| Retiring Before Age 55 |
Members can retire at any age when their age plus service totals 80. (formerly called Magic 80, now called Rule of 80) |
There is no change for current members who reach Rule of 80 before January 1, 2020 or who turn 55 before they reach Rule of 80.
Current members who reach Rule of 80 after December 31, 2019 can still retire at any age when they reach Rule of 80; however, if they retire before age 55, they will receive an actuarially reduced pension.
Future members who begin employment after December 31, 2019 must be age 55 to retire.
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Reinstatement
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Members who leave the Plan and remove their excess funds or pension benefit can pay back the amount they removed and reinstate their prior service.
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Members who leave the Plan and remove their excess funds or pension benefit from the Plan, and who return to the Plan after December 31, 2018, will no longer be allowed to pay back the amount they removed and reinstate their prior service. |
Termination Benefits
A termination is any non-retirement departure from the Plan. |
The formula used to calculate the commuted value amount for members who leave the Plan before they are eligible to retire includes subsidies.
Members who leave the Plan can choose to receive a commuted value amount at any time before meeting a retirement provision. |
Effective January 1, 2018, the commuted value calculation will be reduced to the minimum standard set by the Pension Benefits Act of Manitoba. It will not include subsidies.*
If members choose to take a commuted value amount, they must do so within 180 days of their termination date. After 180 days, they will be considered to have chosen a deferred pension.
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Commuted Value Transfer In
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Members who transfer their pension benefit to the Plan are guaranteed their original amount plus interest if they later terminate or die.
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Members who apply on or after January 1, 2018 to transfer their pension benefit to the Plan will be paid based on HEPP provisions if they later terminate or die. |
| Supplementary and Bridge Benefits |
Members who retire before age 65 may be eligible for supplementary and bridge benefits that are paid until they reach age 65. |
There is no change for current members who reach Rule of 80 before January 1, 2020 or who turn 55 before they reach Rule of 80.
Current members who reach Rule of 80 after December 31, 2019 and retire with an actuarially reduced pension will receive an unreduced supplementary benefit, but the actuarially reduced pension is not eligible for a bridge benefit.
Future members who begin employment after December 31, 2019 will not be eligible for supplementary or bridge benefits.
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