Limits on pensionable service and participation in the pension plan

35 Years Pensionable Service

Employees cannot accumulate more than 35 years of pensionable service.

After 35 years of pensionable service, the employee's contribution rate drops to 1% of pensionable earnings. Her or his salary is still included in the calculation of the 5 consecutive years of highest average earnings to determine the superannuation benefit entitlement.

Age 71

Employees cease contributions and accumulation of pensionable service starting January 1st of the year following their 71st birthday.

Any additional salary earned by an employee who works after age 71 is not considered in calculating the 5 consecutive years of highest average earnings.

Employees cannot receive their superannuation benefit until they terminate employment.

 

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July 15, 2013
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