Reduction based on actuarial assumptions ensuring that your date of retirement does not impact the Plan’s overall financial health. It generally translates into a reduction between 5% and 6.5% per year prior to your.
The average of thein the three (3) preceding years ending with the year of your termination or retirement.
The present value of your future monthly pension payments payable as a lump sum and considering current interest rates, projected life expectancy and future.
Members who have left the university prior to retirement age, but have chosen to not take theoption and keep their pension in the plan.
A type of pension plan that gives plan members a guaranteed lifetime monthly pension.
Contrast this to a defined contribution pension plan which provides members with a lump sum amount that members have to invest and convert into retirement income.
The reduction to your pension applied prior to your.
The amount by which the assets of the Plan exceed the actuarial liabilities of the Plan plus an appropriate contingency margin as determined by an actuarial valuation.
The average of your earnings in the 5 consecutive years that produce the highest earnings.
The continued accrual of years of service for the purpose of determining youreven after your termination or retirement date. For example, a member retiring at age 60 with 26 years of service has 60 + 26 = 86 points. If the member is entitled to an unreduced pension at 90 points, he would be 4 years short of his without , but only two years short of his with . Without , he would reach the at age 64 when he would have 64 + 26 = 90 points. With , he would reach the at age 62 when he would have 62 + 28 = 90 points.
Yearly increase in pension or earnings, calculated in accordance with the annual inflation rate or other rate.
Form of pension where 50% of the monthly pension continues to the spouse of the member after his death.
Form of pension where the monthly pension stops at the death of the member, but provides for at least 5 years of payment to either the member or his beneficiaries should the member die before 5 years.
Form of pension where the monthly pension stops at the death of the member.
The form of pension used when calculating the monthly pension amount payable at retirement from the Plan.
The percentage of yourthat you are accruing as a pension every year.
The earnings that are used to calculate your pension accrual, generally your basic annual salary.
The age at which you are entitled to your full unreduced pension. Prior to that age, a reduction based on your age is applied.
Yearly Maximum(“ ”)
The maximum earnings on which the federal government pays CPP. The University uses that amount to calculate your pension benefits upon retirement under the current Plan rules. In 2018, theis $55,900.