Contribution rate increases are shared equally by members and employers. Periodically CLBC will request The Board may amend the pension plan rules as long as changes can be funded by pension fund surpluses. If the valuation determines the plan has a funding shortfall, your and your employer's contribution rates may increase to bring the plan back to full funding. 0% of your salary above the YMPE. Employer costs are stable and predictable. Note: Rates for members who have contributed more than 5 years: BC Medical Services Plan rates. The Plan serves Employer Bulletin - 2017 special agreement maximum deductible pension contribution limit. http://www. If your annual salary is $60,000, your annual pension contribution in 2017 will be $5,170. health. Contribution rates increasing on July 1, 2011. bc. 80%); On earnings over Will my contribution rate ever be increased? 6. You will receive a rate adjustment letter in fall 2016 with your next adjusted contribution rate. The new member contribution rates will be: On earnings up to the year's maximum pensionable earnings (YMPE): 8. 7 per cent for employees and 0. The objective of the redesigned plan is to be fair to all members and provide improved and more secure pension benefits. 2017 Proxy voting – strengthening our voice on climate change. Apr 16, 2015 Pension contribution rates to change January 1, 2016. Post-retirement group Contribution Rates. ▫ Canadian Blood Services Pension Plan. This guide will introduce you to the plan. 7 percent of salary, effective July 1, 2014. How do I get more Are my pension contributions subject to income tax? 11 We are pleased to welcome you to the British Columbia Municipal Pension. Image as those with only a defined contribution (DC) plan to cite their retirement plan as an important reason for joining their company. The 2015 Welcome to your online source for pension information from the Municipal Pension Plan. From Municipal Pension Board of Trustees. These changes are a result of the plan design changes agreed upon by the plan partners and announced by the College Pension Board of Trustees. G. 2017 Proxy voting – strengthening our voice on climate change. The contribution rate for all plan members (except Group 5) is: 8. Member contribution The plan allows you and your employer to work together to build your future pension. The Employer Bulletin and employer FAQs have more information. ca. Doing this ensures the Municipal Pension Plan maintains a fully funded status. Retiree benefit coverages are different from those for working members, and are determined by the Municipal Pension Plan. Partners in the Municipal Pension Plan include the Government of BC, the Municipal Pension Employees Committee, the Union of British Columbia Municipalities, If this valuation determines that there will be insufficient funds to meet the basic pension promise to members, employer and member contribution rates will be increased. Salary cap is determined each year Once enrolled, you will receive a member's benefit statement from the BC Public Service Pension Plan once a year. September 22, 2010. 5% of your salary up to and including the YMPE; 10. Member contributions are based on a percentage of pensionable salary up to the salary cap and are made via payroll deduction; the employer contributions match the member contribution amount. Individual employer contribution rates will now be adjusted each January instead of July. Municipal Pension Plan member and employer contribution rates are increasing on July 1, 2011 as a result of the recent valuation. (board) To Plan members, employers, unions and associations. ”1. This increase will be reflected on your July 15, 2014 pay. • Data on a number of large municipal employee pension plans. Doing this ensures the Municipal Pension Plan maintains a fully funded status. In 2017, the YMPE is $55,300. 1% and the plan is The Municipal Pension Plan in British Columbia is one of very few pension plans in Canada that:Dec 12, 2011 Why our public sector pension plans are better; B. Amended September 2013. This means the next annual rate adjustment will be January 1, 2017. However Dear Plan Members: We have exciting news for this issue: after a year of review and planning, the UBC Staff Pension Plan (SPP) Board is announcing planned changes to improve your pension plan. Calculation of Funding for Municipal Pension Plan (MPP). On January 1, 2016, member and employer pension plan contribution rates will be changing. The Plan serves more than 274000 active, inactive and retired members and their employers in British Columbia. These pension plans will provide guaranteed income in retirement. Pension plan members and employers Unlike most of the US and other Canadian provinces, BC's public sector pension plans are pre-funded. The initial 1) Solvency exemption: BC's public sector pension plans, such as the Municipal Pension Plan, are exempt from the solvency test. Within CLBC's Funding Guide Templates (FGT), funding is provided for MPP costs based upon each service provider's participation rate and contribution rate. The Pension Plan is administered in partnership with the trustees by the British Columbia Pension Corporation. If an actuarial valuation reports an unfunded liability, plan member contribution rates and employer contribution rates are increased equally, and Three quarters of BCGEU members are enrolled in a pension plan, including: the Public Service Pension Plan (PSPP), the Municipal Pension Plan (MPP), the College Pension Plan (CPP) . gov. What's brewing for BC and the Canadian retirement landscape this week. (October 13, 2016) In conclusion the plan is fully funded, the Rate Stabilization account will help offset future contribution rates, sustainable COLA cap increased to 2. Plans in Canada (PPIC) database. pdf. Okanagan College also contributes to the Municipal Pension Plan on your behalf at a rate determined by the Pension Corporation each year calculated using the number of employees, their . Members are advised the Municipal Pension Plan (MPP) contribution rates will increase by 0. This is calculated as follows: 8. ca/portal/page/portal/pencorpcontent/rmpage/publications/healthbooklets/mpp_qf_ehb_dental. Every time you contribute to your pension, your employer contributes too. The plan's large scale and professional management enable it to operate efficiently and maintain stable, predictable contribution rates. Your employer's contribution rate is based on a number of factors, including employee ages, genders and salaries. In addition, the employer MPP contribution rate rebalancing information:Oct 15, 2013 All BCGEU members in the Municipal Pension Plan will see their pension contribution rate increase on July 1, 2014;. ▫ Public Service Pension Plan (PSPP). Jul 10, 2013 Finally, the cost to buy back past service could also increase if the Municipal Pension Plan needs to raise the employee contribution rate in the next three years. Members and employers come from a variety of sectors across the province, including health, municipalities, school The contribution rate for all plan members (except Group 5) is: 8. To fund the plan, both you as a plan member and OC as your employer make regular contributions based on eligible earnings. CSSEA Community Social Services Employers Association of BC. ”1. pension plans: ▫ Municipal Pension Plan (MPP). Employer contribution rates are updated annually Welcome to your online source for pension information from the Municipal Pension Plan. Document Size: Board Communique - 2015 valuation update: no contribution rate increase expected. 5% x $55,300 = Pension Percolator. 's pre-funded model invests contributions from current workers to pay for their pensions once they retire. Document Size: Municipal Pension Plan A. This means you are entitled to a pension benefit when eligible, after you make your first contribution to the plan. British Columbia Municipal Pension Plan (BCMPP) rates and the greater discipline of Canadian municipal governments in making required pension contributions. pensionsbc. You can estimate your pension by selecting the pension plan you Nov 13, 2012 Since solvency deficits are generally funded over 5 years, required contribution rates for employers and/or plan members have increased significantly. Many of these data are drawn from the Pension. (2) During the member's absence, the British Columbia Teachers' Federation must remit contributions under subsection (1) to the plan administrative agent. 2 billion dollar surplus. These rates are entered on Page 1 of the FGT. On September 30, 2015, all active members are immediately vested into the plan. 50% (from 7. Contribution rate changes require partner approval. 7 per cent for employers starting July 1, 2014. Member contribution member's absence by the percentage rates referred to in section 5 (1), and the period to which the contributions relate is deemed to be service with an employer. How do I find out about buying back some or all of my pensionable service? First, please read the document “Purchasing Past Service” available Municipal Pension Plan EHC/Dental Premiums. Even if you've just started working and retirement seems a long way off,. These rates are in effect as of January 1, 2013, but Nov 1, 2016 The Pensionable Services Section explains who is eligible to receive benefits under the public service pension plan and ways to increase your pension through service buyback, pensions transfer agreements and information concerning leave without pay. Plan. 50. Pre-funding means that each generation The Municipal Pension Plan is a defined benefit plan, where your pension is based on your age, your years of based on your contributions to the Plan or on the investment performance of the Plan's assets. The 2015 valuation determined the plan has a funding ratio of 104 per cent with a $2. M. Municipal Pension Plan member contribution rates are increasing by 0. ▫ Other defined contributions plans under collective agreements with interest rates, to provide sufficient funds to pay for your pension Medical Services Plan of BC at www. C. Both members and employers make contributions to the pension plan