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PA Statement distribution

Coming soon: Pension Adjustment (PA) Statements

In late January or early February, you will receive paper or electronic PA Statements to distribute to your members. Read on to find out what you need to do and why itís important.


 
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Pension seminar registration

Want to attend a seminar? Hereís how to register

If you or your members want to attend a seminar but arenít sure how to register, the following instructions will help.

How to register:

  1. Go to the Member website at tpp.pensionsbc.ca.
  2. Click Resources.
  3. Click Pension Seminars.
  4. Choose the seminar you want to attend: Your Pension Your Future or Thinking About Retiring.
  5. Click REGISTER NOW under the registration method you prefer. Note: If you would like to register online, please register through My Account with your username and password.
  6. Select the session that suits you best based on date, time and location.
  7. Click Continue.
  8. Verify your contact information and click Submit.
  9. You will get a confirmation email. If you do not provide an email address, please print the confirmation screen, as this will be your only record of registration.

There, youíre done!

If you have questions in the meantime, please contact TPPSeminars@pensionsbc.ca.



 
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What is "Acutarial Valuation"?

Actuarial valuation: what it is and what happens next

The overall health of the pension plan is measured through an actuarial valuation every three years. An actuarial valuation is an assessment of the fund carried out by an actuary to determine what changes (if any) need to be made to the plan in order to meet existing and future benefit obligations. The planís next valuation results are scheduled to come out in 2015.

Hereís what happens once the valuation is completed:

  1. The results are reported to the Teachersí Pension Board of Trustees and filed with the Superintendent of Pensions approximately nine months after the valuation date. The superintendent regulates pensions based on the British Columbia Pension Benefits Standards Act.
  2. We communicate the results to you.
  3. You will be notified of any impacts such as contribution rate changes and effective dates.

Details from the December 31, 2011 actuarial valuation can be found here.



 
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Defined benefit plans

New study provides evidence on value of DB plans

Retirement income security is an important issue to your employees and potential employees and a new study shows that the defined benefit (DB) model that the BCís public sector pension plans are based on remains an excellent way to provide better value. Read on to learn more.



 
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Employer contributions

Got members reaching 35 years of pensionable service? Take the right steps

When a member reaches 35 years of pensionable service, they are no longer required to continue contributing to the plan. However, you are required to keep contributing the employer portion until November 30 of the calendar year in which the member turns 71.

Not sure how to submit your contributions for members with over 35 years of pensionable service? Thatís okay.

Hereís what you need to do:

  • Keep reporting service and salary for members with over 35 years of pensionable service until November 30 of the calendar in which they turn 71, even though theyíre not contributing.
  • Remit your portion of the contributions on Line 4 of your remittance form and remit on a regular basis.
  • Use your year-end payroll report to correctly report all required data for members who reach 35 years of pensionable service during the fiscal year.
  • Be aware that we will bill you based on the salary and service you report for the member, so the year-end reconciliations processed by our Finance department may result in extra billings to you. This happens when information on payroll reports differs from remitted contributions. The letter that comes with your bill will explain any outstanding debts or credits.

If you have questions about remitting contributions for members with over 35 years of pensionable service, please contact fin@pensionsbc.ca.



Happy Holidays!


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