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November 19, 2009

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Your Salary and Your Future Municipal Pension

You can maximize your future pension by making certain all of your pensionable salary is properly accounted for. Your Municipal pension is based on the number of years you made contributions to the Plan and the average of your highest five years of salary.

Salary for pension purposes includes all earnings that are part of an employee’s ongoing compensation. It includes scheduled or unscheduled hours of work paid at straight-time rates of pay, and is paid on a periodic basis (e.g., weekly, bi-weekly, monthly, seasonal or annual basis.)

See the fact sheet Your salary and your future pension posted on the Plan website at mpp.pensionsbc.ca for a complete list of what is considered pensionable salary.

If you have any questions about your salary reported to the Pension Corporation (which is summarized on your annual Member’s Benefit Statement and available online through My Account), contact your employer.

Also, see the report of the joint expert panel on pension standards on pension reform in Alberta and B.C.

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