Effective September 30, 2015, the Pensions Benefits Standards Act (PBSA) is being modernized. The PBSA is designed to protect the interests of pension plan members by setting minimum standards in areas such as eligibility, vesting, portability, survivor benefits, employer contributions and disclosure to members.
As a result of these changes, there are a number of updates you should know about. Read on for details to find out what you need to do.
The new Employee Information at Termination or Retirement (EITR) tool will allow you to electronically submit your EITR information. Starting November 9, enjoy the perks of using the tool to report your termination and retirement information. As we mentioned in the September Newsletter, this is the fourth new employer reporting tool after the launch of LTD starts and stops (2014), Member Validation tool (2014) and LTD Policy Validation tool (spring 2015). We appreciate your patience and support as we enhance your online services. Read on for details.
Know what you don't know
Work. Life. Pension.—making it easier for members to know what they don’t know
To make the pension experience easier for your members and save you time, we created a new area on the plan website called Work. Life. Pension.
It’s a great resource for members (especially those mid-career) to learn more about their pension so they can make the most of it. They’ll find information about situations they might experience, including divorce and taking leaves of absence. It’s organized into manageable chunks—starting with the basics and moving to more detailed information.
Your members work hard earning a pension to make their life more financially secure and enjoyable. They’ve told us they find pensions complicated and need help navigating their plan website. They wonder what they need to know, where to start and where to find the information. And we know you spend a lot of time supporting them.
We encourage you to familiarize yourself with this new resource and share it with your members. Help encourage members to visit this resource by displaying this poster in a common area and/or distributing it to staff.
Attend one of our free employer workshops to learn about your roles and responsibilities for administering the pension plan(s). Register early—these workshops fill up quickly.
Payroll Reporting Refresher Just in time for year-end reporting, the fall payroll refresher workshop focuses on the information you need to correctly report your payroll. This two-hour online-instructor-led course is delivered through GoToMeeting (web conferencing). Find out more.
Comprehensive Training This hands-on one-day workshop covers all the information you need to efficiently administer your employees’ pensions, from enrolment to retirement. Find out more.