Pension info from the November 2011 seminar |
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There were two outstanding questions:
1/ If the SA funds are used to increase the monthly pension is the additional pension indexed?
The answer is yes, every component of the monthly pension is increased when cost of living adjustments are granted, the lifetime pension, the bridge benefit, the temporary annuity, and the additional monthly pension purchased with the SA funds.
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2011 contribution rates |
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Effective July 1, 2011 contribution rates to the Municipal Pension Plan will increase by 0.81 per cent of salary. This increase in contributions will be applied to both the employee and the employer. Currently the employee contribution rate is 6.99% of gross earnings below the YMPE and 8.49% of all earnings above the YMPE. (The YMPE changes each year and is $47,200 for 2010, YMPE = Yearly Maximum Pensionable Earnings). The contribution rate as of July 1, 2011 will increase to 7.8% of gross earnings below the YMPE and 9.3% of all earnings above the YMPE. The attached bulletin from the Municipal Pension Plan has further information on the rate increase.
Download:
mpp_bc025_20100922_FINAL-1.pdf
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MPP QUESTION & ANSWERS RE:GROUP5 |
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Recently, the Municipal Pension Board of Trustees approved a new group 5 for police officers and firefighters. This new member group provides for a higher pension accrual rate, which means a better pension. Participation in group 5 requires an agreement between an employer and union. The purpose of the attached document is to answer basic administrative questions about group 5.
Download:
MPP_QUESTION_ANSWERS_GROUP5.pdf
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Retirement planning reimbursement |
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Members who are planning for retirement shall be reimbursed to a maximum of $200 in order to attend the Victoria Pension Plan office or to receive financial retirement planning advice. Members must provide all receipts in order to receive reimbursement.
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Early retirement incentive plan |
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Currently, the City of Coquitlam offers Fire Rescue Employees one months salary for every year you leave before 60 (up to a maximum of 5 years or 5 months of pay). For example if you gross $7000/month and you leave at 55 years of age, you would be entitled to an $35,000 retirement incentive ($7000 X 5 years). This money can be transferred directly into an RRSP to avoid taxes or taken as cash. Please note that this incentive is reduced monthly after 55 down to zero if you retire at 60 years of age.
In addition, the City also offers to payout any unused annual holidays and long service leave after April 1st.
(Note: It is recommended to retire at the end of the month to ensure a shorter wait period for your first pension cheque.)
Download:
Early Retirement Plan.pdf
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Page Last Updated: Jul 04, 2016 (22:25:00)
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