Regina Civic Employees Superannuation and Benefit Plan 1
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- Gervase Banks
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1 Superannuation and 1
2 TODAY S TOPICS Today s Topics Eligibility Past Service What is Pension? Plan Highlights Contribution Rates When Can I Retire? When Should I Retire? How is my Pension Calculated? Forms of Pension Level Income with CPP and OAS Survivor Benefits Spousal Relationship Breakdowns I Want to Retire How do I Read My Annual Statement 2
3 Eligibility for Membership Casual employees are eligible to join the Regina Civic Employees' after completing 24 months of employment provided they completed no less than 700 hours of service in each of the two consecutive calendar years. Permanent employees are eligible for membership in the Plan when they meet the requirements of their employer to become plan members and start contributing to the Plan. 3
4 What about Past Service? Once you are a member of the Civic Plan, you may be eligible to purchase your past service (that is service prior to entering the Civic Plan) from any employer that is a member of the Civic Plan. Eligible service is that which has not previously been credited in the Civic Plan. (with some restrictions) If you are/were a member of the Casual Pension Plan, you may purchase that past service (and transfer in those funds as payment) Leaves of Absence (including Maternity and Parental leaves) are not eligible for past service purchase. These leaves must be purchased at the time the leave 4 commences.
5 How do I Inquire about my Past Service? Contact Möbius Administrators Inc. and request a Past Service Value. (Takes approximately 3-4 weeks) Möbius retrieves a list of all of your eligible past service from your employer. An actuary then calculates a cost based on your age, current salary and dates of service being purchased. If you decide to purchase some or all of your past service, you may: 1) set-up payroll deductions 2) transfer in from an RRSP(or accepted Pension plan) 3) make a cash payment (by cheque) Or any combination of these. *You are only credited service that has actually been paid for. **Past service cannot be purchased beyond retirement. 5
6 What is pension? Pension - what does it mean? Regular, periodic (usually monthly) payments made to a person who has retired from the service of an employer Payments are made from a pension fund and are paid for the lifetime of the pensioner May also include survivor benefits upon the retiree s death 6
7 Sources of Retirement Income Regina Civic Pension Plan Canada Pension Plan (CPP) and Old Age Security (OAS) Personal Retirement Savings 7
8 The Civic Plan is Defined Bridge payments payable to age 65 Payments are received on the last business day of each month Based on the average of your highest consecutive years of earnings Normal retirement at age 65 The plan provides a number of optional forms of pension Early retirement options at age 55 or 35 years of contributory service 8
9 What is a Defined? The amount of pension that an employee will receive is defined by the plan formula (based on pensionable earnings and years of contributory service) Designed to provide a specified amount of pension at retirement payable for the lifetime of the pensioner Investment responsibility and risk falls on the employer (funds are pooled and invested) As your pensionable earnings and years of contributory service grow so does your pension 9
10 Contribution Rates (as of January 1, 2016) Employee contributes 8.8% of base salary plus 13.1% of excess salary Employer contributes 9.8% of base salary plus 14.6% of excess salary base salary: salary earned up to the YMPE excess salary: salary earned over and above the YMPE YMPE = Canada Pension Plan s Yearly Maximum Pensionable Earnings YMPE set annually by CRA $55,300 10
11 When Can I Retire? Early Retirement Age 55 Normal Retirement Age 65 Postponed Retirement Post Age 65 11
12 Voluntary Early Retirement Options: At any age after the completion of 35 years of contributory service At age 55: No Rule of 85 subject to an actuarial reduction Early Reduced Retirement Rule of 85: any combination of age plus contributory service equal to, or greater than, 85 (Minimum age 55) Early Unreduced Retirement Rule of 80: Retirement eligibility will not be impacted for anyone meeting Rule of 80 by December 31,
13 What about the Plan Changes? Pre-Jan 1, 2016 Unreduced at Rule of 80 COLA Guaranteed Post December 31, 2015 Unreduced at Rule of 85 COLA Conditional Best Earnings 3 Years Best Earnings 5 Years Overtime is included in pensionable earnings Overtime excluded from Pensionable Earnings 13
14 Voluntary Early Retirement You may continue to work beyond your early unreduced retirement date Your pension and bridge will continue to grow as you continue to work and contribute to the pension plan Once you have elected to retire from this pension plan, you cannot continue to receive pension if you return to permanent employment with any employer in the Civic Pension Plan 14
15 Normal Retirement Begin collecting a monthly pension on an unreduced basis whether you continue working or not If you are not ready. 15
16 Postponed Retirement Postponed Retirement Stop contributing and defer payment to a later date (up to November 1 of the year in which you turn Age 71) OR If your employer allows, you may continue your employment while contributing and accruing service (up to Age 71) *The City of Regina does not currently allow participation beyond age
17 When Should I Retire? This is a decision that only you can make based on your own personal circumstances You should consult with your spouse, if applicable, and a financial planner to assist you with the decision of when to retire If you are planning to retire in the next year or two, we advise you to contact Möbius so that we can provide you with an estimate of your pension based on your own personal history in the plan 17
18 Calculated? How is my Pension Calculated? Your plan is a Defined. The benefit is defined based on a formula of: Contributory Service Average Salary Pension Accrual Factors Annual Pension Benefit 18
19 How is my Pension Calculated How is m cont. Pension Calculated? Contributory Service the number of years of service that you made contributions into the pension plan Average Salary the average of your best consecutive years Pension Accrual Factors Basic Pension (paid for the lifetime of the pensioner): 1.35% of average base salary 2.00% of average excess salary Bridge Benefit (payable to age 65): 0.65% of average base salary 19
20 Voluntary Early Re What about the calculation with a Mix of Pre/Post Service? Your pre 2016 and post 2015 service will always we be calculated separately. This is to apply the correct Best 3 or Best 5 salary also applicable when applying COLA once retired. When you reach 80 points, you are eligible for the bridge benefit calculated on your pre 2016 service only. To receive a fully unreduced pension, you must meet the rule of
21 Optional Forms of Pension Actuarial reduction is applied to all forms of pension except Single Life with a 5 Year Guarantee Optional forms of pension relate to death benefits for survivors Married member may choose a single life pension with a spousal waiver signed within the 90 days immediately prior to pension commencement Choice of pension is made at retirement and is irrevocable once payment has commenced 21
22 Single Life Optional Forms 5 Single Life 5 Year Guarantee 10 Single Life 10 Year Guarantee 15 Single Life 15 Year Guarantee 22
23 Single Single Life Life Forms Options Payments Prior to 65 5 Years 10 Years 15 Years Basic Pension $2,020 $1,997 $1,966 Bridge Benefit Total Payments 55 to 65 $2,800 $2,777 $2,746 Payments After 65 $2,020 $1,997 $1,966 23
24 Married Members Optional Forms 60% Joint & Survivor 60% 75% Joint & Survivor 75% 100% Joint & Survivor 100% 24
25 Joint s & Survivor Options Plan Member Payments Prior to 65 60% 75% 100% Basic Pension $1,906 $1,873 $1,820 Bridge Benefit Total Payments 55 to 65 $2,686 $2,653 $2,600 Payments After 65 $1,906 $1,873 $1,820 25
26 Survivor Payments Survivor Payments Payment Prior to % 75 % 100 % Basic Pension $1,144 $1,405 $1,820 Bridge Benefit Total Payments 55 to 65 ** $1,625 $2,006 $2,600 Payment After 65** $1,144 $1,405 $1,820 **Final bridge payments occur in the month of the plan member s 65 th birthday 26
27 PPLevel Income with OAS/CPP Level Income is an option Applies to early retirement only (before age 65) Is intended as a means of leveling income before and after age 65 Calculations assume maximum benefits received from CPP & OAS Note: potential future changes to Federal Government benefits may impact expected federal payments i.e. OAS eligibility increasing to age 67 Less advantageous as a means of leveling income if taking reduced CPP prior to age 65 27
28 Level Income with OAS/CPP Income Collected at Age 65 Income Age 55 Basic - $2,020 Bridge - $780 Level Income - $336 Total Civic- $3,136 Income Age 65 Basic - $2,020 Level Income Repayment- ($386) Total Civic- $1,634 *CPP- $986 OAS - $540 Total $3,160 *Assumes full CPP at age 65 is $986 28
29 Level Income with OAS/CPP Income Collected at Age 60 Income Income Income Age 55 Age 60 Age 65 Basic - $2,020 Basic - $2,020 Basic - $2,020 Bridge - $780 Level Income - $336 Total Civic - $3,136 Bridge - $780 Level Income -$336 Total Civic- $3,136 *CPP - $678 Total - $3,814 Level Income Repayment - ($386) Total Civic- $1,634 *CPP- $678 OAS - $540 Total $2,852 *CPP reduction rate used 31.2% 29
30 ? Which Option Should I Chose? There is no one best choice for everyone The form of pension you choose should be made based on your own personal circumstances (i.e. financial or health considerations) Consult a financial advisor (or two) to help you plan your financial picture in retirement Once you have started to receive your pension payments, your choice of pension is irrevocable. 30
31 Post 2015 Cost of Living Increase Service accrued after December 31, 2015 will be increased conditionally based on the funding level of the Plan. If applied, will be subject to the limits of the Income Tax Act. 31
32 Pre COLA (Cost of Living Adjustment) The Plan provides for annual Cost of Living Adjustments (COLA) to pension payments on any service up to and including December 31, The amount of this adjustment is equal to one-half of the change in the Consumer Price Index (CPI) for Canada as of August 31 st of the year prior These cost of living adjustments are applied to your pension payment on the anniversary date of your retirement The maximum annual increase is 4.25% 32
33 Definition of Spouse The person to whom you are married; or If you re not married, a person with whom you have been living in a common-law relationship for a least one year before your death or retirement 33
34 Beneficiaries Under pension legislation, your spouse (legal or common law) is automatically entitled to the value of the pension earned to the date of death You may only designate someone other than your spouse to receive the benefit if: You do not have a spouse A division of your pension occurs pursuant to the Family Property Act Your spouse waives the right to receive the benefit by signing a spousal waiver form 34
35 Survivor Benefits Survivor Benefits Post-Retirement Death Survivor benefit is based on the form of pension chosen at retirement If you chose a joint and survivor pension at retirement, the benefit continues to your spouse at either 60%, 75% or 100% of your monthly pension If you chose a single life pension at retirement, and pass away during the minimum guarantee period, the monthly benefit continues to your beneficiary for the remainder of the 5, 10 or 15 year guarantee period If you pass away after the minimum guarantee period chosen, there is no further benefit paid 35
36 Spousal Relationship Breakdowns Pensions fall within the definition of family property On the breakdown of a spousal relationship prior to retirement, a calculation of the pension may be required to determine the value over the relationship period Prior to retirement from the pension plan, division of the pension may occur and would require a portion of the pension to be transferred to the member s former spouse Once a member begins to receive pension, a marriage breakdown can result in a portion of the monthly payment being directed to the former spouse 36
37 Spousal Relationship Breakdowns Transfers and payment splits can only be completed in accordance with a formal (written) inter-spousal agreement or a court order In the event of a relationship breakdown after retirement, your spouse at retirement is still entitled to receive the survivor benefit on your pension Once you start to receive payments, you cannot remove this spouse from your pension or name a new spouse to your joint & survivor pension 37
38 I Want to Retire! I Want to Retire! Contact Möbius for an up to date estimate Consult with financial advisor(s) Once you have made the decision to retire, advise Möbius - in writing at least 90 days in advance of your retirement date Advise your employer, we do not advise your employer that you are retiring. Contact your employer (Human Resources or Payroll Department) and Union(s) for information regarding possible post retirement benefits. 38
39 I Want to Retire! After giving written notice of your retirement, we will send you a confirmation letter asking you to call us for an appointment to sign your pension forms What you will need to bring to your appointment: Social Insurance Card or CRA Notice of Assessment - for you and your spouse, if applicable Birth Certificate or Passport - for you and your spouse, if applicable Your marriage certificate, if applicable Void cheque or direct deposit information provided by your bank 39
40 How to read your Annual Statement As a Member you will receive the `Pension Highlights` newsletter each June. A guide to interpreting it is included. Provides an annual retirement benefit estimate based on your current year`s earnings being projected until you retire (assumes you continue at your current rate no raises are factored in) If you have a spouse, they are your beneficiary under pension law. If your spouse is listed, it will show `no beneficiaries on file`. This is correct. Under Retirement Dates on page 2, you will see your unreduced date (Rule of 85) It also provides the maximum amounts for CPP and OAS for informational purposes. You should contact the CRA for actual benefit estimates before you approach retirement. 40
41 A Look at Pension Highlights As a Member you will receive the `Pension Highlights` newsletter each June. A guide to interpreting it is included. Provides an annual retirement benefit based on your cur earnings being projected until you retire (assumes you continue at your current rate no raises factored in) If you have a spouse, they are your beneficiary under pens spouse is listed, it will show `no beneficiaries correct. Under Retirement Dates on page 2, you will see your unreduced date (Rule of 85) Spouse is listed, and therefore entitled to It also provides the maximum pension. amounts for CPP and OAS f informational purposes. You should contact the CRA for a benefit estimates before you approach retirement. 41
42 A Look at Pension Highlights As a Member you will receive the `Pension Highlights` newsletter each June. A guide to interpreting it is included. Provides an annual retirement benefit based on your cur earnings being projected until you retire (assumes you continue at your current rate no raises factored in) If you have a spouse, they are your beneficiary under pens spouse is listed, it will show `no beneficiaries correct. Spouse is listed, and therefore entitled to pension. Under Retirement Dates on page 2, you will see your unreduced date (Rule of 85) It also provides the maximum amounts for CPP and OAS f informational purposes. You should contact the CRA for a benefit estimates before you approach retirement. 42
43 A Look at Pension Highlights As a Member you will receive the `Pension Highlights` newsletter each June. A guide to interpreting it is included. Provides an annual retirement benefit based on your cur earnings being projected until you retire (assumes you continue at your current rate no raises factored in) If you have a spouse, they are your beneficiary under pens spouse is listed, it will show `no beneficiaries correct. Spouse is listed, and therefore entitled to pension. Under Retirement Dates on page 2, you will see your unreduced date (Rule of 85) It also provides the maximum amounts for CPP and OAS f informational purposes. You should contact the CRA for a benefit estimates before you approach retirement. 43
44 A Look at Pension Highlights 44
45 Benefit Plan B Albert Street Regina, Saskatchewan S4P 3G8 P: F: A K Khalil Ahmed (306) L Z Cara Olasz (306) When you have questions, We re here to help. 45
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