits under the Plan where such value is less than 20% of the maximum pensionable earnings under the Quebec Pension Plan for the year in which the member ceases to be an active member. Refund to a Non-Resident Member - Members who cease to be active members and whose period of continuous service with the University has ended are entitled to a refund of the value of their benefits under the Plan if they have not resided in Canada for at least two years. Residence must be determined according to the criteria found in the Civil Code of Quebec. Definition of Spouse - The definition of spouse has been expanded in the Act. The birth or adoption of a child during a marriage or period of conjugal relationship prior to the period existing on the day on which spousal status is established may allow a person to be recognized as a Spouse, if the current period of conjugal relationship has existed for not less than one year. Rights of the Member s Spouse -. The rights of the Member s Spouse with respect to a death benefit or joint and survivor pension under the Plan shall terminate in the event of the Member s divorce, annulment of marriage, separation from bed and board or cessation of conjugal relationship unless the Member notifies the Pension Committee in writing to pay such a benefit to the Member s Spouse, notwithstanding the Member s divorce, annulment of marriage, separation from bed and board or cessation of conjugal relationship. For greater certainty and subject to Applicable Legislation, such a notice shall not affect the rights of a Member s Spouse as a beneficiary designated by the Member or as an assign of the Member. In the case of death occurring after December 31, 2000, the death benefit related to credited service under the Plan before January 1, 1990 is paid on a priority basis to the Member s spouse. With this change, it should be noted that the entire death benefit, relating to Credited Service accrued before and after January 1, 1990, is paid on a priority basis to the Member s Spouse, unless the Spouse has renounced entitlement to the benefit.

3 The spouse of a Member may, at any time, renounce the death benefit and pension rights provided for under the Act, by executing a written waiver containing the information prescribed by the Act. The renunciation can be revoked, provided the Pension Committee is informed in writing before the Member dies or payment of the pension to which the Member is entitled begins. Discretionary Amendments Designation of Beneficiary The Plan has been expanded to include the ability to designate a beneficiary. Investment Policies Effective July 1, 2002, the Plan has been amended to allow Members to provide directions regarding the investment of their accounts in accordance with the investment options made available from time to time by the Pension Committee. An updated summary of the Plan brochure is in the process of being completed by Sun Life and will be distributed to Members in the near future. Members are reminded that the text of the Plan Document and all formal amendments may be examined during normal business hours (Monday to Friday from 9:00 a.m. to 5:00 p.m.) at the Department of Pension Management, 688 Sherbrooke Street West, Suite 1420, Montreal, Quebec, H3A 3R1. John D Agata Director, Pension Administration May

4 Your SEU Pension Plan When it comes to retirement, most of us share a similar dream. We look forward to a time in our lives when we ll be comfortable and carefree, with the freedom to spend our time exactly as we please. Given that many of us will spend as much as a third of our life in retirement, making that dream come true requires some careful planning. We need to have a clear picture of how much income we ll need and where that income will come from. McGill This brochure provides a general overview of your Service Employees Union (SEU) Pension Plan. It also gives you some basic facts about government pension plans and the role played by personal savings.

5 Your Pension: The Big Picture Experts agree that to retire comfortably, you need an income equal to about 60%-70% of your earnings before retirement. This income typically comes from three sources: government programs, employer-sponsored pension plans and personal savings. 2 What s inside Your pension: the big picture 2 Government programs 2 Employer-sponsored pension plans 3 Personal savings 3 How the SEU Pension Plan works 4 Joining the plan 4 Who pays for your pension 4 Your contribution account(s) 5 How contributions are invested 5 What happens at retirement 6 Choosing when to retire 6 Retirement between ages Retirement after age 65 6 Options for your account(s) at retirement 7 Before retirement 8 Death before retirement 8 Disability 9 Leaving McGill before retirement 9 Marriage breakdown 9 Temporary lay-off or unpaid leave of absence 9 About the plan 10 Definitions 10 How to contact us 11 Government programs Most employees in Quebec age 18 or over are required to contribute to the Quebec Pension Plan (QPP). These contributions are based on annual earnings. The contributions you make to the QPP are matched by McGill. The QPP is designed to replace about 25% of the QPP earnings limit. The current QPP earnings limit is $37,600 (about equal to the average industrial wage). The maximum pension you can currently receive from the QPP is around $9,000 per year. If you earn less than the QPP earnings limit during your working career or take a long break from employment, you may receive less than the maximum QPP pension. Old Age Security (OAS) is paid to everyone who has lived in Canada for 40 years after age 18. It replaces another 15% or so of the QPP earnings limit, but begins to be taxed back if your income is above a certain level (currently about $53,000). The current maximum OAS pension is just over $5,000 per year. If you have lived in Canada for at least 10 years, you may apply for a reduced pension. For more information about the QPP, call the Régie des rentes du Québec at or visit the website at Information on OAS is available from any office of Human Resources Development Canada, Income Security Programs, at or

6 In addition to QPP and OAS, you may be eligible for a Guaranteed Income Supplement (GIS). To qualify for the supplement, you must be receiving OAS and your income must be below a certain level currently $12,000 for a single person and up to about $29,000 for couples. The supplement is based on your marital status, how much OAS you receive and your annual income. If you have a spouse, the income of that person is also taken into account. The maximum annual GIS supplement is currently about $6,000. Because your annual income can change from year to year, you must qualify for the supplement every year. Employer-sponsored pension plans Only about 40% of working Canadians are currently covered by employer-sponsored plans. Many of these plans require the members to contribute as much as the employer. The SEU Pension Plan is paid for entirely by McGill. You make no contribution to the plan. Better still, it is designed to replace about 30% of pre-retirement income for a career plan member who works at McGill for 35 years. Together with your QPP and OAS pension, it may well meet your retirement income needs even before adding your personal savings. The SEU Pension Plan is a key element of your McGill compensation package. Personal savings Unless you have some other source of wealth, any shortfall between your target replacement income at retirement and your pension from government and employer-sponsored plans must be made up from your personal savings. As a general rule of thumb, for each additional $10,000 of yearly income when you retire, you need $80,000- $120,000 in savings. The exact amount depends on your age, market conditions when you retire and whether you require continuing payments after your death. In Canada, of course, one of the most efficient ways to save for retirement is a registered retirement savings plan (RRSP) see definition on p. 11 for more details. The QPP earnings limit is an important concept to understand. As a resident of Quebec, you are required to make QPP contributions equal to 3.9% (in 2000) of your earnings between a basic exemption (currently $3,500) and the QPP earnings limit (currently $37,600). Your employer makes a matching contribution to the QPP for you. The QPP earnings limit is also known as the Year s Maximum Pensionable Earnings (YMPE). It is roughly equal to the average industrial wage. 3

7 How the SEU Pension Plan works The SEU Pension Plan is what is known as a defined contribution plan. The amount of contribution is known in advance, but the amount of pension isn t. The amount of pension you receive depends on the size of your pension account at retirement, your age, and market conditions when you convert your savings into a retirement income. The University contributes a certain amount to your pension account every month. These contributions are invested in a 5-Year Guaranteed Fund with Sun Life. When the time comes to retire, you use these contributions and investment income to buy a pension. Who pays for your pension McGill pays the entire cost of your pension. However, you may make voluntary contributions to the plan in order to increase the size of your pension at retirement. University contributions The University makes a monthly contribution to your University Contribution Account equal to 7.74% of your basic salary. Your basic salary is your gross monthly earnings excluding overtime or other payments listed in the collective agreement. Joining the plan The SEU Pension Plan covers all permanent full-time McGill employees who are members of Local 800 of the Service Employees Union (SEU). Enrolment is automatic no application is required. If you are a permanent part-time employee and work 700 hours or earn 35% or more of the QPP earnings limit in a year, you must join the pension plan on January 1st of the following year. Once you become a member of the SEU Pension Plan, you must remain a member until you retire or leave McGill, even if you work less than 700 hours or earn less than 35% of the QPP earnings limit. Your own voluntary contributions You are not required to make contributions to the plan. However, if you wish, you may contribute up to 5% of your basic salary. These contributions are deducted from your before-tax pay and are deposited monthly to a Voluntary Contribution Account in your name. Tax note: You don t pay tax on pension contributions if they re within the limits allowed under tax law. Currently, the most you may contribute tax-free each year to a pension plan is 18% of your earned income to a maximum dollar contribution of $13,500. University contributions to your pension account are included under this maximum. 4

8 Your contribution account(s) The SEU Pension Plan was established in 1977 and updated in October 1990 to bring it in line with changes in provincial pension legislation. Because of these changes, if you were a member of the plan before 1990, you may have as many as three different contribution accounts. If you participated in the prior pension plan (in effect before 1977), you may have up to five different contribution accounts. These accounts each have different rules about what you may do with your account balances if you leave McGill, as well as different death benefits. University Contribution Account #1 University Contribution Account #2 Employee Prior Plan Contribution Account University Prior Plan Contribution Account Voluntary Contribution Account For up-to-date information about your contribution accounts with Sun Life, call SunLine at or visit SunNet at Please have your ID and PIN number ready. For University contributions made before November 1990, plus investment income. For University contributions made after October 1990, plus investment income. For your own contributions made under the prior plan (pre-1977) and which you transferred to the SEU Pension Plan, plus investment income. For University contributions made under the prior plan (pre-1977) and which you transferred to the SEU Pension Plan, plus investment income. For your own voluntary contributions, including any voluntary contributions to the prior plan (pre-1977), plus investment income. How contributions are invested All contributions deposited to your account(s) are currently invested in a 5-Year Guaranteed Fund managed by the Sun Life Assurance Company of Canada. The investment income that flows back into your account(s) is automatically re-invested in the 5-Year Guaranteed Fund. Your savings continue to grow free of tax until the time comes to retire. Before August 1994, contributions were invested with the Confederation Life Insurance Company. If you were a member of the SEU Pension Plan at that time, the value of your contribution accounts was gradually transferred from Confederation Life to Sun Life. The final transfer took place on May 31, 2000 and your total pension account is now with Sun Life under group annuity contract G. CompCorp provides protection for your 5-Year Guaranteed Fund deposits with Sun Life for up to $60,000. If you have more than $60,000 in your contribution accounts, you can arrange to transfer the excess to another registered plan such as a locked-in retirement account or a life income fund (see p. 7). Please contact the Department of Pension Management (see p. 11) for details. The Pension Committee is working with Sun Life to set up an arrangement designed to allow you to obtain up to $180,000 in coverage through a combination of Canadian Deposit Insurance Corporation (CDIC) and CompCorp coverage. Details will be sent to you soon. 5

9 What Happens at Retirement There is no mandatory retirement age in Quebec. You may retire any time after your 55th birthday. However, under current tax law, you must start receiving your retirement income by the end of the year in which you reach age 69, even if you continue to work. Choosing when to retire Choosing when to retire is an important decision that can have a large impact on the size of the pension you receive. You must also choose what type of pension or other form of retirement income best suits your needs. The degree of choice may seem a little overwhelming. Keep in mind, however, that the Department of Pension Management is available to help you at every step along the way from providing a quotation of your pension at your expected retirement date, to helping you transfer your funds to the financial institution of your choice. Retirement between ages You may retire as early as age 55. However, keep in mind that the earlier you choose to retire, the less time you have to build up the value of your pension account. Also, the younger you are, the longer your pension will have to be paid, which means the smaller your monthly payments will be. Other options at age 55 include phased retirement or a temporary pension. Phased retirement If you are age and have reduced your working hours under a phased retirement agreement with the University, you may request an annual payment from the Pension Plan. This payment is deducted from your contribution account(s). The maximum annual payment is the lowest of: 70% of your reduction in earnings 40% of the QPP earnings limit the value of the benefit you would receive from the SEU Pension Plan if you stopped working at McGill. Temporary pension If you stop working at McGill when you are age 55-65, you (or your surviving spouse) may replace all or part of your pension with a temporary pension. This temporary pension may last just a short time or take you right up until you reach age 65 (but not beyond). The maximum temporary pension is 40% of the QPP earnings limit (or about $15,000 for the year 2000). The cost of providing this temporary pension is deducted from your contribution account(s). Retirement after age 65 If you choose to work past age 65, University contributions to the SEU Pension Plan continue as before. Under current tax law, however, you must start receiving your pension payments no later than the end of the year in which you reach age 69, (even though you may continue to work). In some cases, you may take a lump-sum payment instead of a pension (see p. 7). 6 If you are considering retirement, please contact the Department of Pension Management (see p. 11) as early as possible. We suggest that you request an information package at least a couple of months ahead of time. This package will include a statement of your contribution accounts, annuity quotations and all of the required option and transfer forms. All forms must be completed and returned before your retirement date in order to avoid any delays in receiving payment.

10 Options for your account(s) at retirement When the time comes to retire, the value of your contribution accounts may be transferred to any of the options permitted under current pension and tax law. This includes a tax-free transfer to any one of the following: 1. Insurance company to buy a life annuity When you buy an annuity, you exchange a lump sum of money for guaranteed monthly payments for life. Various optional forms of life annuity allow you to provide continuing payments after your death to a spouse or other beneficiary. Once payments begin, you cannot change the form of annuity that you have chosen. Annuity payments must be reported as income for tax purposes. The amount of your monthly annuity payments depends on: your pension account balance your age when the payments start the form of annuity you choose the age of your spouse if you choose a form that provides continuing payments to your spouse interest rates at the time of purchase. Spouse s pension If you have a spouse (see definition on p. 11) and you choose to buy an annuity, you must take it in a form that continues to pay a lifetime income to your spouse after your death. Under provincial pension law, annuity payments to your spouse must be at least equal to 60% of the payments you were receiving before your death, but may be as much as 100% if you choose. To refuse this continuing pension, your spouse must sign a waiver before your pension payments begin. You may then choose any other form of life annuity. Adding a guarantee period to a life annuity A life annuity is guaranteed to pay you a lifetime income. However, by adding a guarantee period, you can ensure that if you die within a certain period after you retire, your full pension will continue to be paid to your beneficiary for the remainder of that period. If, for instance, you choose a life annuity with a five-year guarantee, you will receive a slightly reduced monthly annuity payment, but with a guaranteed minimum payout period of at least five years. This means that if you die within five years of beginning your annuity, your annuity payments will continue to your beneficiary for the rest of the five-year period. Guarantees may also be added in combination with a spouse s pension. Guarantee periods of five, 10 or 15 years are available. 2. Life income fund (LIF) A LIF is a registered account that allows you to continue to tax shelter your retirement savings, maintain control over the investment of funds and, at the same time, withdraw an income. Minimum and maximum annual withdrawal limits apply. You pay tax only on the amount withdrawn. You may use funds in your LIF to buy an annuity at any time. 3. Locked-in retirement account (LIRA) A LIRA works the same way as an RRSP, except that amounts in a LIRA are locked-in and must be used to provide a retirement income. All funds in a LIRA must be used to buy an annuity or be transferred to a LIF by the end of the year in which you reach age 69. LUMP-SUM PAYMENT You (or your surviving spouse) may convert your pension into a single lump-sum payment if: you are at least 65 years old, and your total savings in the SEU Pension Plan (and any other defined contribution plan) combined with any savings in a LIF or LIRA are less than 40% of that year s QPP earnings limit. Any funds in a Voluntary Contribution Account may be received as an after-tax cash payment, transferred to an RRSP, or used to buy an annuity. 7

11 Before Retirement Death before retirement If you die before retirement, the death benefit depends on the type of contribution account, your length of service and whether you have a spouse: Beneficiary Beneficiary Type of account Death benefit (Death before age 65) (Death after age 65) University Contribution Total current value if you Spouse, or estate if you Spouse, or estate if Account #1 have at least five years of have no spouse you have no spouse continuous service University Contribution Total current value if you Spouse, or estate if you Spouse, or estate if you Account #2 have at least two years of have no spouse have no spouse plan membership Employee Prior Plan Total current value Estate Spouse, or estate if you Contribution Account have no spouse University Prior Plan Total current value Estate Spouse, or estate if you Contribution Account have no spouse Voluntary Contribution Total current value Estate Spouse, or estate if you Account (pre Nov 90) have no spouse Voluntary Contribution Total current value Spouse, or estate if you Spouse, or estate if you Account (post Oct 90) have no spouse have no spouse 8 Payment options Death benefits paid to your estate are paid in the form of a single, after-tax payment. If you die before age 65, your spouse may choose to receive the death benefit in the form of a single, after-tax payment or a tax-free transfer to an RRSP. However, if you die after age 65, your spouse must transfer the value to a LIRA, LIF or insurance company to buy an annuity. Death benefits after retirement depend on the form of pension payment you chose at retirement. The importance of a will If you don t have a spouse, any death benefits will go to your estate. For this reason, it makes good sense to have a will in place advising how your estate should be divided. A will lets you specify exactly how your property is to be distributed after your death. In other words, it s your last opportunity to specify who gets what. If you plan to leave a portion of your estate to a minor, a will also allows you to appoint a tutor for that person. If you die without leaving a will, the law will decide how your property is distributed, once all of your debts have been paid. In a nutshell, your property will be divided according to a pre-established formula among your legal heirs (close relatives). In the event you have no eligible heirs, your estate will be turned over to the government.

12 Disability If you are disabled and have been accepted under McGill s Long Term Disability Plan, the University will continue its contributions to your pension account. Leaving McGill before retirement If you leave McGill, you will receive a payment equal to the total of the following: University Contribution Account #1 Total current value if you have at least five years of continuous service. University Contribution Account #2 Total current value if you have at least two years of plan membership. Employee Prior Plan Contribution Account Total current value. Any amounts that revert to the plan because of members leaving before completing five years of continuous service in the case of University Contribution Account #1 or before completing two years of plan membership in the case of University Contribution Account #2 are distributed among active members by deposit to their University Contribution Accounts #2. University Prior Plan Contribution Account Total current value. Voluntary Contribution Account Total current value. Transfer options for your account(s) In general, the savings in your accounts are locked-in by law. This means that these funds may only be used to provide a retirement income. You may transfer these funds tax free to any one of the following: 1. an insurance company to buy an annuity 2. a life income fund (LIF, see p. 7) 3. a locked-in retirement account (LIRA, see p. 7) 4. another employer s pension plan. Any funds in your Voluntary Contribution Account may be received as an after-tax cash payment, transferred to an RRSP, or used to buy an annuity. Marriage breakdown Generally, if you divorce or a conjugal relationship comes to an end, the value of the pension you have earned during the marriage (or relationship) may be taken into account when dividing the family assets. The plan will partition your accounts according to the terms of your settlement after you have submitted the required documents. Temporary lay-off or unpaid leave of absence University contributions are suspended during a temporary lay-off or unpaid leave of absence. 9

13 About the Plan Definitions The Service Employees Union Pension Plan (Registration #26327) is governed by the Supplemental Pension Plans Act. It is administered by a Pension Committee that has full power to interpret and administer the plan. This committee has seven members: four people appointed by the University two elected plan members one independent person. The Pension Committee acts as the trustee of the plan and may delegate all or part of its powers and duties, in accordance with Quebec pension legislation. The financial institution selected by the Pension Committee maintains individual accounts for each member and sends each member an annual statement of his or her account(s). McGill reserves the right to change, amend or terminate the SEU Pension Plan at any time. The plan will not, however, be changed in a way that will reduce the pension benefits you have already earned. In no event will plan assets revert to the University or be used for any purpose except for the benefit of members. Copies of the plan s legal documents are available for review in the Department of Pension Management. Annuity When you buy an annuity, you exchange a lump sum of money for a lifetime income. Various optional forms of life annuity allow you to provide continuing payments after your death to a spouse or beneficiary. Basic salary Gross monthly earnings excluding overtime or other payments excluded under the terms of the collective agreement. Canada Deposit Insurance Corporation (CDIC) A Crown corporation that insures the deposits of Canadians in chartered banks and trust companies up to $60,000. Canadian Life and Health Insurance Compensation Corporation (CompCorp) An industry-established organization that protects Canadian policyholder interests in life insurance policies and annuity contracts up to $60,000 if the member insurance company becomes insolvent and winds up. Life income fund (LIF) One of the options for tax-free transfer of lockedin retirement funds from a pension plan or LIRA. A LIF is a registered account that allows you to maintain control over investment of funds and, at the same time, withdraw an income. Minimum and maximum withdrawal limits apply. You pay tax only on the amount withdrawn. You may use your LIF to buy an annuity at any time. 10

14 Locked-in retirement account (LIRA) One of the options for tax-free transfer of locked-in retirement funds from a pension plan. A LIRA works the same way as an RRSP, except that amounts in a LIRA are locked-in and must be used to provide a retirement income. All funds must be transferred to a LIF or used to buy an annuity no later than the end of the year in which you reach age 69. Quebec Pension Plan (QPP) earnings limit Also known as the Year s Maximum Pensionable Earnings (YMPE), this is the maximum earnings on which you make contributions to the QPP each year. It is adjusted each year by the QPP to reflect changes in the average wage index and is roughly equal to the average industrial wage. Registered retirement savings plan (RRSP) A retirement savings plan registered under the Income Tax Act that allows you to put aside a portion of your income tax-free until withdrawn. Investment earnings also accumulate tax-free. RRSP contribution room The Canada Customs and Revenue Agency (formerly Revenue Canada) currently limits the amount you may contribute to an RRSP to 18% of your previous year s earned income to a maximum dollar limit of $13,500 in Because you belong to a pension plan, this limit is reduced each year by a pension adjustment (PA). The PA for the SEU Pension Plan is the total contributions made to your pension account(s) during the year. Spouse Under Quebec pension law, your spouse is defined as: 1. a person who is married to you, or 2. if you are unmarried, a person of either sex who has been living with you in a conjugal relationship for at least three years or at least one year if a child is born or to be born of your union, you have jointly adopted a child while living together in a conjugal relationship, or one of you has adopted a child of the other while living together in a conjugal relationship. How to contact us McGill University Department of Pension Management 688 Sherbrooke Street West, Suite 1420 Montreal, Quebec H3A 3R1 Telephone: Pensions Officer, Administrative Support, Trades and Services: ext Pension Coordinator (marriage breakdown information): ext Pension Clerk (general information): ext

15 The final word This guide provides an overview of the SEU Pension Plan in simple terms as of August Every effort has been made to provide an accurate description of your plan, but if there is a difference between the information contained here and the legal documents, the legal documents will govern in all cases. Summer 2000

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