Pre-Retirement Seminar. Faculty & Executives

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1 Pre-Retirement Seminar Faculty & Executives Spring 2014 Human Resources, the Retirement Planning Institute and Scotiabank

2 This PowerPoint presentation was designed as the handout for the Pre-retirement seminars offered periodically to Carleton University employees nearing retirement. As such they do not attempt to fully describe any of the benefit plans offered by Carleton University. Specific details of the benefits covered in this presentation are included in the official plan documents that regulate the operation of the plans. Should there be any conflict or omission between the information in this document and that contained in the plan documents, other applicable laws or the Pension Benefits Act of Ontario, other laws and plan documents apply. The information in this document may include interpretations and administrative procedures as understood at the time of issuance. Carleton University reserves the right to change or amend these interpretations and administrative procedures whether or not the information in this document is updated. 2

3 Objective To inform you with respect to: Your pension and benefits Other retirement income Approaching your Normal Retirement Date Preparing emotionally for retirement Investing and budgeting in retirement in order to help you decide when is the best time to retire. 3

4 Agenda Day 1: 9:00-10:15 Carleton Pension Plan Neil Courtemanche Pension benefits 2010 Plan Amendments 10:30 12:00 Approaching Normal Retirement Date - Neil Courtemanche Increasing Your Pension Benefits Approaching your Normal Retirement Date Other Benefits 1:00-4:00 Psychology of Retirement Sarah Bercier (RPI) Assessment and planning Managing change 4

5 Day 2: 9:00-10:30 Estate Planning Claude Filion 10:45-12:15 Financial & Retirement Planning Robert Théroux 1:15-1:30: Carleton Retiree Association David Holmes 1:30-2:30: Financial Management for Retirees Michael Wood 5

6 Carleton University Retirement Plan A Hybrid Pension Plan Benefit Contributions Carleton Hybrid Defined Benefit (DB) Defined Cont. (DC) % x FAE x service x RF determined by actuary (every 3 yrs) Minimum Guarantee Pension (MGP) based on account balance % x salary EE &/or ER Money Purchase Pension (MPP) RF = Reduction Factor for Early Retirement FAE = Final Average Earnings Pension is maximum of MGP and MPP Pension Adjustments: 4 yr average rate of return 6% 6

7 Pension Estimate Definitions Earnings: Include stipends and acting assignments; does not include overtime, bonuses, special payments. Spouse if: married and living together common law 3 years or more must choose pension which continues at least 60% to spouse on death of pensioner, unless waived in writing by your spouse separation/divorce agreements? Protected/Not Protected: portion of pension that is protected or not protected from decreases after retirement due to adverse investment returns 7

8 Pension Estimate Calculate pension two ways Money Purchase Pension (MPP) Minimum Guarantee Pension (MGP) You receive the larger of the two Early Retirement Supplement (ERS) If a member was at least 45 years old on July 1, 2003 and will have 10 years continuous service at retirement Payable to earlier of 65 or death = $5, x (credited service to max. of 20) divided by 20 8

9 Pension Estimate Money Purchase Pension (MPP) Pension is based on accumulated balance of Money Purchase Account Converted to monthly pension using annuity based on recent mortality table and 6% interest assumption Money Purchase Account is invested in: 30% Canadian equities 35% Non-Canadian equities 25% Fixed Income (bonds) 5% High Yield Bonds 5% Infrastructure 9

10 Money Purchase Pension (MPP) Example RETIRE AT 65 (NORMAL RETIREMENT DATE) Date of Birth: July 1, 1949; Retire July 1, 2014 (65 years old) Balance at retirement: $600,000 Single Life Annuity with a five year guarantee (GAR mortality and 6%) = MPP (Life/5) = $600,000/11.36 = $52,817 per year RETIRE AT 55 Date of Birth: July 1, 1959; Retire July 1, 2014 (55 years old) Balance at retirement: $400,000 Single Life Annuity with a five year guarantee = MPP (Life/5) = $400,000/13.54 = $29,542 per year 10

11 Pension Estimate Minimum Guarantee Pension (MGP) MGP Formula = [(1.29%xFAE up to FAYMPE)+(2%xFAE above FAYMPE)] x CS x RF FAE: Final Average Earnings = Average of the five plan years of highest earnings FAYMPE: Final Average Yearly Maximum Pensionable Earnings = corresponding to five plan years of FAE (approximately $49,220 for July 1, 2014) CS: years of credited service to your Carleton pension plan Normal Retirement Date (NRD): July 1 st nearest age 65 RF: Reduction Factor for Early Retirement = - if born after 1957 or hired after June 30, 2012: actuarial equivalent factors ranging from 5% to 7% per year prior to your NRD - if born prior to 1958 and in plan prior to July 1, 2012: 3% per year prior to your NRD 11

12 NRD - Example RETIRE AT 65 (NORMAL RETIREMENT DATE) Final Average Earnings (FAE) = $100,000 Final Average YMPE (FAYMPE) = $49,220 Credited service (in pension plan) = 35 years Date of Retirement = July 1, 2014 MGP = 35x[(1.29% x 49220) + 2% x ( )] = 35 x = $57,769 per year RETIRE AT 55 (EARLY RETIREMENT DATE) Final Average Earnings (FAE) = $80,000 Final Average YMPE (FAYMPE) = $49,220 Credited service (in pension plan) = 25 years Date of Retirement = July 1, 2014 MGP = 25x[(1.29% x 49220) + 2% x ( )]x[1-.536] = 25 x x.464= $14,506 per year 12

13 Review of Sample Quote 13

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17 Form of Pension Examples: FORM Starting Occurrence Effect on Pension Pension of Death Normal (Life/5) $1,000 End of yr 1 4yrs payable to beneficiary After 5 yrs Ends month of death Life Only $1,013 Anytime Ends month of death Joint & Survivor 60% to Spouse $910 Anytime pensioner dies Anytime Spouse dies Spouse gets $546 for life; if spouse is not alive, pension ends Member continues to get $910 for life 17

18 Examples: Joint & Survivor Pension, with full pension guaranteed to later of guarantee expiry date or death of PENSIONER, with % reduction for lifetime of SPOUSE = CO-ANNUITANT. FORM Starting Occurrence of Effect on Pension Pension Death J&S 60% to Spouse 15 yr guar $875 Pensioner dies after 1 yr Pensioner dies after 15 yrs Both die Spouse dies Spouse receives $875 for 14 years and then pension reduces to $525 for rest of life Spouse gets $525 for rest of life If before end of guarantee, beneficiary gets payments to end of guarantee and then pension ends; if die after 15 yr guar, pension ends. If pensioner alive, no reduction in pension; if pensioner dead, pension ends unless in 15 yr guar. period 18

19 Examples: Joint & Survivor Pension, with full pension guaranteed to later of guarantee expiry date or FIRST death, with % reduction for lifetime of SURVIVOR. FORM Starting Occurrence Effect on Pension Pension of Death J&S 60% to survivor 15 yr guar $900 Either dies after 1 yr Either dies after 15 yrs Both Die Survivor receives $900 for 14 years and then pension reduces to $540 for rest of life Survivor gets $540 for rest of life. If no survivor, pension ends. If before end of guarantee, beneficiary gets payments to end of guarantee and then pension ends; if both die after 15 yr guar, pension ends. 19

20 Plan Amendments Announced in Increase Member Contribution Rates 2. Calculation of MGP Pensions at Early Retirement 3. Administration Fee Charged to Deferred Members 20

21 Plan Amendments: Increase Member Contribution Rates Effective with the first pay in July % up to YMPE/ 2.4% above YMPE, capped at 2% of earnings Continue until the earlier of 10 years or special payments cease Contributions are to the Minimum Guarantee Fund Future excess surpluses will be shared between Members and the University If earnings = $40,000; increase = $57 per month If earnings = $70,000; increase = $109 per month If earning = $100,000; increase = $167 per month YMPE = Year s Maximum Pensionable Earnings ($52,500 in 2014) 21

22 Plan Amendments: Calculation of MGP Pensions at Early Retirement Effective for retirements after July 1, 2012 Who is affected? Members not eligible to retire on July 1, 2012 = Members born after 1957 or hired after June 30, Reduction factor for early retirement equals actuarial equivalent factors ranging from 5% to 7% per year prior to their NRD Members born prior to 1958 and in plan prior to July 1, 2012 get 3% per year prior to their NRD 22

23 Plan Amendments: Reduction factor applied to MGP Pensions at Early Retirement Age 3% Actuarial Equivalent Factors Factors (Approximate) 64 3% 7% 63 6% 14% 62 9% 21% 61 12% 26% 60 15% 32% 59 18% 36% 58 21% 41% 57 24% 45% 56 27% 49% 55 30% 52% 23

24 Plan Amendments: Administration Fee Charged to Deferred Members Effective July 1, 2011 Increase the administration fee for current and future deferred members, who are not of eligible retirement age at the date of termination, from 0.25% to 1.00% of the Money Purchase Component Account Balances 24

25 Pension Adjustments Each November, retroactive to July 1 Formula: four year average Fund return 6% 1 st three years after retirement: use a deemed rate of 6% for years prior to retirement in the four year average calculation Adjustments can produce a reduction as well as an increase in your pension. However, the portion of your pension that relates to pre-july 1, 2003 pension credits and contributions will not reduce (protected portion) 25

26 Pension Adjustments Example: The pension adjustment on July 1, 2015 for someone who retires July 1, Pension is $700 protected + $300 not protected = $1000 Formula = (4 year average return)-6% Year Return % (deemed) % (deemed) % (deemed) %(Example only) AVERAGE %-6.00 = % New Payable pension = $700 + $288 = $988 Basis for future adjustments = $672 + $288 = $960 26

27 Increasing Pension Benefits: Additional Voluntary Contributions (AVCs) Payroll deduction or lump sum deposit up to Revenue Canada limits Transfer of RRSP to AVC At retirement, can be added to pension, cashed or transferred to RRSP Once money in AVC: one-time transfer/refund of total balance prior to termination of employment or retirement No longer allowed to contribute to AVC afterwards 27

28 Increasing Pension Benefits: Buyback of Service Pre-1990 Service (while NOT a contributor) Eligible service: full or part calendar years during which member was eligible but did not participate in the Plan Contribution tax deduction: limited to $3,500 for each eligible calendar year or part year during which member did not contribute Tax relief is in addition to RRSP contribution room Maximum benefit (MGP) = 2/3 of Income Tax Act limit (in 2014 = $ per year of service) 28

29 Buybacks Pre-1990 Service (while a contributor) Contribution deduction: limited to $3,500 less contributions to registered pension plan during the year in question Service On or After 1990 Will calculate a Past Service Pension Adjustment and will report it to the Canada Revenue Agency reduces RRSP room 29

30 Buybacks New Factors July 1, 2012 To reflect the 2010 amendment to early retirement reduction factors Who does it affect? Current members born after 1957, who have prior Carleton service eligible for buyback New members hired within the last 12 months who would like to transfer a prior employer pension to Carleton Past service pension will be actuarially reduced upon early retirement 30

31 Buyback Example Date of Appointment = Jan. 1, 1982 Date of joining pension plan = Jan. 1, 1984 Eligible months for buyback = 24 Maximum tax deduction = 2 x $3,500 = $7,000 Age = 52 and salary = $60,000 Annual MGP Annual MGP Pension at 65 Date of Months of Past Pension Salary Purchase Service Cost at 55 $60,000 July 1, $13,565 $768 $1,655 31

32 Decisions as You Approach NRD NRD = Normal retirement date = July 1 nearest your 65 th birthday. Date at which your Minimum Guarantee Pension is not reduced Retire Take immediate/deferred pension or transfer value? Continue to work Stop contributions? Continue contributions? Adjust for CPP? 32

33 If You Retire Options with respect to Carleton Pension Receive immediate pension from Carleton Receive deferred pension from Carleton Transfer to Life Insurance company for annuity Locked-in RRSP Life Income Fund (LIF) If Minimum Guarantee Pension>Money Purchase Pension, transfer commuted value of MGP to Preferred Provider for non-indexed annuity 33

34 Post Retirement Benefits (Cont.) Extended Health Care: If covered prior to retirement and at least 5 years continuous service with University and take immediate pension; premium paid by University CUASA members hired after Nov. 29, or more yrs of service premium paid by University 4-7 yrs of service same cost share as active employee < 4yrs of service 100% paid by retiree Includes Out-of-Country coverage (up to 6 months) Over 65, ODB is first payer of prescription drugs Quebec Residents must be insured by RAMQ contact RAMQ for more details If move outside of Canada, lose coverage. Coverage can be reinstated upon return to Canada if approved for provincial coverage (eg. OHIP) 34

35 Post Retirement Benefits (Cont.) Dental: If covered prior to retirement and at least 5 years continuous service with University and take immediate pension; University pays full premium CUASA members hired after Nov. 29, or more yrs of service premium paid by Univ. 4-7 yrs of service same cost share as active EE < 4yrs of service 100% paid by retiree If you move outside of Canada, you do not lose this coverage. 35

36 Post Retirement Benefits (Cont.) Basic & Optional Life: Ends Can convert to personal policy, without evidence of insurability, within 31 DAYS of retirement LTD: Ends Other Benefits (if take immediate pension): Free access to Library, Athletic Facilities and Health Services Get special retiree ID Card (407 Unicentre) Periodic information Free Tuition Spring Conference 36

37 Post Retirement Benefits (Cont.) Honorary ranks for retirees see Honorary Ranks policy on the University Secretary s website Professional Expense Reimbursement can claim in year of retirement must be incurred and submitted before retiring contact Angela Pelly in the Finance Office Contract Teaching? Notify HR if you are over 65 and elected not to contribute to the CPP Parking available at contract teaching fee 37

38 If You Work Past NRD Options with respect to Carleton Pension (1) Continue contributions Default at NRD: Continue regular employee and university contributions Pension based on earnings, credited service, contributions and interest to actual retirement date (ARD) Receiving CPP? If yes, notify HR if you elect to stop contributing to the CPP. CPP deductions will be stopped and pension contributions adjusted to flat 6%. (2) Stop contributions at Normal Retirement Date Pension will be based on earnings and credited service to Normal Retirement Date, actuarially adjusted to date of retirement. Balance of account will accumulate with interest. 38

39 What happens at 71? You can continue to work past 71 but current pension legislation requires that your pension be started by the end of the calendar year you turn 71 Prior to age 71, you must retire to start your pension 39

40 Working Past NRD - Benefits The following benefits reduce or end on July 1 st coincident with or following your 65 th birthday LTD: ends Basic and Optional Life Insurance: Basic: reduced to 1 x salary to max. of $25,000 Optional: reduced by 50% to max. of $100,000 Cease at earlier of retirement or age 70 (basic), 71 (optional) Can convert balance, without evidence of insurability, to personal policy within 31 days of reduction 40

41 Working Past NRD - Benefits Extended Health Care and Dental Continue with no change to coverage Ontario: if 65 or older, you must register with Ontario Drug Benefit program Quebec residents: must be insured by RAMQ contact RAMQ for more details If you die and your spouse is covered as a dependant on EHC and elects an immediate pension, coverage continues at retiree cost share. 41

42 Questions? Have fun planning! 42

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