November 2021

November 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

Employee information you need to report to us

Nearing 35 years of pensionable service

Do you have employees nearing 35 years of pensionable service?

Your employees who are plan members may accumulate only 35 years of pensionable service. To remind you, each quarter Employer Operations sends a spreadsheet through Message Board identifying the employees we expect will reach 35 years of pensionable service in the upcoming quarter. We need you to confirm when each employee reaches 35 years of service.

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Plan information

Welcome to the Plan updates

Coming soon: An improved welcome experience for employees joining the plan

This November, we’re improving the welcome package we send to your employees when they join the pension plan.

Pensions are a big part of the future for your employees. But when someone’s just starting at a new job, saving for retirement may be the last thing on their mind. That’s why it’s important to provide new employees with simple and relevant pension information.

Read on for details.


Legislative information you need to provide to employeesPlan information

2021 payroll reporting

2021 payroll reporting made easy

Let’s keep your employees’ information current and ensure pension continuity—submit your Payroll Report by January 10, 2022.

About this report

Your Payroll Report is used to generate important information for certain documents that both Canada Revenue Agency and your employees need. These documents can include pension adjustments and members’ benefit statements. If your report is late or inaccurate, calculations could also be delayed or inaccurate, which would require us to follow up with your organization.

Web Services user account management

For security, and to make sure payroll information is reported accurately and on time, you need to decide who on your team will have access to Web Services.

Before starting your Payroll Report, review and update your list of users and the roles they perform. These users will have roles assigned to them (primary user or secondary user) depending on their responsibilities in your organization.

Resources


Employee information you need to report to us

LTD Confirmation Report coming soon

Credit employees with the right service—Long-term Disability (LTD) Confirmation Report coming soon

The LTD Confirmation Report for your organization will be posted to the secure employer website in December. You will receive an email with a link to instructions on what to do.

If you update your LTD start/stop data by the beginning of December, your LTD Confirmation Report will require fewer (if any) updates later.

About this report

  • The LTD Confirmation Report shows your employees who are plan members currently on LTD and those who were on LTD but who have a stop date in the current reporting period.
  • Reviewing the report and, if applicable, submitting accurate LTD start/stop information online is crucial. The LTD service credited to an employee’s account is used in their pension adjustment calculation and recorded on their Member’s Benefit Statement. If the reported LTD service is incorrect, it could result in an inaccurate pension calculation or payment.

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Plan information

Encourage employees to go paper-free

Encourage your employees to go paper-free

Going paper-free makes it easy for them to keep track of all their important pension information in one secure place. Encouraging your employees to go paper-free can also help your organization by saving you time, money and processing effort.

Learn more about going paper-free.


Plan information

Employer Council

Come one, come all to Employer Council

Join us this November for Employer Council—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 (save on travel time and expenses!) and attend the session of your choice: either Tuesday, November 2, or Wednesday, November 3
  • Connect and hear about the latest news from Pension Corporation—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 Pension Corporation is working on to support you
  • Share your experiences; your voice is important to us

Dates and times

  • Tuesday, November 2, 2021, from 9 a.m. to noon
  • Wednesday, November 3, 2021, from 9 a.m. to noon

Registration

  • To register, visit the secure employer website
  • Registration will be open until October 27

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

Keep employees’ RRSP info current

Keeping your employees’ RRSP info current—amended pension adjustment time

You play a key role in making sure your employees know if their RRSP contribution room is affected by a pension adjustment (PA). Amended pension adjustment statements (APAs) will be arriving by early December to distribute to your employees.

About pension adjustments

  • We calculate PAs on your behalf. Twice a year, in June and December, we might provide you with APAs for some of your employees.
  • 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 Canada Revenue Agency (CRA).
  • An APA is a recalculation of a previous PA to reflect new information we’ve received about a member’s pensionable service or salary. Purchasing a leave of absence or arrears can also generate an APA.
  • PAs affect an employee’s RRSP contribution room.
  • If we provide you with electronic PAs or APAs, provide them to your affected employees and submit the amounts to CRA.

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

Plan contribution eligibility

Reminder: 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.

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Employee information you need to report to usRemitting contributions

Remitted contributions and Payroll Report

Remitted contributions don’t match your Payroll Report? Here’s some help

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. Find it by clicking on Reports, then clicking 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 we have correct information to process pension benefits and pension adjustment statements for your employees who are plan members
  • Accurate data is critical in calculating benefits for employees when they retire or who are ending employment

If we receive unbalanced data, your Payroll Report will differ from your remittances. Using the Balancing Help form quarterly will help reduce the number of errors you need to fix.

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