Annual Employee Pension Statement
Annual Employee Pension Statement
The Annual Employee Pension Statement provides a snapshot of an employee’s entitlement at the end of the prior year and summarizes the employee’s pension plan record as maintained by the Civil Service Superannuation Board (the Board).
One Employee Pension Statement is prepared for each active account an employee had at the end of the prior year. The Annual Employee Pension Statements do not reflect benefits an employee may have under a Deferred Account or a Money Purchase Plan Account. Information regarding Deferred Accounts and Money Purchase Plan Accounts is available through a member’s Online Services account or by contacting the Board office.
The Annual Employee Pension Statements contain the following information:
- Personal Identification Number (PIN) – This number is used for identification purposes only. Each plan member has a unique PIN.
- Date of Birth – If your date of birth has been recorded incorrectly, please advise our office so we can update your record.
- Date of Hire – If your date of hire is not accurate, please contact us with the correct information. We will verify the information with your employer and update your record accordingly.
- Fund Entry Date – This is the date your participation in the pension plan began. If your fund entry date doesn’t appear to be accurate, please contact our office.
- This section of the Pension Statement provides an estimate of the retirement pension. The pension amounts shown are lifetime pension amounts only. At retirement, employees can choose from other pension options that provide for continuing payments to a beneficiary.
- The Accrued Monthly Pension is the estimated amount that would be payable to you at age 65 if you retired/terminated on the Statement date. The amount is based on actual pensionable service and earnings reported on the Statement.
- The remainder of the pension amounts indicated under the Retirement section represent projections to various ages, assuming that pensionable service and earnings each year in the future are the same as reported for the Statement year. Any applicable early retirement reductions have been included in these projections.
- An employee can retire if he or she is at least age 55, ceases to be an employee in the plan and submits a Notice of Retirement to the Board. The Notice must be submitted to the Board no later than 30 days after he or she ceased to be an employee. Note that the retirement date is the last date the member is employed (the last day paid), which is not necessarily the day he or she stops physically working. In addition to notifying the Board, an employee must also have notified the employer.
- A correctional officer can retire between ages 50 and 55 if his or her combination of age and service totals at least 75.
- Retirement dates indicated on your Pension Statement are based on the information on your member account and are subject to change if that information changes.
- A retiring employee who does not submit option forms for a monthly pension prior to its effective date may have limited or default options available.
Spouse or Common-Law Partner Information
- Your Annual Pension Statement will reflect the name of your spouse or common-law partner where that information has been provided through your Online Services account. If you wish to add, remove, or change this information, you may do so through the “Edit My Profile” feature in your Online Services account.
- Regardless of whether this information is available, we would use documents provided when an entitlement becomes payable to determine benefit eligibility. Updating your spouse or common-law partner information through your Online Services account will permit you to see potential joint life pension options when running pension estimates online.
- Your Annual Pension Statement will reflect the name of your beneficiary(ies) if you have provided a beneficiary designation form to the Board office. Beneficiary designation forms are available in the Forms section of our website.
- Years of Pensionable Service – This is the time on which you have contributed or contributions were made on your behalf to the Fund. This is the service that will be used in the calculation of pension benefits.
- Years of Qualifying Service – This is employment (or combined periods of employment) that is unbroken by resignation, termination or retirement except for a temporary absence/layoff. A temporary absence/ layoff is considered to be a period of employment if the absence/layoff does not exceed 54 consecutive weeks. This is the service that is used to determine eligibility for some of the plan’s benefits.
- You can view your actual pensionable salary for prior years through the “Account History” feature of your Online Services account.
- The Service, Earnings and Contributions have been reported to our office by your employer. Pensionable earnings exclude overtime. If you have questions about these amounts, please contact your employer.
- Service Purchased During the Statement year – This represents any service buyback paid for up to December 31 and may include some amounts paid early in the current year. This amount is included with pensionable service in the pension amounts on the Pension Statement.
Termination and Death Amounts
- Information regarding termination benefits is easily available to employees through their Online Services accounts, or upon request by contacting the Board office. Estimates of potential death benefits are also available upon request to the Board office.
- The Pension Statement does not reflect Group Insurance. You can view your insurance schedule, if applicable, through your Online Services Account. While you are employed, your employer keeps your Group Insurance records. Please contact your employer if you have questions regarding your Group Insurance or if you wish to change your insurance coverage or beneficiary designation.
When are the Annual Employee Pension Statements available?
The Annual Employee Pension Statements are available once the CSSB has verified and balanced the information submitted by your employer. The CSSB is required by The Pension Benefits Act to have the Annual Employee Pension Statement available for the prior year by the end of June.
Members that are signed up for the CSSB Online Services will receive an email notification when their Statement is ready and available for download.
What Does The Information On My Employee Pension Statement Mean?
Check to make sure all your personal data is accurate. If you feel your service is inaccurate, please contact your Human Resource department. Please include your PIN for all inquiries to our office.
The lifetime pension amount is projected based on your prior years’ service and earnings up to the retirement dates. Any increase in salary will adjust these amounts.
If your spouse/common-law partner’s name is not shown, you can update their name in the Edit My Profile section of the CSSB’s Online Services.
Questions about your Employee Pension Statement?
Some common questions are answered here.
Why Are My Pensionable Service and Qualifying Service Amounts Different?
Pensionable Service is the time on which you are contributing or contributions are being made on your behalf to the Fund. For example, if you worked 1/2 time throughout the full Statement year, your Pensionable Service for the year would be .5000.
Qualifying Service is employment (or combined periods of employment) that is unbroken by resignation, termination or retirement except for absence/layoff in excess of 54 consecutive weeks. If you worked 1/2 time throughout the full Statement year, your Qualifying Service would be 1.0000.
As well, Pensionable Service and Qualifying Service tend to be different because they are measured differently. Because Qualifying Service is measured right to the end of the year, whereas Pensionable Service is credited at the end of each pay period, there will usually be a small difference between these two numbers on any given day. That difference will naturally even out at termination or retirement.