March 2017

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Plan design changes

Here’s how to prepare for the plan design changes that may affect you

As the plan modernizes to be more equitable for your employees who are plan members, two things will happen:

  • The 35-year limit on earning service will be removed
  • A single simplified rate will replace the differentiated rates

What you need to do

Review your payroll system to

  • see if updates are needed to process the new rate, and
  • ensure contributions resume for employees who reach 35 years of service on or after January 1, 2018; this includes restarting contributions for those who had previously reached 35 years of service.

We will contact your employees individually to share this information with them.

For more information, we’ve put together an Employer Bulletin. Please share this information with the appropriate contacts in your organization.


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CRA maximum deduction limits

The 2017 maximum deductible pension contribution limit is in

This year’s maximum is $18,941. Each year, Canada Revenue Agency sets a maximum that members can claim on their tax returns for pension plan contributions.

For more information and what you need to do, please check out this Employer Bulletin.


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Host a workshop

Member education—delivered to your doorstep

Do you know you can request an in-house workshop for your employees?

There’s no cost to host a workshop—you just need to provide a suitable workshop room with a projection screen. Hosted workshops are available for groups of 20-35 employees and can be arranged in most areas. If you have a small group, you may partner with another local organization and request to co-host a workshop together.

Choose the workshop that’s right for your employees:

To request an in-house workshop, submit the Pension Workshop Request form available in the Forms section of the secure Employer site.

Do you know you can request a webinar for your employees?

Webinars are a great option for employers who are remotely located or have a small group of employees. Get in touch with one of our member education staff to learn more or to request a webinar.

If you have questions, please contact us.


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Meet Employer Operations May 2nd

Power in numbers—the Employer Council

Would you like tips to help you with data submission and other pension administration? Do you have 1,000 or more employees? Then join us at the annual Employer Council this spring.

It’s a fun and informative group that

  • Guides each other through the year-end reporting process
  • Shares ideas and feedback
  • Discusses best practices
  • Networks with other plan employers

Meet the Employer Operations team Tuesday, May 2 in Victoria at the Pension Corporation’s headquarters.

How to become a member

For more information


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New health and dental coverage provider

Green Shield Canada to soon provide health and dental coverage

On April 1, 2017, the Teachers' Pension Plan will be moving extended health care and dental coverage for retired plan members from Pacific Blue Cross to Green Shield Canada. This change will not directly affect you as an employer.

For employer-specific information, read Employer Bulletin - Change from Pacific Blue Cross to Green Shield Canada on the plan website.

To help answer questions from members thinking about retiring or even those already retired who may be in contact with you, refer them to Board Communiqué Upcoming changes to your extended health and dental insurance rates and carrier.


Legend
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