How to read your 2015 pension statement

January 11, 2016

Your statement includes important information concerning your McMaster Pension benefits.

The first section of your new pension statement lists your entitlements under the McMaster Pension Plan. You will note that the information is provided as at June 30, 2015, that’s because the Plan Year for the McMaster Pension Plans runs from July 1 to June 30 of each year.

The first section of your Pension Statement describes:

  • Your pensionable service accrued since June 30, 2014 (for the Plan Year) and Total Pensionable Service since you joined the Plan; and
  • Your annual retirement pension payable at your Normal Retirement Date (to find your Normal Retirement Date, refer to the last page of your pension statement); and
  • Your contributions to the Plan.

You may have noticed that for those eligible employees, the bridge benefit is no longer listed. The pension statement is designed to show you your benefit entitlements at your Normal Retirement Date, at which point bridge is not be payable. To understand your bridge benefit entitlements, please see your Pension Highlights documents or Pension Plan Text available online.

There are additional sections which provide you with more information about the pension plans which can also be found within your Pension Highlights documents or Pension Plan Text available on the following website: www.workingatmcmaster.ca/pensions

The last page provides you information pertaining to your personal details. Here are a couple of key definitions that will assist you in reading this page.

  • Normal Retirement Date: This is the first day of the month in which a Member of the Salaried Plan attains age sixty-five (65). For Members of the Hourly Plan, this is the first day of the month next following the date the Member attains age 65.
  • Earliest Retirement Date: This is the first day of any month during the ten (10) year period preceding the Normal Retirement Date.
  • Earliest Unreduced Retirement Date: This is your “Rule” or your Special Retirement Date as defined in your employee group’s Pension Highlights document or Pension Plan Text available at www.workingatmcmaster.ca/pensions

It is important to review all information and ensure it is correct. Please share any updates with your Human Resources area office. As this is the first year printing statements under a new pension system, we appreciate your patience as we conduct a comprehensive review of the records.

Whenever you have a significant life event, make sure you review and update your beneficiary designation(s) for all your benefits plans. Here’s how to update them all.

Contact Information

Should you have further questions or require assistance in updating information, please contact your respective HR Area Office:

Campus Services Human Resources Office

Location:       Campus Services Building 202               Mailing Address:           Human Resource Services

Telephone:   (905) 525-9140 ext. 22247                                               1280 Main St. West CSB 202

Fax:                (905) 525-8410                                                                                      Hamilton, Ontario L8S 4M3

Faculty of Health Sciences Human Resources Office

Location:     Health Sciences Centre 2J1                   Mailing Address:             Faculty of Health Sciences

Telephone: (905) 525- 9140 ext. 22207                                                1280 Main St. West HSC 2J1A

Fax:               (905) 526-6623                                                                                          Hamilton, Ontario L8S 4K1

This message is brought to you by Benefits and Retirement Plan group of the Human Resources Service Center.