September 2022

September 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

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

MBS and Report to Members

MBS and Report to Members due soon

You will be receiving Memberís Benefit Statement and 2022 Report to Members packages for your employees soon. Itís important that you distribute these packages by September 27.

You do not need to distribute packages to employees if:

  • You have arranged for Pension Corporation to mail them directly
  • Employees opted to go paper-free by August 9

Employees receiving their package by direct mail can expect to receive them by the end of September.

Digital-only employees can expect to receive an email notification at the end of August. The notification will prompt them to access their MBS in My Account and read the 2022 Report to Members online.

Note: The Pension Benefits Standards Act requires that each of your employees receive their MBS and 2022 Report to Members within 180 days after the planís fiscal year-end.

Consult Distributing memberís benefit statements and the Report to Members for instructions and complete details.


Plan information

Group disability plan validation

Group disability plan validation in October

There are a few things you can do to save time before validating information on your long-term disability (LTD) policy (also known as a group disability plan). Youíll use the LTD Policy Validation tool to validate your policy information from October 1 to 31.

Why itís 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 do so we can approve it for pension purposes.

Read on for details.


Plan information

Employer Council

Employer Council approaches!

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

Whether youíve attended in the past or itís 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.

Stay tuned for the October newsletter for registration details.


Employee information you need to report to us

Contribution deadline for those turning 71

November 30 contribution deadline for those turning 71

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. Itís your responsibility to ensure you donít 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 1951, turning 71 in 2022, stop collecting contributions for this employee effective November 30, 2022, 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 for their pension. It takes only eight clicks to complete the pension application. Your employees can submit their pension application as early as 90 days before, and even in the month of, their pension effective date.
  4. Resources


Plan information

Updated employer website

October 11 is getting closer...

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

In preparation for launch, you were sent an email invitation on August 11 to register for a demonstration webinar. The webinar will give you and your staff who use the site an opportunity to:

  • Preview the redesigned site and tools
  • Ask questions about site navigation and functions
  • Navigate through the website and access applications
  • Connect with our support team at Employer Operations

Register for a webinar session.

Our employer operations team will be here to help you every step of the way as we all transition to the new platform. Weíre sure that youíre going to love the new look, feel and functionality as much as we do. We canít wait to show you what weíve been working on. See you soon!

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