Time + Money = Retirement Plan
2011 MEPP In Review Your Plan is important to you. To help you better understand it we’ve included a copy of In Review 2011. It is a summary of the 2011 MEPP Annual Report. To see past versions of In Review or the full 2011 MEPP Annual Report, visit www.peba.gov.sk.ca
Spring 2012
Retirement planning takes time and money. Another key ingredient is information.
The Municipal Employees’ Pension Plan (MEPP) sent out member statements in early March. In the pension projection area of your statement there is an estimate of your monthly MEPP pension using your projected retirement dates. What did you think of your estimate? Some people may think they’re doing okay; others may think, “I’m never going to be able to retire!” No matter how you feel about your projection, having a plan is key.
A bit of experimenting can help you decide if you are on target or if you need to make some adjustments. MORe, MEPP’s online retirement planner, takes some of the guesswork out of retirement planning by showing you a forecast of your finances in retirement.
Grab your MEPP statement and sign into MORe to start or review your retirement plan. You’ll need your member number (listed at the top of your statement) and your password.
Here’s a couple of fun things to try as you get started:• Change your retirement date on the MEPP
Calculator page and see how working longer or retiring sooner affects your monthly payments. The results appear immediately on the screen.
• MORe also shows you estimated Canada Pension Plan (CPP) and Old Age Security (OAS) amounts. Change the date you start receiving CPP – see how the amount changes.
• A rule of thumb is to try to replace at least 70 to 80 per cent of your working income. MORe will show you how close you are to that amount. Is that enough for you? Will it cover your expenses in retirement? You may want to replace more.
• Add in your other investments such as RRSPs and see how your retirement income changes.
Using MORe may help you decide when to retire and how much to save so you can work toward a sound retirement plan. It is secure, fast, easy to use and available anytime.
There is a four-minute informational video on MORe on our website. If you want help signing on or understanding your results, please phone us.
MEPP Matters keeps over 23,000 members up-to-date on Plan news and benefits.
E-mail: [email protected]
Phone: Toll-free 1-877-506-6377
In Regina 306-787-2684
Web: www.peba.gov.sk.ca
Hours: Monday to Friday 8:00 a.m. to 5:00 p.m.
Mail: 1000 - 1801 Hamilton Street
REGINA SK S4P 4W3
Fax: 306-787-0244
This newsletter provides general information about MEPP and its operation. It does not replace or supersede the legislation governing the Plan.
Pensioner Services – Just for RetireesThe Public Employees Benefits Agency (PEBA) now has a unit devoted to pensioners. These staff are trained to answer questions about all our pension plans.
If you are a retiree with a question about your pension, please phone 306-787-3988 or e-mail us at [email protected]
RBC Dexia is our pension payroll provider. If you need to contact someone about:
• your pension payments, • T4As,• changing your address and/or name,• updating your banking information, or• signing up for direct deposit,
phone RBC Dexia at 1-800-668-1320 or e-mail [email protected]
RetireWithEase PresentationsRetireWithEase is a retirement-planning workshop for members of all ages. To register online, go to www.peba.gov.sk.ca click on the presentation logo on the right side of the MEPP homepage.
Dates LocationsJune 2 North Battleford
June 5 Kindersley
June 6 Swift Current
June 12 Estevan
June 14 Regina
June 19 LaRonge
RetireWithEase workshops are a full day. If you are taking time off work to attend, your
employer’s approval is required.
Contribution RatesContribution rates are increasing January 1, 2013.
Contribution rates as of January 1, 2013Members Employers
General Members 8.15% 8.15%Designated Members* 11.35% 11.35%
*police and firefighters employed by a MEPP participating employer
Online Statement Videos By now you should have received your 2011 MEPP Member Statement. This year we created an online video guide to your statement. The video explains the key elements of your statement in about three minutes.
Check out your statement video at www.peba.gov.sk.ca If you did not receive a statement, please contact us.
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