MEPP Matters online at www.peba.gov.sk.ca Fall 2019

Your path to retirement workshopsFree workshops! The new Your Path to Retirement workshop series covers each stage of a member’s career (early, mid, late and retired) – there’s something for everyone! Retirement is the goal of every working person and often your pension is your largest asset – take a few hours of your time and make the most of it.

If you are interested in staying on top of your financial wellness and playing a part in Your Path to Retirement, choose a workshop – LEARN, BUILD and PREPARE – and get started. If you can’t decide which one fits your needs, we suggest you consider BUILD (formerly RetireWithEase). Many members go to this more than once throughout their careers. You may also bring a guest if you like. These workshops are informative and engaging and the information is so relevant. The majority of people who go say, ‘I wish I knew this years ago!’

LEARNabout your pension plan

BUILDyour retirement plan

PREPAREto retire

ENJOYyour retirement

You will learn the basics of managing your finances and about how your pension fits into an overall plan.

Early career workshop

Half-day

This workshop, formerly RetireWithEase, will help you understand in detail how your pension fits into your overall financial wellness.

Mid-career workshop

Full-day

We will help you understand your sources of expected retirement income as well as your options so you are prepared at retirement.

Late career workshop

Full-day

Continue on your financial wellness path and book a one-on-one consultation.

Meet with a Retirement Information Consultant

These workshops are free and are hosted by our own Certified finanCial Planner® professionals who are happy to have a conversation with you and answer your questions. The fall schedule, locations and full description of each workshop is online under Presentations and Workshops in the “About” tab or at the bottom of the MEPP homepage. Find a workshop that interests you and register today!

If there’s enough interest in your work place, MEPP will work with your employer to arrange an on-site session (minimum 10 -15 people). Rather than water cooler talk about retirement, get the real information from experts!

Start on the path to becoming the master of your financial future.

Meet Penny!

Penny and others will guide you

through a series of two-minute

videos on various Plan topics.

Watch online at MEPP/Member/

Videos.

Going-concern results The Commission uses actuarial valuations to assess the financial health of the Plan. Two types of valuations are done for defined benefit pension plans, Going-concern and Solvency.

The Going-concern Valuation determines whether the Plan has the resources needed to continue to operate indefinitely.

In the Going-concern Valuation process, an actuary determines the total value of the liabilities (current pensions in pay and future pensions) of the Plan and compares them to the Plan’s assets. If assets are greater than liabilities, the Plan is fully funded and holds reserves which serve to protect the Plan during periods of adverse market conditions.

The table summarizes the results of the Going-concern Valuation completed as of December 31, 2018. The valuation shows that MEPP had a margin of $494.3 million; an increase compared to $318.9 million last year.

The Going-concern Valuation shows the Plan is 124.6 per cent funded which increased from 116.0 per cent last year.

Solvency results A Solvency Valuation helps the Commission assess whether the Plan has enough assets to pay the Plan’s liabilities, if it were to close on the valuation date. The Solvency Valuation results also determine the holdback rate applied to termination payments.

The 2018 Solvency Valuation shows a deficit of $276.8 million. This means that had the Plan closed on December 31, 2018, there would not have been enough assets to cover the Plan’s liabilities.

The Plan’s solvency ratio at December 31, 2018, is 89.8 per cent which has decreased from last year’s solvency ratio of 90.7 per cent. Because the Plan has a solvency deficiency, there is a requirement for a five-year holdback on payouts of commuted values. The holdback rate increased to 10.2 per cent from 9.3 per cent. This came into effect October 1, 2019.

All pensions continue to be paid in full.

Going-concern Basis(Millions of Dollars)

Assets

Liabilities & Reserves*Margin

Funded Ratio (%)

$2,503.1

2,008.8

$494.3

124.6*Reserves are established to provide protection for the Plan.

Solvency Basis(Millions of Dollars)

Assets

Liabilities & Reserves*Deficit

Funded Ratio (%)

$2,446.3

2,723.1

($276.8)

89.8*For details on the holdback and contribution rates, visit our website.

2018 Valuation results

Yes! YOU have access to free consultations with Certified finanCial Planner® professionals. At MEPP, we call them Retirement Information Consultants (RICs) – Dara, Brenda, Jessica and Ruth are all happy to meet with you to help answer your pension questions.

If you are unsure of what retirement or termination option to pick, just call us and set up a one-on-one session or phone consult to have a conversation about your options. It will put your mind at ease and help you to make the decision that is right for you!

Schedule a visit or phone consult by calling 306-787-3170 or emailing ric@peba.gov.sk.ca. Bring along your MEPP Member Statement if you have it handy. We’re here for you – and it’s free... so why not?

Member satisfaction surveyYour feedback is important to us! The Plan evolves largely based on what member’s want - you are a powerful force!

You can help us to serve you better by completing a short member satisfaction survey. We have teamed up with Insightrix Research Inc. to develop a survey to measure your satisfaction with the current services and communications we offer.

The survey will be active from October 15 to December 15. To access the survey simply type the link below into your web browser or visit MEPP’s website, Facebook or Twitter pages.

https://surveys.insightrix.com/MEPP2019

What’s in it for you? Two things, first, you have input into the communication and services you receive from the Plan, and second, you can enter to win one of five $100 gift cards!

Thank you for taking the time to provide MEPP with your feedback!

Are you missing out?We hope not, because one of our goals is to provide you with information to meet your needs. That’s why we’re inviting you to follow us either on Facebook and/or Twitter.

It’s easy to get on board. Here’s how:

Visit us on Facebook (www.facebook.com/SaskMEPP)

Follow us on Twitter (@SaskMEPP)

Did you say FREE?!

Category Description

Purchase of service quotes First quote is free of charge. Additional quotes for the same period of service will be charged $30 per calculation.

Portability quotes First quote is free of charge. Additional quotes for the same period of service will be charged $60 per calculation.

Marriage breakdown calculations First calculation is free. Additional calculations will be charged $60 per calculation for the same period of marriage.

Pension calculations Two retirement estimates per year are free of charge. Additional estimates will be charged $30 per calculation.

Member administrative feesFees are outlined below:

Your Path to Retirement Workshops Location BUILD PREPARE

Saskatoon Oct 29

Prince Albert Nov 13

Saskatoon Dec 3 Dec 5

Register by clicking on the Presentations and Workshops image on our website!

Dates are subject to change. Please check the MEPP website for updates and additional locations and dates.

I’m getting close to retirement...what should I do?First off, congratulations! Now, let’s get you ready. There are a few things you will need to do to access your pension benefits.

1. Contact us and request a pension estimate at least six months before you want to retire. This can be done by phone, email, fax or in writing. We will provide you with a written estimate explaining your pension options and these five forms to start the retirement process: 1. Retirement Declaration; 2. Application for Pension Benefits; 3. Designation of Beneficiary at Retirement; 4. TD1 Personal Tax Credits Return; and 5. Provincial TD1 Personal Tax Credits Return. These forms are available through the MEPP website.

2. At some point try to attend a PREPARE workshop. The most recent dates and locations are posted on our website under Member/Presentations and Workshops.

3. Schedule a free one-on-one session (phone or in-person) with our retirement information consultants to help you choose the retirement options that are right for you.

4. Complete your application for pension! You may apply several months before you plan to retire. A minimum of six weeks to two months notice is ideal to start processing your pension application.

Please see the MEPP In-Depth on Applying for Your Pension for more information.

Voilà! A smooth transition to retirement!

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