Board Communique: April 3, 2018
Update on Public Service Pension Plan changes
Dear Plan Member,
On March 16, 2018, the Public Service Pension Board of Trustees (board) announced a broad array of changes to the Public Service Pension Plan (plan). A significant number of those changes took effect on April 1, 2018. Some members have expressed concern about the speed with which they have been implemented. This concern has been compounded because the personalized pension estimator, normally available through My Account, is offline until May 1, 2018.
On behalf of the board, I want to apologize for the frustration experienced by plan members due to the short notice of plan changes. It was never our intention to cause anxiety among plan members. We have heard you and are working quickly to address your concerns. To that end we have:
- reorganized the plan’s website to situate plan change information in a central location, making it easier for you to obtain the information you need
- posted individual scenarios on the plan’s website which resemble real life situations
- responded to specific questions raised on the @Work site to address misunderstanding and reduce misinformation
- organized additional workshops where plan members can go to obtain information and ask questions about the plan changes
- monitored calls and provided on-the-job feedback and instruction where needed to our contact center staff
Today we are introducing a generic pension illustrator on the website to help you understand the impact of the changes on your pension – providing you with a useful tool until May 1 when the personalized pension estimator is back online.
While there are many complexities to these changes we see in particular there is some misunderstanding about the Rule of 85. For further clarity, the Rule of 85 has been “grandfathered.” The Rule of 85 is explained on the website. Additionally, if you have accrued contributory service between April 1, 2006 and March 31, 2018, the announced changes that take effect on October 1, 2019 will improve your lifetime pension.
The board will continue to monitor communications and make adjustments where required to ensure you receive the information you need.
Chair, Public Service Pension Board of Trustees