Message from the Pension and Benefits Board
In the Spring of 2018, the Government of Ontario released the long-anticipated funding regulations for Single Employer Defined Benefit pension plans. The new funding framework, which took effect on May 1, 2018, is applicable to actuarial valuations filed on or after December 31, 2017. As such, the Pension and Benefits Board in consultation with our actuaries reviewed the options for the next valuation filing date and opted to proceed with a March 31, 2018 valuation report. This allows the pension plan to take advantage of the new funding rules which relieve some of the solvency funding pressure of the past several years.
At the October Board meeting, our actuaries presented the preliminary results of the March 31, 2018 actuarial valuation. On a Going Concern basis, the funded ratio of the plan is 112%. This value includes the new PfAD (Provision for Adverse Deviations) calculation applied to the going concern liabilities and normal cost in accordance with the new Ontario funding rules. On a Solvency basis, the plan remains above 85% funded, removing the requirement to make special payments to fund the solvency deficiency. Along with improving the funded status of the plan, the relief provided by the new funding rules has also made way for several new options, which are currently under review by the Pension and Benefits Board, to ensure the continued financial health of the pension plan.
2019 Member Contribution Rates and Maximum Qualifying Income
MQI: Every year, the General Assembly approves a new Minimum Stipend and Allowance schedule. Included with this is a new Maximum Qualifying Income (MQI). This is the maximum figure that can be used to calculate member pension and group insurance deductions for PCC employees. In 2019, the MQI will be $73,260.
Member Pension Contributions: Members of the pension plan contribute a percentage of their Qualifying Income (QI) towards their pension. For 2019, the member contribution rate will remain at 9% of the member’s QI.
Group Insurance Rate: Members of the Group Insurance plan pay a percentage of their QI for their group insurance coverage (life insurance, dependent life, accidental death and dismemberment, and LTD). The Group Insurance Rate for 2019 is 0.9% of the member’s QI.
Member Pension and Group Insurance contributions are deducted from your payroll by your treasurer or payroll administrator.
Welcome to Our New Board Members!
The Pension and Benefits Board is pleased to welcome two new members this year. Mr. David Barber from Whitby, Ontario and the Rev. Harry Currie from Edmonton, Alberta.
David Barber has served on a number of not-for-profit boards and presently runs a small insurance company with his wife, Sharon Piper. He and his wife are both long-time members of Glenview Presbyterian Church in Toronto. David hopes to be able to make a positive contribution to the Pension and Benefits Board having gained some experience in these areas as an employee of Crown Life Insurance Company and in his capacity as an independent broker.
Harry Currie is the minister at First Presbyterian Church in Edmonton, Alberta. He has served churches in five different provinces. He is a certified Spiritual Director, a Yoga Instructor and the Clerk of Presbytery. Harry has passions for preaching, music, walking and recorded books. He lives with his wife, Fiona, and their dog, Sadie, and is blessed with four children, their partners and two grandchildren.
2018–2019 Pension and Benefits Board Members
The Rev. Cameron Bigelow, Convener, Orillia, ON
Mr. David Barber, Whitby, ON
Mr. John Bonnell, Halifax, NS
Ms. Ingrid Chingcuanco, Toronto, ON
The Rev. Harry Currie, Edmonton, AB
Ms. Ann R. Hysert, Merrickville, ON
The Rev. Dr. Laurence Mawhinney, Lunenburg, NS
The Rev. Corrie Stewart, Sydney Mines, NS
Mr. Oliver Ng, CFO and Treasurer, Toronto, ON
Mr. Timothy Herron, Convener, Trustee Board, Thornhill, ON
The Pension and Benefits Board will meet next on March 11–12, 2019.
Introducing Your New Employee Assistance Program:
It was passed at this year’s General Assembly that the administration of the PCC Employee Assistance Program (EAP) would transfer to the Pension and Benefits office, effective September 1, 2018.
The new Employee Assistance Program is provided by ComPsych GuidanceResources and offers counselling, legal and financial consultation, and work-life assistance to all employees enrolled in the group benefits plan and their household family members—free of charge.
Here’s everything you need to know about the services your EAP provides and the methods by which you can access them:
What happens when you call?
When you call, you will speak with a GuidanceConsultant, a master’s or PhD-level counsellor who will collect some general information about you and will talk with you about your needs. The GuidanceConsultant will provide the name of a counsellor who can assist you. You can then set up an appointment to speak with the counsellor over the phone or schedule a face-to-face visit.
Are the services confidential?
Yes, the EAP is strictly confidential. No information about your participation in the program is provided to your employer.
What counselling services does the EAP provide?
The EAP provides free short-term counselling with counsellors in your area who can help you with your emotional concerns. If the counsellor determines that your issues can be resolved with short-term counselling, you will receive counselling through the EAP. However, if the problem cannot be resolved with short-term counselling within the EAP, the counsellor can recommend longer-term treatment options.
Can my children use the EAP?
Yes. The EAP is a confidential benefit for employees enrolled in the group benefits plan and their household family members.
The GuidanceResources Program Offers:
Counselling provides you and your family with support for an array of life challenges, including marital, relationship and family issues, stress, anxiety, depression, grief, loss, job pressures and substance abuse.
Work-life services connect you with specialists who can provide qualified referrals and customized resources for child and elder care, moving, pet care, post-secondary education planning, home repair, buying a car, planning an event, selling a house and more.
Legal support services connect you with a licensed lawyer who can address your legal concerns such as divorce, custody, adoption, real estate, debt, immigration, bankruptcy, landlord/tenant issues, civil and criminal actions and more.
Financial information services provide consultations with financial professionals to answer questions about budgeting, debt management, tax issues and other money concerns, simply by calling the toll-free number.
Wellness services (such as HealthyGuidance) provide you and your family with tools and resources to help you make positive lifestyle changes.
GuidanceResources Online is your one-stop shop for vital information, tools and support, such as timely articles, tutorials, podcasts and videos. You can also get personal responses to your questions through using the “Ask the Expert” tool.
Contact Your GuidanceResources Program Anytime, Anywhere
App: GuidanceResources Now
Registration instructions for GuidanceResources Online can be found on the Active Members page of the Pension and Benefits website.
Group Benefits News:
Go from Paperwork to Paperless!
Sun Life’s eClient initiative, which promotes switching from paperwork to paperless, has now made it possible to choose to receive all official documents and notices for your policy/account(s) in electronic format – a choice that will inevitably go a long way in saving you and the environment on paper clutter (and not to mention a prudent choice given the current Canada Post strike)!
Instead of being sent correspondence from Sun Life by mail, any documents or notices regarding your policy and/or account will be made available to access and read on mysunlife.ca. You will be notified via email whenever new communications have been delivered to your my Sun Life account.
All it takes is one click! After you log into mysunlife.ca, just click on the paperless widget located in the top right corner of the home page to make electronic delivery your preferred method of communication. Electronic delivery will automatically be set as the default communications method for any policy or accounts you may have with Sun Life in the future.
Keep Us Informed
To ensure you are always informed of important plan updates, please notify the Pension and Benefits office about any changes to your contact information, such as a new mailing address, telephone number or email address. Additionally, you should also notify Sun Life so that they can update your group benefit file.
Pension and Benefits Office
The Presbyterian Church in Canada
416-441-1111 or 1-800-619-7301 ext 230
pension [at] presbyterian [dot] ca
PO Box 2010 Stn Waterloo
Waterloo ON N2J 0A6
Customer Care Centre at 1-800-361-6212
We always love to hear from you! What do you most want to see in these newsletters? Is there a question about your pension and benefits that you have been waiting to ask? Take our member survey at www.bit.ly/windowsurvey