Understand your member benefit statement

Your Member Benefit Statement is a vital tool for retirement planning. Learn more with this guide.

Regular members or on-call ambulance paramedics

Most members of the plan are regular members. The exceptions are those with public safety designations: correctional employees and part-time or full-time ambulance paramedics. On-call ambulance paramedics are considered regular members.

If you are a regular member with past service as an ambulance paramedic or correctional employee, it’s important that you review the section of this guide for members with both regular and public safety service. There are different considerations for your pension.

Your annual Member benefit statement shows your information in several sections.

Your personal information

This includes:

  • Your name
  • Your Person ID number
  • Your date of birth
  • The date you began contributing to your pension
  • If you have a spouse, your spouse’s name and date of birth

You can review your personal information by signing in to My Account.

Your beneficiary

This shows the beneficiaries you have named for a pension benefit if you die before you retire. If you have a spouse, your spouse is automatically your beneficiary unless they sign a waiver.

You can update your beneficiary by signing in to My Account.

How to read the pension estimates in your statement

There are three things to know about the pension estimates in your statement:

  • The service and salary information is based on everything you have earned or accrued in the last fiscal year, up to March 31
  • The service projected into the future presumes you will continue to work in your current job, at your current pay, uninterrupted, until you retire
  • The earliest unreduced pension age you see listed is when you are eligible for an unreduced pension on all your service

This section also shows estimates of what your lifetime monthly pension would be if you stopped working last March 31 for a plan employer, left your contributions in the plan, and retired on one of the dates listed.

If you decide to retire early, your age and total contributory service are used to determine if you qualify for an unreduced pension. The best way to see how different retirement ages affect your pension is to use your personalized pension estimator in My Account. If you are unable to access the personalized pension estimator, please contact the plan.

Read the early retirement guide in Planning for retirement to learn more.

Do you have a former spouse?

If you have a former spouse with a right to a share of your pension, they are known as a limited member. This is important to know because the service earned and pension benefits shown on your statement will include your former spouse’s share; therefore, your actual pension benefits will be less than those shown. For more information, visit Divorce and separation or contact us for details about your pension.

Your pensionable earnings and service

This section shows:

  • Your pensionable earnings—the portion of your salary used to determine your contributions to the plan
  • Your pensionable service—your actual working time as a plan member over the plan’s fiscal year and since you began contributing to the plan (you earn one month of pensionable service for each full month of full-time work you complete)
  • Your contributory service—the number of months you and your employer contributed to the plan (you earn one month of contributory service for each month you contribute)

Your contributions

This shows the amount you have contributed, plus interest earned on contributions:

  • Over the plan’s fiscal year to March 31
  • Since you began contributing to the plan

Your contributions do not reflect the value of your pension. The value of your lifetime monthly pension is based on:

  • Your pensionable service
  • The average of your five highest years of salary (not necessarily the last five years)

Go to My Account to view your historical service and salary information (under the Statements tab). This will show your reported service by the employer, as well as any finalized purchases and reciprocal transfers.

Here is an example:

Meet Curtis

  • Curtis is a regular plan member who has worked as a financial analyst for eight years. His normal retirement age is 65.
  • Because Curtis has more than two years of contributory service, he can retire early with an unreduced pension at age 60.
  • If Curtis wants to retire earlier than that, he can retire with a reduced pension as early as age 55. Reduction factors would apply to each year before Curtis reaches age 60.

Related documents for your member benefit statement

View an example of a Member's benefit statement