November 2016

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Year-end Payroll Report deadline Jan 10, 2017

Year-end reporting made easy

Let’s keep your employees’ information current and ensure pension continuity—send us your Year-end Payroll Report by January 10, 2017. Check out these instructions and reminders about the process and tools that help make reporting a breeze.

Web Services User Account Management

It’s important to decide who will have access to Web Services for security purposes and to make sure payroll information is accurately reported on time.

Before starting your Year-end Payroll Report, review and update your list of users and the roles they perform. These users will have roles assigned to them (Primary, Secondary and User), depending on their responsibilities in your organization.

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Keep contact information current

Thousands of reasons why we need current member contact information

People move—a lot. Although it can be difficult to keep up with member address changes, it’s 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. Use these new instructions to update your members’ contact information.

Why it’s important

Members need to receive different types of communications. If their address is incorrect in our system, they might not receive key information such as a pension estimate, pension adjustment statement or Member’s Benefit Statement.

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Keep RRSP information current

Keeping your employees’ RRSP info current—amended pension adjustment time

You play a key role in making sure your employees know if their RRSP contribution room is affected by a pension adjustment (PA). Amended pension adjustment statements (APAs) will be arriving by early December to distribute to your employees. Find out what to do and when.

Why this matters for your employees

The PA amount represents the value of pension benefits earned in a registered pension plan during a calendar year, based on a formula provided by Canada Revenue Agency (CRA). The Pension Corporation calculates PA amounts on behalf of our employers. We send you this important information for you to distribute to your employees. If we provide you with electronic PAs or APAs, you will need to submit the amounts to CRA and share them with your employees.

Twice a year, in June and December, we might provide you with APAs for some of your employees. This is a PA that’s been recalculated to reflect new information we’ve received about a member’s pensionable service or salary. Purchasing a leave of absence or arrears can also generate an APA.

Questions

Contact Employer Operations


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Plan design changes

Plan design changes are coming—stay informed

This October, the Teachers’ Pension Board of Trustees announced plan design changes in effect January 1, 2018. Over the next year, we’ll ensure you have all the information you need to effectively integrate the changes into your work processes.

The plan design change website will keep you informed about what’s happening. Check it periodically for updates as we head toward 2018. In addition, over the winter, we’ll send you employer-specific information through newsletters and bulletins with details on what you need to do to prepare for the plan design changes.

For more information, contact Employer Operations


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Deadline for employees aged 71

November 30 is the last day employees aged 71 are eligible to contribute to the plan

Do you have employees turning 71 this year? There are a few things to consider.

Under the Income Tax Act and its regulations, an employee must start receiving their pension no later than the end of the year in which they turn 71. This means your 71-year-old employees must start collecting their pension no later than December 1 of the same year. It’s also your responsibility to ensure you don’t collect contributions from these employees after November 30.

Your employees aged 71 can keep working without interruption, but you must stop collecting pension contributions from them. Submit final salary, service and contributions up to November 30 to the plan on or shortly after November 30.

For example: If you have an employee born in 1945 who will turn 71 in 2016, you must stop collecting contributions for this employee effective November 30, 2016, even if they turn 71 in December. Your Payroll Report must not include service, salary or contributions beyond November 30.

We send your employees a pension estimate and retirement application package in the year they turn 71. Please ensure we have their current contact information.

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35 years of service reminder

Do you have members reaching 35 years of pensionable service?

When a plan member has accumulated 35 years of pensionable service, you must continue to make contributions even though the member stops. Also continue reporting service and salary as they are used to calculate the member’s pension.

To remind you, the year a member reaches 35 years of pensionable service, we will send you a Maximum 35-year Limit Record form through Message Board showing how much service the member has accumulated. It’s important to complete your portion of the form, indicating the contribution stop date, and return it to us as soon as possible so we can ensure a smooth transition for the retiring member.

Starting January 1, 2018, however, this process will change—with the recently-announced plan design changes, the 35-year cap on pensionable service will be removed. This means, members who have reached the 35-year cap must start contributing to the plan again on this date. An exception would be a retired member who returns to work on or after January 1, 2018. They would not recontribute to the plan.

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2015/16 Annual Report

Read BC Pension Corporation’s 2015/16 Annual Report

BC Pension Corporation’s 2015/16 Annual Report is now online. Inside, you’ll find information on our achievements from the past year, including how we are

  • Bringing our transformation to life by implementing projects from our strategic plan, From 12 to 21, such as the Employee Information at Termination/Retirement (EITR) tool and the Member Services Centre
  • Continuing to achieve high service scores with plan members and employers
  • Meeting our financial and service targets as an efficient, effective, professional pension services provider

The report is available online in a printable PDF format—easy to read digitally or ready to print out if you prefer a hard copy.

We encourage you to explore our report. Learn more about the corporation, our strategic plan, how we provide professional, high-quality service to members and trustees, and how we engage in effective partnerships with employers.


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Website changes coming soon

This December—improved employer website

When reporting your employees’ pension data, it’s important to be able to find the information, tools and instructions you need quickly and easily. That’s why your employer website is being updated.

What this means for you

You’ll find related information, tools and instructions together on the website where it makes sense. For example, cyclical instructions for processing pension adjustment statements and your Payroll Report will be in the same area as the other reporting instructions.

Please share this information with the appropriate contacts in your organization.

Stay tuned for details in the December Employer Newsletter.


Legend
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