Your
pension
Cost of living adjustments (COLA) are increases to your monthly pension amount.
Cost of living adjustments (COLA) can help ensure your pension keeps pace with the rising cost of goods and services throughout your retirement!
All future cost of living adjustments for current and future retirees and other ancillary benefits are provided only to the extent that funding is available for such benefits, according to the determination of the Board of Trustees made in accordance with applicable law and the Funding Policy for the Plan.
COLA is not guaranteed each year. The Board of Trustees is responsible for granting COLA, which is subject to the Open Group Funded Ratio (OGFR) and two risk management goals outlined in the Funding Policy.
OPEN GROUP FUNDED RATIO
indicates the long-term financial health of the Plan.PRIMARY RISK MANAGEMENT GOAL
is the likelihood that base benefits will not need to be reduced in any year over the next 20 years.SECONDARY RISK MANAGEMENT GOAL
is the average expected level of indexation over the next 20 years, for all members.The Board can only grant COLA in a given calendar year if the primary risk management goal is met and the OGFR is above 105%.
The Board can only grant COLA for missed years if the primary risk management goal is met and the OGFR is above 115%.
The Board can only introduce benefit improvements if both the primary and secondary risk management goals are met and the OGFR is above 115%.
You can find out if COLA is granted by checking these sources:
The Trustees understand the importance of pension indexation for retirees.
The Trustees make all decisions based on the Plan’s Funding Policy to ensure the Plan is in a good position for the future.
Although missed indexation from prior years may not be granted in certain years, it does not mean it will not be granted in future years. If the Plan sufficiently recovers and can meet its risk management goals, it is possible to award missed indexation in future years.
More details on indexation history can be found in the December issue of the Member Matters newsletter
Keeping your beneficiary information up to date is important!
Make sure your loved ones are covered if anything unexpected happens to you. If you don’t assign a beneficiary, your pension will go to your estate and will be subject to tax.
If you would like to update your beneficiary, contact TELUS Health at 1-855-201-7830.
Please note: The spouse/common-law partner that you have on file when you retire is entitled to your survivor pension, unless a spousal waiver was signed at retirement.
What happens to your pension if you pass away?
If you were single on the day you retired, your beneficiary or estate may receive a continued pension equal to the remainder of your guarantee period — if you die before receiving all guaranteed payments.
If you have an eligible spouse or common-law partner on the day you retired, they may receive a portion of your pension if you die. This will depend on the pension option you selected at retirement.
To get information on the option you selected, please contact the pension administrator, TELUS Health, at 1-855-201-7830.
Cost of living adjustments (COLA) are increases to your monthly pension amount.
Cost of living adjustments (COLA) can help ensure your pension keeps pace with the rising cost of goods and services throughout your retirement!
All future cost of living adjustments for current and future retirees and other ancillary benefits are provided only to the extent that funding is available for such benefits, according to the determination of the Board of Trustees made in accordance with applicable law and the Funding Policy for the Plan.
COLA is not guaranteed each year. The Board of Trustees is responsible for granting COLA, which is subject to the Open Group Funded Ratio (OGFR) and two risk management goals outlined in the Funding Policy.
OPEN GROUP FUNDED RATIO
indicates the long-term financial health of the Plan.PRIMARY RISK MANAGEMENT GOAL
is the likelihood that base benefits will not need to be reduced in any year over the next 20 years.SECONDARY RISK MANAGEMENT GOAL
is the average expected level of indexation over the next 20 years, for all members.The Board can only grant COLA in a given calendar year if the primary risk management goal is met and the OGFR is above 105%.
The Board can only grant COLA for missed years if the primary risk management goal is met and the OGFR is above 115%.
The Board can only introduce benefit improvements if both the primary and secondary risk management goals are met and the OGFR is above 115%.
You can find out if COLA is granted by checking these sources:
The Trustees understand the importance of pension indexation for retirees.
The Trustees make all decisions based on the Plan’s Funding Policy to ensure the Plan is in a good position for the future.
Although missed indexation from prior years may not be granted in certain years, it does not mean it will not be granted in future years. If the Plan sufficiently recovers and can meet its risk management goals, it is possible to award missed indexation in future years.
More details on indexation history can be found in the December issue of the Member Matters newsletter
Keeping your beneficiary information up to date is important!
Make sure your loved ones are covered if anything unexpected happens to you. If you don’t assign a beneficiary, your pension will go to your estate and will be subject to tax.
If you would like to update your beneficiary, contact TELUS Health at 1-855-201-7830.
Please note: The spouse/common-law partner that you have on file when you retire is entitled to your survivor pension, unless a spousal waiver was signed at retirement.
What happens to your pension if you pass away?
If you were single on the day you retired, your beneficiary or estate may receive a continued pension equal to the remainder of your guarantee period — if you die before receiving all guaranteed payments.
If you have an eligible spouse or common-law partner on the day you retired, they may receive a portion of your pension if you die. This will depend on the pension option you selected at retirement.
To get information on the option you selected, please contact the pension administrator, TELUS Health, at 1-855-201-7830.