Updates from The Board
The Pension and Benefits Board met in person and online on March 10 for the annual spring meeting. The board reviewed the financial position of the pension plan and received up-to-date reports presented by the actuaries, the chief financial officer, the various sub-committees and the trustee board.
The actuaries presented the pension plan funded status update at December 31, 2022 which reported an estimated wind-up funded ratio of 116.5%, and an estimated going concern ratio of 127.9%. The going concern funded status has remained stable over the past year and the solvency position of the plan continued to improve primarily due to a decrease in liabilities resulting from an increase in solvency discount rates.
As a result of the improved solvency funded status, the board will be recommending to the 2023 General Assembly, pre-retirement pension benefit improvements for active plan members as well as a cost-of-living increases for retirees effective January 1, 2024.
To access the board’s full report and recommendations to the 2023 General Assembly, visit the PCBiz website at: https://assembly.presbyterian.ca/#/committee
Features Available on My Sun Life
Navigating the My Sun Life’s webpage has never been easier! With modern, helpful features including finding local health-care providers based on specialty, distance, pricing and more.
1. Start by logging in to your My Sun Life account on www.mysunlife.ca.
2. Click the “Search Now” button on the pop up window shown above.
3. You will be directed to your Lumino Provider Search page, where you will have the option to search for a provider by type and location using the drop down menus.
4. A list of health-care providers, along with a map of the area searched will appear.
5. By clicking on a provider, information on the provider will be available, such as: location, pricing, coverage, ratings, availability, ways to book and more!
Ella, a digital coach to help you achieve your goals, is another great feature My Sun Life website and app provides. Ella will greet you with helpful, personalized tips and reminders about your coverage and plans. She may even e-mail you with important reminders and other useful information.
Lumino Provider Search Also Available on the My Sun Life App
Lumino Provider Search on mobile gives you all the same functions but with the convenience of finding a health provider when and where you need it. Download the My Sun Life app on both Apple and Android.
Simple Ways to Save!
1. Sell Items that No Longer Bring You Joy
Declutter the things in your home that you don’t need and are willing to let go of for the sake of your financial future. You could have a yard sale or sell online, such as Facebook Marketplace. You’d be surprised at how many possessions you have that would have value to someone else!
2. Save on Groceries
Use cash-back apps, coupons or in-store point systems for added savings. Many retailers offer a points system or discounts when you sign up for their loyalty program. These points can be used as cash in-store to save you money on your groceries and wellness items.
3. Unsubscribe to Store Emails
Everyone loves a good sale, but sometimes we are tempted to purchase things we don’t need when we see that four letter word. By unsubscribing to all those retailer emails, the temptation to purchase items only because they are on sale will decrease and your email inbox folder will appreciate it too!
4. Grow Produce
Fresh produce prices have skyrocketed over the past few years, so by growing your own, you’ll have some of your most-purchased items right at your fingertips for a fraction of the cost. From tomatoes and peppers to berries and lettuce, there are indoor and outdoor options to start your garden any time
5. Cut Costs
There are plenty of ways to save a few extra dollars every month by contacting your service providers. From removing unneeded features on your cell phone plan and cancelling streaming services you no longer use, to finding new plans or discounts by bundling your services together for one low cost, you could be saving money each month with a few phone calls!
6. Reduce, Reuse, Recycle
You would be surprised with the various ways you can save on your bills every month. From washing your clothes in cold water during off-peak hours and hanging them to dry, to making your own washcloths and tea towels by recycling fabrics to replace paper towels and using a toaster oven or an air fryer instead of a conventional oven, there’s endless possibilities to save a few dollars every month, and help the planet!
Helpful Online Resources
This webpage offers helpful, up-to-date resources for Members, Treasurers, Presbytery Clerks & Clerks of Session, all in one, convenient place.
These resources include:
- Treasurers Guide to Pension and Benefits
- Administration Guide for Presbytery Clerks and Clerks of Session
- Pension Plan Booklet
- Group Benefit Plan Booklet
- Automatic Withdrawal Program
To access these resources, visit: https://presbyterian.ca/pensionandbenefits/helpful-resources/
Annual Pension Statements
We are currently preparing your 2022 Annual Pension Statements and we anticipate that the statements will be ready and mailed to all active members by the first week of June. We encourage you to review your statement carefully and contact us with any questions or concerns, as well as any updates that may be required on your statement.
You Should Contact Us If…
Life moves fast and making changes to your information can often slip your mind. Our main points of contact used to communicate with our members are through email communications and updates to our webpages.
To help make sure you are always informed and to keep your records updated, we ask that you contact us with any updates or changes to your information. This includes:
- Changes to your address, phone number or email
- Life events that include marital status changes, birth, adoption or death
- A second contact or Power of Attorney
- Any changes that may include your Beneficiaries
- Plans to retire (a minimum of 4 months notice is required for processing)
Presbyterian Church – Pension and Benefits Department
50 Wynford Drive
Toronto, ON M3C 1J7
pension [at] presbyterian [dot] ca
Sun Life Customer Care Centre
ComPsych Guidance Resources Program
App: GuidanceResources Now