Thursday, May 05, 2016
At the request of AMAPCEO’s Pensions and Benefits Committee, we have been asked to remind members in the Public Service Pension Plan (PSPP) that, starting in January 2017, post-retirement benefits will be changing.Not only will it take twenty years of service (rather than the current ten) to qualify for the benefits, retirees will also be required to pay 50% of the cost of premiums (rather than the current formula, under which the Employer pays the full cost of premiums).
If you are seeking to retire in time to avoid paying post-retirement benefit premiums, please note that you must have retired by November 30, 2016. In order to ensure that a retirement request is processed in sufficient time to meet this deadline, the Employer is recommending that those interested give notice of their intent to retire six months in advance of that date. This means that you should give notice by the end of May.
For further information, please consult the Ontario Pension Board website or give them a call at 416-364-5035 or 1-800-668-6203.