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Your Pension Facts
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Plan Formula
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UNBC has a defined contribution plan. | | | Formula 3% employee and 8% employer up to the
Canada Pension Plan's
Year's Maximum Pensionable Earnings (YMPE), which is established
annually. | | |
The YMPE is $50,100 in 2012. | | | Formula 5% employee and 10% employer above
YMPE |
Vesting
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Employer contributions become vested after 2 years of plan
membership (this means employee can keep employer contributions if they
leave UNBC).
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If an employee has contributed for less than 2 years, they are not
vested in the plan and would only be entitled to their employee
contributions with interest. |
Locking in provisions
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Required contributions are not locked in if they are not vested (less than 2 years of membership). | |
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Required contributions are locked in if they are vested (2 or more years of membership). | |
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If locked in, upon termination, when a member transfers their
contributions out, they need to go into a locked in vehicle; they can
not access funds until 55 at the earliest under current tax rules and
they must take it out in the form of a retirement income. | |
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Voluntary contributions are not locked in. |
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Please contact Lisa Weber in Human Resources at weberl@unbc.ca or (250) 960-5301 with any questions.
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Investment changes
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Default investment option - Black Rock Universe Bond Index fund, until employee provides investment instructions. | |
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Investment changes can be made by: change form, which is available through Human
Resources; Sun Life # 1-866-733-8612 or via Sun Life web site:
www.mysunlife.ca. You will need your account number found in your welcome letter or member statement. | | |
Sun Life will send new members a temporary PIN after they receive the enrolment form. | |
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If you have never used your PIN call 1-866-733-8612 to obtain a new one. You will need your account number found in your welcome letter or member statement. | | | If you have used the Sun Life website, but forgotten your password or access ID, call 1-866-733-8612. |
Voluntary Pension Contributions
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An employee may contribute beyond the basic plan formula subject to income tax limits. | |
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In 2011 the limit is 18% of salary less basic employee and UNBC contributions up to $22,970. | |
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To start this benefit, complete a financial change authorization form (available in Human Resources). | | |
Please note that any voluntary pension contributions, will take away additional RRSP contribution room for the following year. |
Processing Changes
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There are two forms, one is for general changes (like address, name
or beneficiary changes) and the other is for financial changes.
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The financial change form is used to add or change voluntary
contributions or to change the investment allocation decision for
current plan balances or future contributions. | |
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For beneficiary changes, under BC pension legislation, if there is
a spouse they must be the beneficiary, unless the spouse completes a
waiver to this entitlement. | |
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If the beneficiary is a child or children who are under age 19; you
should appoint a Trustee. The form "Appointment of Trustee or Administrator for a Minor Beneficiary" is available in Human Resources. |
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University of Northern British Columbia
3333 University Way, Prince George, BC, Canada, V2N 4Z9 | |
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