Plan change details for retired members
Learn how certain plan changes affect you as a retired member
Why April 1, 2006?
The year 2006 was the first year the plan’s contribution rates substantially increased – the projected rate of return on the plan’s investments was lower than expected at the time. The October 1, 2019, changes are a past-service improvement to ensure equity for members who accrued service and made contributions between April 1, 2006 and March 31, 2018, inclusive.
Every three years, an independent actuary (a specialist in financial modelling, statistics and risk management) assesses the financial position of the plan by conducting valuations, which measure money coming into and going out of the plan. This work helps ensure sufficient funds are available to pay the lifetime pensions of all current and future members. The valuation, conducted as at March 31, 2017, shows your plan is healthy and financially strong. As part of the valuation, the actuary also reviewed the inflation adjustment account, which is in a strong position.
Related content for changes for retired members
Board Communique: March 16, 2018