Welcome to your Pension Life…online! We’ve adapted the Pension Life newsletter and added it to your plan website. Here you can access your pension news and plan updates anytime. Plus you’ll find new online features such as tax-time tips, quick links to all your pension resources and more!
Watch the website for updates, and don’t forget to register for My Account so you can access all your information in one place.
Group benefit review ongoing
Last fall we asked active and retired members about what’s most important when you think about group benefits. Thanks to all who participated. We’ll provide a summary of the results on the plan website in the coming months. Watch the homepage for more details.
MSP premiums eliminated
BC Pension Corporation no longer administers Medical Services Plan (MSP) group coverage. Health Insurance BC (HIBC) automatically put you and any dependants on a self-administered MSP account. You will continue to have MSP coverage.
You can continue to depend on a lifetime Municipal pension. The December 31, 2018, valuation shows the plan is on track to remain sustainable. The plan is fully funded at 105.1 per cent on the basis that current contributions continue.
Your 2020 cost-of-living adjustment is 1.9 per cent
As a retired member of the Municipal Pension Plan, effective January 1, 2020, you received a 1.9 per cent cost-of-living adjustment to your pension.
This COLA provides you with some inflation protection while the cap maintains the long-term sustainability of the inflation adjustment account (IAA), which funds these adjustments. COLAs are not guaranteed; however, once a COLA is granted, it is applied to your lifetime pension (and to your bridge benefit and temporary annuity, if applicable).