Please distribute the pension adjustment statements or amended pension adjustment statements to members once you receive them. Read on to learn what to do, when and why.
Statements to distribute
Distribute the Memberís Benefit Statement and Report to Members to Teachersí Pension Plan members by June 28
The Pension Benefits Standards Act requires that each Teachersí Pension Plan member receive their Memberís Benefit Statement (MBS) and Report to Members within 180 days after the planís fiscal year‑end.
What you need to do
BC Mail Plus will deliver the MBS and Report to Members package directly to you by mid-June.
You must distribute this important pension information to your employees who are members of the Teachersí Pension Plan by June 28, 2016.
Encourage plan members to get their pension information online
View their MBS faster through My Account:
Log on to My Account with username and password
Click Benefit Statement
Choose the year
The MBS will be available in a PDF version to view online or print.
Use the online pension estimator available through My Account to calculate pension estimates.
Log on trouble?
If members forget their username or password, or have trouble logging on, they can click Problems logging on? next to the logon button. Those who have never been on My Account must click Register Now to proceed.
Thousands of reasons why we need current member contact information
People moveóa lot. Although it can be difficult to keep up with member address changes, itís important we have correct information on file. We process thousands of returned mail each year. Working together, we can make communicating vital information to members easier.
Why itís important
Members need to receive different types of communications. If an address is incorrect in our system, they might not receive key information such as a pension estimate, pension adjustment statement or Memberís Benefit Statement.
What you can do
Submit updated member addresses when you receive them. Thereís no need to wait until your annual or segment report is due, or until the member stops working or retires. But before you do, please confirm with your employee they havenít already updated their contact information with us.
To make an address change:
For a single memberócorrect the address on an Update Existing Plan Member Record (on the Employer Reporting home page)
For multiple membersóupdate address information using a report (see our instructions on preparing and submitting reports, available in the Reporting Format area under Employer Reporting)
Staying currentóvalidate your group disability information this October
In October, you will be asked to use the online LTD Policy Validation tool to verify that our records reflect your current group disability plan information. This will ensure your members receiving long-term disability (LTD) benefits from an approved group disability plan are correctly earning pensionable and contributory service.
To make the validation process easier before accessing the tool in October, gather the following information:
Current group disability plan(s). If needed, contact your LTD carrier for this information
LTD policy effective date(s)
LTD policy number(s)
Who the LTD policy applies to
LTD policy termination date(s) for policies that have terminated since June 2015 are no longer active
LTD policy information for policies that have changed since they were approved
Please make sure your Web Services users are up-to-date. Check out the April 2016 Newsletter for details.
Even if this is your first time using the LTD Policy Validation tool, youíll find itís easy! To assist you, we will provide instructions and other details about this online tool in the fall newsletters.
How to answer questions about the plan
Helping you communicate with employees about the value of the plan
As an employer, you play an important role in helping your employees understand how the plan benefits them.
But what if you donít have all the answers? This pamphlet will help you answer some of the questions employees are most likely to ask about the plan. Thereís information on the value of the plan to your organization and your employees, and resources to help you communicate with them.
Take a look and renew your understanding of the value of the pension plan so you can better communicate it to others.
See you in September
We hope you enjoy this issue of the Employer Newsletter. The next newsletter will be the September issue, coming out at the end of August. Have a great summer!
This article has information you need to act on
Information in this article is of interest to you and/or your staff