Pension Report by Rob Labossiere

June 2014

 

As Winnipeg Civic Employee Benefit Plan Pension Board Trustee and recently elected chair, I would like to thank President Forrest, the UFFW Executive and the Membership for their support and their confidence in me.

2013 continued to be challenging for many pension plans. WCEBP implemented the contribution increase of 0.5% in 2014 and the Trustees, with the support of the Unions and the City, continue their work to support the long-term sustainability of our pension plan.  This was the last increase approved.

Members should now have received their “WCEBP Statement” with information on pension benefits, beneficiaries, contributions and interest.  On the back of the statement in information on governance and actuarial valuation results.  Please review this valuable information.

Some great news – there will be an online pension estimator.  Stay tuned and refer to the WCEBP website for further information!

Whether you are a new hire or retiring soon you should gather as much information as you can.  The impact of changes in your plan, tax implications including income splitting, CPP, RRSP, TFSP or OAS can affect your retirement goals. You want to make an informed decision on retirement.

For new hires financial planning includes being aware of the value of having a Long Term Disability benefit, which, if eligible, could require a 6-month waiting period.  That said your sick time is your short-term disability benefit and you need to bank 6 months’ worth otherwise you may have to apply for social assistance or employment insurance, which would be a dramatic reduction in salary.

Again education is key.  Learn and understand your plan and benefits.

There are many resources available:

• www.cepp.winnipeg.ca    You can also call 986-2516 for a booklet on our plan
• www.servicecanada.gc.ca You can call 1-800-277-9914 for CPP/OAS questions
• Pre-retirement courses available through the City – access via Peoplesoft
• A trusted financial advisor

Take care and as always, please contact me with any questions, concerns or comments.

Rob Labossiere  (204) 471-3473 or rlaboss@gmail.com