How Does It Impact Your Bottom Line?
There have been two important developments with the College Pension Plan (BCGEU, SCFA and Exempt) that impact your retirement savings.
The College Pension plan has just completed the updating of its online personal and general pension estimators. Members can now use these two estimators to calculate what their pension benefit may be for retirement dates after January 1, 2016. These two online estimators now take into account the plan design changes effective January 1, 2016.
The second bit of news is that starting on January 1, 2016 the College Pension Plan will utilize a single simplified contribution rate that will replace the current two-tiered contribution rates for members and employees. The 2016 contribution rates may also change as a result of the valuation conducted as at August 31, 2015.
You can find out more about these changes by opening the pdfs below or going to the College Pension Plan website.