Please contact Member Services at any time with your questions. The Plan is invested in a variety of asset classes through external investment managers (PDF). The following appointments are not eligible for the Staff Pension Plan: Each month, you and the University make contributions to the pension plan. Your Plan newsletter, UBC FPP Update, is sent to your UBC … The increase will be implemented in two stages – the first increase occurred on Oct. 1, 2017, and the second increase will occur on Oct. 1, 2018. The Plan is administered by the UBC Pension Administration Office, under the direction of the SPP Board. Frequently asked questions. Contributions that you and the University make to the Plan are invested in one or more of the Plan’s investment options. less How can the SPP help you save for your retirement? Your board of trustees wants to keep you updated on matters related to your pension plan. The staff pension plan is a unique and pivotal part of our UBC experience. Trustees of the Florida UBC Supplemental Pension Plan Plan Rating. As a member of the UBC Faculty Pension Plan, you are a member of one of the largest defined contribution pension plans in Canada. Effective January 1, 2012, an actuarially equivalent early retirement reduction factor will be applied to pensionable service accrued on and after January 1, 2012. Effective under the new legislation, the Payroll Department must deduct CPP contributions from your pensionable wages, from the age of 18 until the age of 70. Please refer to the Investments page for further information. Be sure to review the Notice of Assessment you receive from the CRA after you file your income tax each year to see your RRSP room. Within this website, you will now have access 24 hours a day, 7 days a week to commonly requested forms, useful highlighted links, and frequently asked questions regarding your benefit information. If you are under age 55 and leave UBC or move to an ineligible position within UBC, you are entitled to one of three options: For more information, visit the Leaving UBC page. Your vote is important in determining who will sit on the pension board and represent the interests of Plan members. New UBC Employee? If you only have Pre-July 1, 2009 pensionable service, your benefit will be calculated using the following formula: 2% of your Best Average Pensionable Earnings X your years of pensionable service A lump sum amount, which is the contribution refund or the commuted value of your accrued pension, whichever amount is greater at the time of calculation. Overview Financials Service Providers Investments Insurance Information. In-person visits are suspended temporarily until further notice. Contact UBC. Pension Administration Office Holiday Closure, Changing Your Address or Personal Information, Moving Into a New Position or Changing Your Hours, Marriage, Common Law, Separation & Divorce, Power of Attorney & Third Party Authorizations, Guide to Reading Your Annual Member Statement, Average Year’s Maximum Pensionable Earnings, Retirement Ages & Early Retirement Considerations Information Sheet, Statement of Policies and Procedures (SIPP). By Chelsey Maher on May 24, 2018. Learn more About the Plan. Copy and paste the following link: https://youtu.be/evn5vfZvCVQ. Contributions are fixed and benefit payments are subject to the Plan’s ability to pay these benefits. To start this benefit, complete a financial change authorization form (available in … If you only have Post-July 1, 2009 pensionable service, your benefit will be calculated using the following formula: 1.8% of your Best Average Pensionable Earnings X your years of pensionable service. The UBC Faculty Pension Plan (FPP) is governed by the Plan’s Board of Trustees who is responsible for the management and oversight of the Plan including the administration and the investment of the Plan … New UBC Employee? The Staff Pension Plan 2017 Annual Report is available online. UBC Staff Pension Plan The Staff Pension Plan is a target benefit plan with fixed contributions from both the University and Plan members. Disability Benefits for Management & Professional, Service Unit Director, CUPE 2278 and Administrative Executives Enrolled in the Staff Pension Plan; Income Replacement for Faculty, Academic Executive and Staff High Earners Enrolled in the Faculty Pension Plan; UBC Disability Benefit Plan … The UBC Faculty Pension Plan (FPP) is one of Canada’s largest defined contribution pension plans and it is among the most valued benefits offered by the University. The UBC Staff Pension Plan Election for two Pension Board members is now under way. The UBC Pension Administration Office is here to assist you with any questions you may have regarding your pension benefits throughout your retirement. Only members who have made contributions to the Plan prior to 1993 are eligible for this option. Contributions to registered pension plans are not taxed. you retire at age 60 and you are eligible for, A monthly lifetime pension that you may start as early as age 55 and as late as age 71. This is an election of two UBC Faculty Pension Plan members to serve as trustees for the Plan for a four-year period from January 1, 2020 to December 31, 2023. UBC Staff Pension Plan: 2017 Annual Report. The report includes Plan highlights, membership and financial statistics, fund and investment managers’ rates of return, and an investment commentary. If you chose to receive a monthly pension benefit from the Plan, your first pension payment will be the month following your retirement date and will include a retroactive payment for the first month of your retirement. News. Election packages were mailed to Plan members on Tuesday, October 23, 2018. You’ll receive an unreduced pension, calculated according to the formula(s) above if: If you are not eligible for Special Early Retirement, your pension will be adjusted for each year that you retire before age 65 to account for the longer period you will be receiving a pension. UBC Campuses. The past, current and new contribution rates are shown below. Read More. With the right approach from trustees, I think it can work. If you are a new employee, refer to the benefits enrollment code in your offer letter to see which plan applies to you (select the Staff Pension Plan for those codes that start with SEP and the Faculty Pension Plan for codes starting with FEP). Events. The UBC Staff Pension Plan (SPP) is among the most valued benefits offered by the University. There are two ways in which you can vote. The Plan is among the most valued benefits offered by the University and is designed to provide stable lifetime retirement pensions. The upcoming changes and action required from you, the employee, are detailed below. Read the full message. Pension trustees should be able to show the members that the plan has been managed as agreed upon by all parties ahead of time. Register today! Learn about what the Plan looked like in 2019 – review Plan highlights, membership & financial statistics, responsible investment info, and a message from our Executive Director and Board Chair. Your contributions are made by payroll deduction on a semi-monthly basis as follows: Our Contributions Calculator can help you determine your required contributions. Recover your CWL login or Reset your CWL password via Email. Contact Member Services with Your Questions The UBC Pension Administration Office serves members at Vancouver campuses and the Okanagan campus. Voluntary Pension Contributions. This helps to ensure the Plan is sustainable for the long term. You do not pay tax on the University’s contributions. Password. We’ve gone green – update your email address. Employees aged 65 to 70 As per the existing legislation, CPP contributions were stopped on the last pay of the month before you began receiving a CPP/QPP retirement pension. The UBC FPP gives you access to a selection of diversified investment options. The Plan serves UBC faculty and administrative executive staff and is co-administered by the UBC Pension Administration Offi ce and Sun Life. Tel 604 822 8100. UBC HR has put together a number of … Vancouver Campus. The UBC Staff Pension Plan (SPP) was established on January 1, 1972 and serves current and past staff employees and retirees, as well as employees of the University’s related employers. Welcome to the UBC SPP. myPension is secure website for members of the UBC Staff Pension Plan (SPP) to access their personal pension information, review their beneficiaries, see their service accruals (if applicable), and calculate pension estimates to better understand pension income for retirement planning. Joining the Faculty Pension Plan. If you retire before age 65, the calculated pension value may be reduced. The amount of your income that’s taxable is reduced each month by the amount you contribute to the SPP. Chances are, someone else has the same questions as you. 2 UBC Faculty Pension Plan WELCOME TO THE UBC FACULTY PENSION PLAN With your appointment at the University of British Columbia (UBC), you have become a member of the UBC Faculty Pension Plan (FPP). If you have any questions about this election, please contact elections.information@ubc.ca or by phone at 604-827-0003. Read More, Plan members have 24/7 access to their personal pension and beneficiary information and can manage their communication preferences through myPension. In September, 2017, the UBC Board of Governors approved an increase in the employer contribution to the Staff Pension Plan. Individuals hired on and after January 1, 2007 who have already joined the Staff Pension Plan and whose earnings at a later date exceed the earnings threshold, will be transferred to the Faculty Pension Plan. End of dialog window. Your pension, at retirement, is based on your pensionable service and your best average earnings (salary). UBC Staff Pension Plan The staff pension plan is jointly paid by employees and the University and provides benefits for retired employees. The CRA uses a formula to estimate the value of your earned pension each year, and this value, called the Pension Adjustment (PA) is deducted from your overall RRSP contribution room. With a double master’s (Arts and Law) and over 8 years at UBC, I bring a wealth of experience and understanding of our organization and the social dynamics that will shape our future. What are the benefits of being a member of the Staff Pension Plan? If you are a new employee, refer to the benefits enrollment code in your offer letter to see which plan applies to you (select the Staff Pension Plan for those codes that start with SEP and the Faculty Pension Plan for codes starting with FEP). The University cost commitment to the Staff Pension Plan is a fixed percentage of earnings. Search UBC.ca. A monthly lifetime pension that you may start immediately or defer to as late as age 71. The Plan has a written Funding Policy as part of the Plan text that calls for the Plan’s actuary to perform certain funding tests and for the Pension Board to take appropriate action if the Plan’s funding level falls outside certain limits. For individuals who transfer to the Faculty Pension Plan, benefits earned under the Staff Pension Plan will be calculated and indexed until such retirement or earlier termination of employment. Where the Benefits/Funding Test shows that the funding is insufficient or more than sufficient, the Pension Board must follow certain steps to restore the balance, with future indexing being the first item to be addressed. The Plan is designed to help you save for your future and provide you with a stable lifetime retirement pension. Careers. Read More, The UBC Staff Pension Plan (SPP) is among the most valued benefits offered by the University. Vancouver, BC Canada V6T 1Z3. Robson Square. We remain committed to you. UBC Pension Adminstration Office. Defer making a decision on your pension benefits. Collectively, the membership, board, and plan representatives share a responsibility to safeguard our long-term investment. A monthly lifetime pension with lump sum amount, which allows you to take a reduced monthly lifetime pension and a lump sum transfer out of the Plan. Plan your Retirement. UBC Sites. There are two ways in which you can vote. The key features of the Staff Pension Plan design are its target benefit plan nature and its funding policy. As you save and invest, the Member Services team at the Pension Administration Office is pleased to offer information and support, including regular seminars, to help you plan for your retirement. Please share with your staff. UBC is invested in your financial future. Read More. Through its two pension plans – the Faculty Pension Plan (FPP) and the Staff Pension Plan (SPP) – UBC is committed to helping faculty and staff create financial security in retirement. At retirement, you are entitled to the value of your earned pension, calculated according to the pension formulas. Read More, The UBC Pension Administration Office is operating by email and phone only. This is an election of two UBC Staff Pension Plan members to serve as Board Members for a four-year period from January 1, 2019 to December 31, 2022. The Canada Revenue Agency (CRA) restricts the amount of income that can be sheltered from taxation each year in registered vehicles such as pension plans and RRSPs. Please refer to the Plan’s Funding Policy for additional information. Full-time and part-time salaried employees and CUPE 116 hourly employees are required to join the SPP on the same date that you are enrolled for basic life insurance. For further information regarding early retirement and Special Early Retirement, please review our Retirement Ages & Early Retirement Considerations Information Sheet. FORM 5500 DATA. Make a Gift. Faculty members with a Campus-Wide Login (CWL) username and password can vote online through the WebVote system. The University of British Columbia. Effective under the new legislation, the Payroll Department must deduct CPP contri… Okanagan Campus. About the University. The Plan’s audited Financial statements as at … 201 - 2389 Health Sciences Mall. By signing in, you agree to these terms and conditions. Have your personal information at your fingertips; commonly requested forms, useful highlighted links, and frequently asked questions regarding your benefit information, 24 hours a day, 7 days a week! They will join the Faculty Pension Plan instead. Log in to your myPension account to manage many aspects of your pension: Pension Administration Office Holiday Closure, Changing Your Address or Personal Information, Moving Into a New Position or Changing Your Hours, Marriage, Common Law, Separation & Divorce, Power of Attorney & Third Party Authorizations, Guide to Reading Your Annual Member Statement, Receive your UBC Staff Pension Plan Update newsletter by email, Access your pension information 24/7 through myPension, view your basic pension information and beneficiaries, estimate your pension at a specific retirement age. The Plan is designed to help you save for your future and provide you with a stable lifetime retirement pension. Please note: Once you turn age 55, this option is only available if you have a small benefit. A Pension Board elected from current and retired staff oversees the operations and design of the Plan. An employee may contribute beyond the basic plan formula subject to income tax limits. The Plan is designed to help you save and invest for your future. Remember me Remember me. The earnings threshold in the Staff Pension Plan is $180,308.64 in 2021 and will be indexed each calendar year. 2. In 2017 the limit is 18% of salary less basic employee and UNBC contributions up to $26,500. The UBC Faculty Pension Plan’s 2019 Annual Report is now available online. The UBC FPP is a Defined Contribution Pension Plan and is also known as a capital accumulation plan or money purchase plan. In essence, you receive a tax refund each month, rather than waiting until you file your income tax return. The focus of your working years is to grow your account balance to help you achieve your retirement goals. If you have pensionable service Pre and Post-July 1, 2009, your pension benefit will be calculated using both of the formulas listed below: 1. You can start your pension from the SPP as early as age 55 and as late as December 1 of the year in which you turn age 71. 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