Annual Pension Plan Reminder
Members of the Municipal Pension Plan (MPP) or Public Service Pension Plan (PSPP) who took any unpaid leaves of absence (LOA) ending in 2022 have until March 31, 2023 to submit their application to buy back pensionable service. If they choose to do so before March 31, their employer is obligated to pay its share of contributions to the pension plan for the first 20 days (150 hours) of unpaid leave. After March 31, members will be required to pay the employer’s portion of their pension contribution.
Members of the MPP and PSPP have up to five years to purchase a maximum of 30 days of unpaid leaves in a calendar year. Time when they were not contributing to their pension can also be purchased as long as it is within five years of the application date. This includes probation and time worked as a casual or part-time employee when they were not a plan member, provided the employee did not sign a waiver opting out of the pension.
All MPP or PSPP members considering any other purchases of service should also be aware that all pension contributions are based on their current wage rate.
Details concerning purchase of service can be found on the MPP or PSPP website at www.pensionsbc.ca.
You can also contact:
Michelle Sordal Executive Councillor, Pensions and Seniors Health