Möbius Benefit Administrators Inc. will mail your annual pension statement to your home address on file. Below you will find an explanation of each section of the statement.
The top portion of your annual pension statement reflects the following personal information:
- current address;
- date of birth;
- date of hire; and
- date of Plan entry.
This section of your annual pension statement reflects the beneficiary currently on file and the relationship of the beneficiary to you.
It is extremely important to keep your beneficiary information up to date.
This section of your annual pension statement contains information on the contributions you have made to the Plan and the interest earned on those contributions. In particular this section lists:
- your contribution balance at the beginning of the statement period;
- contributions made during the current statement period;
- interest earned during the current period;
- your contribution balance at the end of the statement period; and
- the rate of interest that was applied to your contribution balance in the year
of the statement.
This section will also reflect any voluntary contributions you have made to the Plan (either to purchase past service or to increase your pension accrual factor from 1.35% to 2.00%) and any contributions that were transferred into the Plan via a reciprocal agreement.
The total amount of contributions and interest reflected in this section is your contribution balance as of the statement date. If you leave your employer for any reason other than retirement or death, and terminate your membership in the Plan, this is the minimum amount of benefits that must be paid from the Plan as of the statement date.
This section of your annual pension statement reflects the annual pension benefits you have accrued as of the statement date. In particular this section lists:
- the annual pension accrued at the beginning of the statement period;
- the annual pension accrued during the current period;
- the annual pension accrued at the end of the statement period;
- the credited service received during the current period;
- the total of all your years of pensionable service in the Plan;
- the average of the Yearly Maximum Pensionable Earnings (YMPE) in your
highest three consecutive years of pensionable earnings (if you do not
reach the average YMPE the amount shown here will be the average of your
highest three consecutive years of pensionable earnings); and
- the average of your highest three cosecutive years of pensionable earnings.
This section of your annual pension statement shows the projected pension you would receive upon retirement, asssuming no change to the average of your highest three consecutive years of pensionable earnings and your continued employment (with no breaks in service) until the date indicated.
The first set of calculations show the date on which you will reach age 65 followed by the estimated pension you would receive on both an annual and monthly basis.
If you will be eligible to retire with an unreduced pension under the Plan's early retirement provisions*, you will see a second set of calculations showing:
- the date that you will become eligible for early unreduced retirement (this is
the earliest date that you are able to retire and receive an unreduced
pension);
- your estmated annual basic pension (payable for your lifetime) at your
early retirement date;
- your estimated annual bridge pension (payable until age 65) at your early
retirement date;
- your estimated total annual pension (basic plus bridge) at your early
retirement date; and
- your estimated total pension above, payable on a monthly basis.
*If the date that you become eligible for early unreduced retirement is in the past then the estimated pension amounts reflected on your statement will be as of the statement date.
Please note that all pension amounts shown on your statement (Sections 3 & 4) are based on a single life pension with a five year guarantee. If you are married you must choose a joint and survivor pension that pays a spousal benefit of at least 60% in the event you pass away (unless your spouse signs a waiver). If you are single you may choose to extend the guarantee period to 10 or 15 years. In these cases the amount of pension you receive monthly will be reduced.
Below the projected annual pension calculations is some general information explaining the assumptions used to calculate your projected annual pension and describing the rules of the Plan with regards to early retirement eligibility.
The final sentence of this section includes a statement on the funded status of the Plan as of the last actuarial valuation.
This section of your annual pension statement encourages members who plan to retire within the next 12 months to contact Möbius Benefit Administrators Inc. for a more detailed statement.
If any of the information provided on your annual pension statement is incorrect, or if you have further questions about your annual pension statement, please contact Möbius Benefit Administrators Inc..