The Pension Committee has approved a recommendation to the Board of Governors to update the mortality tables used to calculate starting Money Purchase pensions.
- The new mortality tables will be implemented over a four-year period commencing after July 1, 2016
- Pensions commencing on or before July 1, 2016 will not be affected.
- The change does not affect anyone who is currently receiving a pension from the Plan or anyone who retires on a Minimum Guarantee pension.
- The Retirement Planner or pension estimates from the pension department have NOT been updated to reflect this change. Members will be notified when the planner is updated.
For more information, please read the attached memorandum.