October 2022

October checklist Monthly Checklist

Print this handy checklist for submission deadlines and reminders.


Legend
Plan information Plan information Legislative information you need to provide to employees Legislative information you
need to provide to employees
Employee information you need to report to us Employee information you
need to report to us
Remitting contributions Remitting contributions

Plan information

Validate group disability info

Validate your group disability info

Use the LTD Policy Validation tool to validate your approved long-term disability (LTD) policy (also known as a group disability plan). The validation window is open October 1—31.

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.

Submitting an LTD policy for approval is optional, although, we encourage you to take this step to support your employees who are plan members.

Read on for details.


Plan information

Municipal Pension Plan AGM

Register for the Municipal Pension Plan AGM

The Municipal Pension Plan annual general meeting (AGM) is scheduled for October 13, 2022. You can now register by clicking on Register / Join Event on the AGM web page. The AGM is an opportunity for employers and employees to learn important information about the pension plan.

This year’s online meeting will include 2021 financial highlights, the results of the latest valuation, and discussion of plan updates and changes. Other topics on the 2022 AGM agenda include:

  • Investment update
  • Message from the Municipal Retiree Benefit Trust
  • Plan news and what’s ahead
  • Q&A with trustees

Set aside time in your calendar for October 13, 2022, 10 a.m. to noon, and encourage your employees to do the same. If you missed the 2021 AGM, you can watch a video recording of it on YouTube. Remember, you can also get up-to-the-minute news and updates from @MyBCMPP on Twitter.

We hope to see you at the AGM!


Plan information

New website

Your new website is almost here

The updated employer website and portal are almost ready for the October 11 launch!

Our employer operations team is looking forward to connecting with you at the new site demonstration webinars, being offered from September 26 to October 7. There is still space available in some of the sessions—register now to attend.

This is the last employer newsletter before the launch. As we get closer to October 11, you’ll hear from us by email with the information you’ll need to start using the new site and tools. Our team is working hard to ensure a smooth and easy transition for you. We’re sure that you’re going to love the new look, feel and functionality as much as we do. See you soon!

Question about the new website? Contact employer.outreach@pensionsbc.ca.


Plan information

Employer Council

See you at Employer Council

Employer Council is November 2 and 3. Join us for one of the most exciting employer events of the year.

Whether you’ve attended in the past or it’s your first time:

  • Enjoy this virtual event from the comfort of your chosen location and choose the day that works best for you.
  • Connect and hear about the latest news from us—no matter the size of your organization.
  • Take time to pause, have some fun and be informed.
    • Share ideas, feedback and common experiences.
    • Discuss current issues and best practices.
    • Hear what we are working on to support you.

Dates and times

  • Wednesday, November 2, from 9 a.m. to noon
  • Thursday, November 3, from 9 a.m. to noon

Registration

For questions, contact Employer Operations.


Plan information

2023 contribution rate

Coming soon: Your 2023 contribution rate

You will receive your rate letter in October with 2023 contribution rates for you and your employees.

The Municipal Pension Board of Trustees has discontinued annual calculation of employers’ contribution rate. Your rates will generally change every three years as the result of an actuarial valuation. The latest valuation was completed as at December 31, 2021. Your October rate letter will contain your multi-year rate starting January 1, 2023.

Resources


Plan information

Method 3 for shift workers

Using method 3 for shift workers?

Check now to make sure your end-of-year reporting measures up.

Since January 1, 2021, you have been required to use method 3 (the subtractive method) to calculate pensionable service for full-time shift workers in your organization to ensure your mployees are credited with their full service.

You do not have to use method 3 for employees who are paid under averaging agreements or when shift workers’ yearly service and salary are equally spread through pay periods.

If you are not able to use method 3 to calculate service for terminating or retiring employees during 2022, you can adjust your year-end reporting at the beginning of 2023.

For more information on method 3, review Calculating Salary, Service and Contributions, an eLearning module available on the secure employer website.

Resources


Plan information

Employee contribution rules

Once a contributor, always a contributor

Once an employee begins contributing to the plan, unless their employment is terminated, they must continue to contribute to the plan. This provision applies regardless of any change in their employment status, such as moving from full to part time.

If an employee is switching to a position that belongs to a class of employees for which the employer does not participate in the plan, their employment is considered terminated for pension purposes. For example, this applies if only your unionized employees participate in the plan and a unionized employee moves to a non-union position.

Learn more about the once a contributor, always a contributor rule in section 1.1.9 of the Employer Instruction Manual.


Plan information

Overtime service and salary

Overtime for pensionable service

If some of your employees work overtime, you may be wondering if their overtime service and salary are pensionable. The answer is, it depends.

Generally, overtime salary is not pensionable. If, however, you have a formal resolution or agreement stating overtime service and salary are pensionable, the plan will apply the reported overtime to your employees’ pensions. To ensure your employees’ pensions are accurate, it’s important to follow the MPP salary policy when determining if overtime is pensionable. Consult section 7.3.1 of the Employer Instruction Manual, for details.

What you need to do

Submit your overtime resolution or agreement through Message Board so we can review it. Having these documents in our records will decrease the number of questions our staff need to ask you and ensure your employees’ pensions are accurate.

For questions, contact Employer Operations.


Plan information

2021/22 Annual Report

Read Pension Corporation’s 2021/22 Annual Report

The Pension Corporation 2021/22 Annual Report is available October 1.

The Annual Report summarizes our achievements for the fiscal year, where we are in our strategic plan and our financial results; this year, we’ve added a data-informed snapshot of our performance. With the launch of our new nine-year strategic plan, Plan 20|30: Our Future is Insight, we took action and transformed our business to focus on operational excellence.

Highlights of the report show how:

  • We digitized the business
  • We supported our hybrid workforce
  • We were efficient, effective and adaptable

We invite you to take a look at our 2021/2022 Annual Report and share the news with your employees!


Plan information

New employee webinars

Spread the news: New employee webinars!

Your employees’ time is valuable, and pensions are complex, so we have updated our pension webinars. Four new 45-minute webinars are open for registration now. In these shorter sessions, employees can explore education tailored to their specific needs.

We’d like your help getting this news out to your employees. Read on for details about the new session and a templated message you can share.


Employee information you need to report to us

Contact confirmation form due

Contact confirmation form due by November 1

The Contact Confirmation for Employers form will be ready for you in File Pick-up in October. Please review the form and send changes, only if needed, by November 1. (We will send you an email letting you know when the form is posted to File Pick-up.)

Use the Contact Confirmation for Employers form reporting instructions to complete the form.

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 the Member’s Benefit Statement.