Enjoy the many perks of using the new Employee Information at Termination or Retirement (EITR) tool starting November 9. As we announced in the September and October Newsletters, you will now use the new tool to electronically submit your EITR information. Read on for details.
In July 2015, the RBC Royal Bank lockbox service was discontinued. You can no longer send remittance and invoice payments directly to the RBC post office box. Start using our electronic remittance service (E-Remit), if you haven’t already, to make remittance payments. Read on for details to find out what you need to do.
Retired members returning to work
Reminder: new enrolment rules for retired members now in effect
Enrolment rules for re-employed retired members have changed. Effective October 1, 2015, retired members returning to work for a Teachers’ Pension Plan employer must continue to receive their pension payments. Retired members no longer have the option of suspending or re-paying their pension payments and re-starting contributions to the plan. For full details, read section 1.7 of the Employer Instruction Manual.
Reminder: there are only two months to go before you must start using the new method for calculating pensionable service on January 1, 2016. If you haven’t started using the new method, you’re missing out on the benefits—easier and consistent pensionable service calculations reducing time-consuming follow-up. Read on to learn how these changes will benefit you.
35 years of service reminder
Do you have members reaching 35 years of pensionable service?
When a plan member has accumulated 35 years of pensionable service, you continue to make contributions even though the member stops. Service and salary still need to be reported because they are used to calculate the member’s pension.
To remind you, the year a member reaches 35 years of pensionable service, we will send you a Maximum 35-Year Limit Record form through the Message Board showing how much service the member has accumulated. It’s important to complete your portion of the form, indicating the contribution stop date, and return it to us as soon as possible so we can ensure a smooth transition for the retiring member.
Your Year-end Payroll Report is due January 11, 2016. Read on for important reminders to help make your year-end reporting a breeze.
Age 71 contributions reminder
Contributions must end November 30 for employees aged 71
If you have employees turning 71 this year, here’s what you need to know. Under the Income Tax Act and its regulations, an employee must start receiving their pension no later than the end of the year in which they turn 71. This means your aged 71 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 aged 71 employees can keep working without interruption, but you must terminate their employment for pension purposes. Submit final salary, service and contributions up to November 30 to the plan on or shortly after November 30.
You have an employee born in 1944 who will turn 71 in 2015. You must stop collecting contributions for this employee effective November 30, 2015, and your annual report must not include service, salary or contributions beyond that date.
We send your employees a pension estimate and Retirement Application Package in the year they turn 71. Please ensure we have their current contact information.
To update your employee’s contact information or if you have any questions, please contact the plan. We’ll be happy to assist you.
News you need—BC Pension Corporation’s 2014/15 Annual Report
BC Pension Corporation’s 2014/15 Annual Report is now online. Inside, you’ll find information on our achievements of the past year and what we’re working on to transform our organization through the 12 to 21 strategic plan.
This year, the report is available in PDF format to make it easy to read digitally or print out, if you prefer a hard copy.
We encourage you to explore our report. Learn more about the corporation, our purpose and how we continue to make it easy for those we serve.
The value of your plan
Helping you communicate with employees about the value of the plan
As an employer, you play an important role in helping your employees understand how the plan benefits them.
But what if you need help explaining the value of the plan? This pamphlet is designed to give you answers to some of the questions employees are most likely to ask. There’s information on the value of the plan for your organization and your employees, and resources to help you communicate with them.
Take a look and renew your understanding of the value of the pension plan so you can better communicate the benefits.
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