Highlights from the fall 2014 Employer Advisory Council and Small Employer Forum
In November 2014, our Employer Advisory Council and Small Employer Forum met to network, discuss common experiences and hear more about what the Pension Corporation is working on. The overarching themes for the meetings were communications and administration. For details on these discussions, check out the Employer Advisory Council Communique and Small Employer Forum Communique posted on the secure Employer website. You can also see which employers belong to the groups by reviewing the member lists.
The plan categorizes members into employee groups based on whether they are 10- or 12-month teachers. Confused about what to do when members switch employee groups? Well, you’ve come to the right place. Check out our Q&A.
Employee record management
Address the situation: the importance of up-to-date member contact information
People move—a lot. It can be hard to keep up with member address changes, and it’s important we have correct information on file.
Why this is important
We send members many different types of communication material and if an address is incorrect in our system, a member may not receive key pieces of information such as pension estimates or Member’s Benefit Statements.
Need more information?
You can reach Employer Services through the message board. Alternatively, please contact Employer.Services@pensionsbc.ca or call toll-free at 1 855 356-9701.
What you can do
Only submit address data that you’ve recently received from the member. Before you send a new address to the plan, confirm with your employee that they have not already updated their contact information with us.
The new calculation method for pensionable service makes it easy to calculate pensionable service consistently. The new method should reduce requests from the BC Pension Corporation to verify data because we will receive information that is consistent across all school districts in the province. Keep reading to learn three more reasons the changes matter.
Choosing the right pension seminar
How the pension works, potential pension income, post-retirement group benefits, Members Benefit Statements—these are all key aspects of retirement and it is important members understand them. Our seminars, Your Pension, Your Future and Thinking about Retiring, discuss topics in different ways because they’re designed for members in different career stages.
Your Pension, Your Future is aimed towards new and mid-career members. Thinking about Retiring is designed to be of most use to members within about five years of retirement.
Here’s a handy chart to help you choose which seminar to attend or recommend:
Your Pension, Your Future
Thinking about Retiring
Types of retirement income and the value of your pension
Purchasing and transferring service
Other possible benefits
Potential income at retirement
Choosing your best pension option
The retirement process
Both seminars discuss how to access information online and tips for understanding Member’s Benefit Statements.
Age is part of what determines a member’s eligibility for retirement, and we want to ensure the pension benefits are paid to the right person. That’s why it’s important the plan has proof of age and identity for each and every member. Read on to find out more.
New online tool
It’s easy being green: paperless Nomination of Beneficiary tool available through My Account
Looking for another way to save the planet? Paperless beneficiary nominations are just the ticket. By logging on to My Account and using the Nomination of Beneficiary tool, members can update their beneficiary information and nominate combinations of persons, trustees and organizations. This tool is secure and easy to use.
Why this is important
Nominating a beneficiary is a crucial part of estate planning. Keeping up-to-date and accurate information ensures your members’ final wishes with respect to their pension benefit are followed.
What you need to do
Go paperless. When guiding your members through the nomination of beneficiary process, make sure they know about the Nomination of Beneficiary tool available through My Account.
New website content
Check out our new YMPE Information webpage
Contributions and benefits are impacted by the year’s maximum pensionable earnings (YMPE), which changes every year. We’ve created a YMPE Information page on the Member website so you can have easy access to current and historical amounts. This information will help you ensure your employer and employee contributions are correct.
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