The Contact Confirmation for Employers form will be ready for you on the File Pick-up section in October. Read on to find out what you need to do.
EITR tool improvements
New Employee Information at Termination/Retirement tool time savers
In 2015, we launched the Employee Information at Termination/Retirement (EITR) tool and received great feedback from the pilot team. We’ve used that feedback to make the tool even better.
If you haven’t already, please recycle paper copies of the old EITR form and delete saved bookmarks.
What are the improvements?
You can run reports to see previously submitted EITRs:
You can see the names of those who submitted them.
You can also look up an EITR submission for a specific member. By entering a member's SIN, you can now review the individual submission history.
The current year is now pre-populated. Overwrite the year to report a termination from a previous year.
When you receive an error message, you no longer need to start the submission process over. You’ll return to the previous screen where you can fix your error and carry on entering the remaining EITR information.
For more information
Access our handy resources to help you use the EITR tool:
BC Pension Corporation continues to monitor the ongoing contract negotiations at Canada Post. We will provide updates here in the case of a labour disruption that could impact plan members or employers.
Use the LTD Policy Validation tool to validate your approved group disability policy. The validation window is open from October 1–31.
It’s important to make sure your members continue to accrue pensionable and contributory service while receiving a long-term disability (LTD) benefit. You must report all changes to your LTD policy (commonly known as LTD policy information); otherwise, there might be a delay in receiving the service. Read on for details.
Remitted contributions don’t match your Payroll Report? Here’s some help.
Electronic remitting (E-Remit) is our standard process for remitting contributions to the plan. Ensuring your remittance matches the data on your Payroll Report saves you time and effort later. We know balancing your remitted contributions and salary to the data on the Payroll Report is easier said than done. That is why there’s a form called Balancing Help on the secured Employer section of our website. The form includes total remittances to date and a guideline for balancing remitted funds to payroll data.
Here’s how to access the form
Log on to the secure Employer section of the plan website with your username and password.
Click E-Remittance under the Financial Reporting section of the Resources box.
Click Balancing Help to download the PDF.
Why this is important
Balancing remittances to your Payroll Report ensures the pension plan has correct information for members’ pension benefits and pension adjustment statements.
Accurate data is critical in calculating benefits for members on retirement or termination.
If we receive unbalanced data, we might request you research and fix errors from several previous pay periods.
Reminder: 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: 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 are born 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.
The Teachers’ Pension Plan 2015 Annual Report is now live
Did you know the plan’s funding ratio is now 102 per cent—higher than it’s been in more than 30 years? That it has more than $127 million invested in Alphabet Inc., Google’s parent company? That the number of new pensions started in 2015 was the lowest since 2001?
188.8.131.52 Modified school calendars and extended spring break
7.8.3 One year, no contributions
What you need to do Consult the manual online for the most current information. Please inform other relevant contacts in your organization about these changes.
Note: The Employer Instruction Manual is now being updated as needed; you’ll be notified of changes through the newsletter.
Employer website updates coming soon
Making it more intuitive—improved employer website coming this fall
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, instructions for processingpension adjustment statements or your Payroll Report will be in the same area as all the other reporting instructions.
Please share this information with the appropriate contacts in your organization. Stay tuned for an improved employer website this fall!
Employer Advisory Council meeting
Highlights from the spring 2016 Employer Advisory Council
In May 2016, our Employer Advisory Council met to network, discuss common experiences and hear more about what the Pension Corporation is working on. The overarching themes for the meeting were:
Union of BC Municipalities feedback and update
Employer reporting research
Pension Corporation updates
Member curriculum redesign
Future council meetings
For details on the discussions, check out the Employer Council Communiqué located on the secure Employer website. Once there, you can review the member list to see which employers belong to the group.
November 9, 2016, at the Executive Airport Plaza Hotel & Conference Centre in Richmond, BC.
For further details about the council, including how to become a member
Phone: 250 356-9701 (Victoria) or 1 855 356-9701 (rest of Canada)
Pensions in the news
Pensions in the news—a pension could be the deciding factor for your new hires
New research from the latest ADP Canada Sentiment Survey shows the majority of Canadians (77 per cent)—with the highest (88 per cent) in BC—think a pension is so important they’d consider leaving their current job for a new one with a pension plan. Read on for the full story.
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