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Understanding the Pension Plan for the Employees of Concordia University. Pension Plan for the Employees of Concordia University. Pension Services Senior Advisor Pension Assistant Pension & Benefits Clerk. Pension Plan for the Employees of Concordia University.
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Understanding the Pension Plan for the Employees of Concordia University
Pension Plan for the Employees of Concordia University • Pension Services • Senior Advisor • Pension Assistant • Pension & Benefits Clerk
Pension Plan for the Employees of Concordia University • Administration of the Pension Plan: • Communication of benefits • Taxation reporting • Enrolment and eligibility • Change of beneficiary • Status change
Pension Plan for the Employees of Concordia University • Our partners: • Morneau Sheppell → actuaries & consultants • CIBC → Pension fund custodian • Pension Committee • Office of the Treasurer
Pension Plan for the Employees of Concordia University • Pension Plan for the Employees of Concordia University is one plan • Administered under the laws of the Régie des rentes du Québec’s Supplemental Pension Plans Act
Defined Benefit vs. Defined Contribution • Defined Benefit Plan • benefits are defined ahead of time based on a set formula using your pensionable earnings and years of credited service; • the employer bears the risk of a shortfall in investment results. • Defined Contribution Plan • benefits are based on the contributions made to the plan and the investment earnings on the contributions; • the employee bears this risk.
Non full-time, permanent employees must meet one of the following qualifications in the previous calendar year: a minimum of 700 hours worked; or remuneration equal to at least 35% of the YMPE. Automatically enroll in the Pension Plan as a Non-Contributory Member effective January 1stof following year. Changing contribution status Can be changed annually effective January 1st; must submit request to the pension services by the end of November of the preceding calendar year. Eligibility and enrolment
Designating a beneficiary • If you have a spouse • your surviving spouse is automatically your beneficiary; • you may designate someone else, if your spouse waives his or her right to benefits; • waiver may be revoked at any time before pension payments begin; • waiver does not take away the spouse's right to a potential division of the accumulated amounts in the event of a separation or divorce.
Designating a beneficiary • If you do not have a spouse • you may designate anyone you wish. • If there is no valid beneficiary, your estate will receive the survivor benefits. • Changing beneficiary • simply complete the beneficiary designation form and submit it to Pension Services.
Life Events • If you leave Concordia before age 55: • You will be entitled to a deferred retirement pension payable at age 65, or • You can transfer the value of your pension to: • a prescribed retirement savings arrangement; • another registered pension plan, if that plan accepts it; or • an insurance company to purchase a life annuity.
Life Events • If you leave Concordia after age 55: • You will be considered to be retiring from the University. In this case, you will be entitled to an immediate lifetime pension. • If you die before retirement : • Your beneficiary will receive the value of your pension in a lump sum.
Life Events • If you die during retirement : • Benefits, if any, will be payable according to the form of payment chosen upon retirement.
Government Plans • Quebec Pension Plan (QPP) • Lifetime retirement income, based on age and income. • Payable at age 65 • Payable at age 60 with reduction and must meet eligibility requirements • www.rrq.gouv.qc.ca
Government Plans • Old Age Security (OAS) • Lifetime flat-rate pension • Payable at age 65 • Clawed back if net income exceeds a certain level ($67,668 in 2011) • www.servicecanada.gc.ca/eng/isp/oas/oastoc.shtml
Useful information • Annual Pension Statement • Annual Information meeting • HR website • www.concordia.ca/hr/ • Pension@ccess website • concordia.pension.hroffice.com