September 2017

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LTD policy validation window Oct 1-31

Save time and stress with these pre-October long-term disability (LTD) policy validation tips

The annual confirmation of your group disability policy(ies) is coming up in the fall, and there are a couple things you can do to prepare. The validation window will be open October 1–31.

What happens in October

You will use the LTD Policy Validation tool to validate your approved LTD policy(ies). You need to report all changes to your LTD policy (commonly known as LTD policy information); otherwise, your employees could experience a delay receiving the service. Even if you don’t have an approved LTD policy, you will need to confirm this with us.

Why it’s important

When you have an LTD policy approved for pension purposes, your employees who are plan members are credited with pensionable and contributory service. No contributions are required from you or your employees.

Though submitting an LTD policy for approval is optional, we encourage you to apply to have an LTD policy approved for pension purposes.

Read on for details.


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TPP Annual Report

The Teachers’ Pension Plan 2016 Annual Report is now live

How much do you know about the plan? Test your plan knowledge with the Teacher’s Pension Plan 2016 Annual Report.

Did you know?

  • The most significant rule changes the plan has seen in half a century were announced last year
  • The strongest valuation in years allowed the plan to lower employer contribution rates
  • Age restrictions on cost-of-living adjustments for retired members will be eliminated
  • The plan has $25.5 billion in assets, up from $24.4 billion in 2015

Find this information and more in the 2016 annual report. It’s a great way to learn more about the plan and how it provides value to employers and members.


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Contact Confirmation for Employers

Send confirmation of contact information by November 3

The Contact Confirmation for Employers form will be ready for you in File Pick-up in October. Please review the form and only send changes, if needed, by November 3. (We will send you an email, with a link to these simple instructions, letting you know when the form is posted to File Pick-up.)

Why this is important

  • This information is confirmed annually with Canada Revenue Agency for annual pension adjustment (PA) reporting
  • It provides contact names and sort order information for distributing PAs and member’s benefit statements

Questions

Contact Employer Operations


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Balancing Help form

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’s why there’s a form called Balancing Help on the secure Employer website. To find it, click Reports > E-Remittance. The form includes total remittances to date and a guideline for balancing remitted funds to payroll data.

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, your payroll report will differ from your remittances; we might request you research and fix errors from several previous pay periods.

For more information


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Age 71 employee deadline

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, an employee must start receiving their pension no later than the end of the year 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. After providing their employee information at termination/retirement using the online tool, 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 1946 who turns 71 in 2017, stop collecting contributions for them effective November 30, 2017 – even if they turn 71 in December. Your Payroll Report must not include service, salary or contributions for this employee beyond November 30.

We send your employees a pension estimate and Retirement Application Package the year they turn 71. Please ensure we have their current address. If your employee has recently informed you of an address change, send us their new address through Employer Data Submission.

More information


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EPA reporting instructions

T4 tax season time saver – electronic pension adjustment statements

Tax season is hectic enough without having to sort through scads of paper pension adjustments (PAs). You’ve got T4s to produce, along with your regular payroll reporting duties. Electronic pension adjustments (EPAs) are a real time saver.

When you become an EPA reporter, you can access your PA statements on the secure Employer website in File Pick-up.

Benefits of EPA reporting

  • Statements are available in various formats
  • You will receive your EPA file in time to include on your employees’ T4 slips
  • Your PA contact will be advised by email when your EPA file is ready for pick up
  • It’s green

Follow the Electronic Pension Adjustment Reporting instructions to become an EPA reporter.

Here’s what some of your peers have said about EPA reporting

“Not only does it save us time and money, the process also meets our corporate sustainability commitment to be the BEST, as staff no longer distribute paper copies to over 800 employees.” – Pamela, compensation and benefits manager, City of Kelowna

“I have been doing this for five or more years and can’t imagine not using the electronic PA feature. Give it a try and you will be pleased with your success!” – Muffy, payroll and benefits clerk, School District 85

For more information, contact Employer Operations


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Keep member 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 your employees’ 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 your employees easier. Follow these simple instructions to ensure we have their current address on file.

Why it’s important

Employees who are plan 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 Member’s Benefit Statement.

For more information


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Host a member education workshop

We can deliver a free education workshop at your workplace in 2018

Did 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 meeting room with a projection screen. Workshops are available for groups of 20–35 employees and can be arranged in most geographic areas. If you have a small group, you may partner with another local organization and request to co-host a workshop.

Choose the workshop that’s right for your employees:

  • Making the Most of Your Pension – a two-hour workshop for members wondering how important events in their life can affect their future pension
  • Approaching Retirement – a two-hour workshop for members nearing retirement

To request an in-house workshop in 2018, submit the Pension Workshop Request form available on the secure Employer website under Forms.

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

Webinars are a great option for employers in remote areas or with a small group of employees. Contact one of our member education staff to learn more or to request a webinar.

Thank you, and we look forward to hearing from you.

More information

Posters for displaying in common areas:

Client Education Program:


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TPP plan design

Four months to go!

It’s four months until New Year’s, four months until winter and, most importantly, four months until new plan rule changes come into effect.

Whether you have questions about the new contribution rates, updates to your payroll system or members reaching 35 years of service, please contact us. We’re here to help you get ready for the January 1, 2018, changes.

You and your members can learn more about how this will affect them by visiting tpp.pensionsbc.ca/plandesign2018.


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New plan member welcome package

Wondering what’s in the new plan member welcome package?

You can find a list of what’s inside the new member welcome package on the secure Employer website. Click Employer Reporting > Plan Member Record Electronic Form.

More information


Legend
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