Coquitlam Firefighters Local 1782
Pension info from the November 2011 seminar
Posted On: Nov 330, 2011

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.

2/ How will the pension be calculated if your union and your employer negotiate enrolment in group 5?
 
If group 5 is negotiated then current firefighters will have both a pension calculated at the group 2 accrual rate (2%), and a pension calculated at the group 5 accrual rate (2.33%).  The two pensions will not be blended.  We will complete one calculation using the 2% formula (plus SA if applicable), and another using the 2.33% formula.
 
We will combine the two calculations into one pension cheque, but will calculate and present to the retiring plan member the two calculations separately.
 
If you or your colleagues have any further questions please feel free to contact the pension plan. We are pleased to assist in any way we can.  In addition, on the MPP website homepage, under 'Featured Info', is a link titled 'Higher Accrual Rate for Police and Firefighters', this part of the web site has many answers to common questions about group 5.
 

Yours truly,

Warren Ross
Client Service Pension Instructor
Client Education Program
BC Pension Corporation
Phone: (250) 387-9253
Fax: (250) 387-2570
mailto: warren.ross@pensionsbc.ca
visit us at www.pensionsbc.ca


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