Pension plan changes planned to improve equity

Following a comprehensive review of the Municipal Pension Plan, the pension plan for most HSA members, the Plan Partners – which includes employee and employer representative who govern the jointly trusteed pension plan – have developed a package of proposed changes to update the plan.

In developing the changes, the Plan Partners were guided by four principles:

• improve equity for members,
• align benefits with how the majority of members use them,
• set a strong foundation for the long-term sustainability of the plan, and
• stay within the current cost envelope.

Today, an information website was launched by the Plan Partners. It is designed to help answer questions about the changes and how they will affect you when implemented January 1, 2022.

An important feature of the information website is an online pension calculator that allows you to calculate the pension benefits you will be entitled to on retirement.

For more information on the changes to the Municipal Pension Plan, which are slated to take effect January 1, 2022, visit www.mppredesign.ca