Amendment to the Plan

The Plan’s current provisions require that the payment of pension be suspended if an individual earns more than 35% of the Years Maximum Pensionable Earnings (YMPE).  Effective September 1, 2011 this provision is being expanded and now payment of pension will be suspended if an individual works more than 60 “full time equivalent” days -or- earns more than 35% of YMPE, whichever comes last.

For the 2010/2011 plan year 35% of the YMPE equals $16,777.  (For Manitoba the threshold is 25% of the YMPE which equates to $11,983 for the 2010/2011 plan year.)

This provision restarts at every September 1 for a new 60 day/35% of YMPE period. 

Full Issue: No. 178 - July 19, 2011

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