December 2021

December to do list 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

Legislative information you <br />need to provide to employeesPlan information

Pension adjustment statements

Arriving soon: Pension adjustment statements

In late January or early February, you will receive paper or electronic pension adjustment statements (PAs or EPAs) for your employees. Distribute them to your employees before the end of February. If you receive EPAs, you must report the information to Canada Revenue Agency (CRA) and your employees.

About pension adjustments

  • We calculate PAs on your behalf
  • 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 CRA
  • PAs affect an employee’s RRSP contribution room

Resources


Plan information

Confirming Web Services user access

Keeping employee pension data secure by confirming Web Services user access

Are your Web Services user accounts current? It’s important to protect your employees’ pension data online. That’s why we keep our records current.

We need your help keeping the user accounts up to date to maintain security. Please remove staff who no longer work at your organization, and update the Web Services user accounts, as needed. It’s easy and takes only minutes.

Thank you for maintaining your user accounts!

Resources


Legislative information you <br />need to provide to employeesEmployee information you need to report to usPlan information

Pension information and resources for your employees

One-stop shop—key pension information and resources for your employees

Offering your employees a pension is a unique and important benefit. From the Guide for plan members to pension education, there are information and resources to help your employees navigate the complex pension world. Proudly and confidently pass on the right information and resources to your employees, no matter where they are on their pension journey.

Read on for key pension information and resources.


Plan information

2021 Annual Report

The plan celebrates steady growth and a strong valuation

Despite the challenges presented by the global pandemic, the plan reports a year of growth and advancement. In the spirit of resilience, plan investments have increased, the plan is fully funded and group health benefits are on track for improved sustainability.

For the fiscal year ended March 31, 2021, the plan grew from $33.6 billion to $38.9 billion. The investment portfolio returned 17.3 per cent against the benchmark return of 21.0 per cent. And thanks to the experts at BCI, the portfolio exceeded its long-term actuarial return of 6.0 per cent, earning 9.7 per cent over 5 years and 9.3 per cent over 10 years.

Also, the plan’s recent valuation (for the year ended March 31, 2020) shows a strong funding ratio of 109.6 per cent. With actuarial assets of $30.5 billion against liabilities of $27.8 billion, the plan is well positioned with a surplus of $2.7 billion.

You and your employees who are plan members can learn more about the plan’s financial performance and sustainability initiatives in the Public Service Pension Plan 2021 Annual Report.


Plan information

2020 valuation surplus

Great news! Employers and members will benefit from the 2020 valuation surplus

A fully funded pension plan with stable contribution rates is a powerful tool for recruiting and retaining talented workers. The valuation surplus demonstrates the board’s approach to plan governance works well.

The board has decided how it will allocate the 2020 valuation surplus. All changes will be effective April 1, 2022.

Read on to learn more.


Legislative information you <br />need to provide to employeesEmployee information you need to report to usPlan information

Plan contribution eligibility

November 30 is the last day employees age 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 if you have an employee who turns 71 this year, they must start collecting their pension no later than December 1. It’s your responsibility to ensure you don’t collect contributions from such an employee after November 30.

Your employees who are 71 can keep working without interruption, but you must stop collecting pension contributions from them. You will need to:

  1. Provide us with their pension data using the Employee Information at Termination/Retirement (EITR) tool.
  2. Submit final salaries, service and contributions up to November 30 on your annual or segment Payroll Report.

    For example: If you have an employee born in 1950, turning 71 in 2021, stop collecting contributions for this employee effective November 30, 2021, even if they turn 71 in December. Your Payroll Report must not include service, salary or contributions for this employee beyond November 30.
  3. Encourage your employees to visit the plan website for information about their pension options, and to go to My Account and apply to retire. It takes only eight clicks to complete the retirement application. Your employees can submit their pension application as early as 90 days before, and even in the month of, their pension effective date.

Resources


Remitting contributions

Payroll balancing

Use Balancing Help to make your payroll balancing process easier

’Tis the season—payroll report season, that is. To save you time and effort, we want to remind you that your payroll report should only include data from payrolls that were actually paid to your employees in 2021. Do not include hours earned in 2021 that are paid in 2022.

Example: If your pay period end is date is December 31 and your employees will be paid in 2022, the service, salary and contributions for this pay period should not be included on your report. If, however, your cut-off was on December 24 and you paid your staff on December 31, the associated service, salary and contributions should be on your 2021 payroll report.

Read on...


Plan information

Value of retirement income security

Help your employees safeguard their retirement

On November 16, defined benefit pension plans from across Canada released an informational video entitled What’s Important which was produced in collaboration to mark Financial Literacy Month and raise awareness about the value of retirement income security.

While each of the plans represent a different membership, they are united in their commitment to providing our members with key pension facts so that they can make informed decisions about their financial security in retirement.

The video underscores the importance of your employees’ getting all the facts when making decisions that can impact their financial future in retirement – before those decisions are made. Share the link today!


Plan information

Leave due to vaccination status

Important information regarding employees on leave due to vaccination status

Please note if you have employees who are on a leave of absence due to non-compliance with a mandatory vaccination policy, these leaves will be considered general leaves by the plan.

If the employee is unpaid during this time, they will not accumulate pensionable or contributory service but may be eligible to purchase such service in the future.

Resources

Employer Instruction Manual—section 2


Plan information

Employer survey

Your voice matters in your employer survey

Your feedback helps us improve! If you use the secure employer website, you may be chosen to participate in a survey. It takes only 10 minutes to complete the survey to let us know what you think about the products and services we provide to you as a plan employer.

Who

If you’ve signed in to the secure employer website over the past year, you might be randomly selected to participate in a survey.

When

If you are selected, you can expect to receive an invitation in December to complete the survey.

Your feedback, including comments and suggestions, is anonymous and cannot be traced back to you.

Results to date

Are you curious about what your peers have shared in past surveys? Here’s a look at feedback from June 2021. The “n” in the table below indicates the number of individuals who responded to questions on that topic. The phrases “% very good/good” and “% right amount/enough” refer to how well survey respondents believe a particular product meets their expectations.

Note: Because of the small number of participants in each plan, data for all plans is reported in one table to maintain anonymity.

Employer Bulletin
(n=54)

Member
News

(n=54)

Employer Instruction Manual
(n=54)

Employer Newsletter
(n=54)

% very good/good

Well organized and presented

87

89

76

95

Easy to understand

87

91

71

95

Relevant to you and your situation

n/a

n/a

n/a

88

Being delivered to you in a reasonable time

n/a

n/a

n/a

95

% right amount/enough

Amount of detail

93

98

60

97

Many thanks to those of you who completed surveys and those who will participate next time!