Proposed changes to Municipal Pension Plan

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A message for UFV staff members who are part of the Municipal Pension Plan:

The plan partners of the Municipal Pension Plan (MPP) represent both employees and employers and share oversight of the plan. They have conducted a comprehensive, multi-year review of the MPP and have come to an Agreement in Principle (AiP) of proposed changes to update the plan. The plan partners have been guided by four principles:

  1. Improve equity for members
  2. Align benefits with how the majority of members use them
  3. Set a strong foundation for the long-term sustainability of the plan, and
  4. Stay within the current cost envelope.

Examples of these proposed changes include:

  • Moving away from a two-tiered system for accrual and contribution rates
  • Removing the bridge benefit on future service
  • Removing the rule of 90 for service after January 1, 2022; and
  • Changing reduction factors that will affect early retirement

Municipal Pension Plan partners redesign website

A website has been created to provide you with information about the proposed changes, to learn more about the proposed changes and how they might affect you, please visit https://www.mppredesign.ca/

The website has been developed with the following tools and resources:

  • an online calculator for Group 1 active members
  • in-depth FAQs for all groups
  • presentations and
  • a video explaining high level proposed changes for Group 1.

Project Call Centre

The primary purpose of the call centre is to support wayfinding and direct the caller to the most appropriate contact amongst plan partners. A temporary call centre has been created from September 14 to October 23, 2020 and will operate Monday to Friday from 8:30 a.m. to 4 p.m. at  1-877-251-0997.

Please note: This temporary call centre has been created to assist you in finding information and/or directing you to the appropriate location to learn more about proposed plan design changes. The call centre cannot answer substantive questions about the proposed changes.

Projected timeline

The decision on the proposed changes by plan partners is anticipated in early 2021 and the proposed changes are planning to be implemented on service earned after January 1, 2022.

 

 

Require this information to be sent out once in UFV Now (Tuesday, Oct 13th)

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For more information, contact Lisa Kwak at lisa.kwak@ufv.ca

10/13/2020