Shared Risk Plan for CUPE Employees of NB Hospitals
SPRING 2023 NEWSLETTER
View the interactive version of your Spring 2023 Newsletter in the window below (the option to view full screen should be visible at the bottom right of the window), or view the PDF version by visiting the “Latest Information” tab below.
COST OF LIVING ADJUSTMENT FOR JANUARY 1, 2023 ANNOUNCED
The Board of Trustees of the CUPE Hospitals SRP was in a position to award a 2.74% COLA for January 1, 2023, with the unawarded portion of COLA to be paid in future years if the financial health of the Plan allows. Learn more about how COLA was calculated and read a special message from your Board, available in the Cost of Living Adjustments section below.
Your Statement of Pension Benefits
If you contributed to the Plan in 2022, your annual Statement of Pension Benefits for 2022 will be provided to you this summer. For more information, refer to the section “Employee Statement of Pension Benefits” below.
Quickly find the form you need.General
Applying for your pension is easy, but it’s important that you understand the process and timeline. The video below provides an overview of the necessary steps.
Additional information is also available here: Life Events: Planning for your retirement.Planning for Retirement Checklist Pension Estimate Form Termination | Retirement Form Declaration of Marital Status Form
Member booklets and guides contain important information relating to your pension plan.Understanding your Employee Statement of Benefits (CUPE-H SRP) Negative Employee Contribution Interest Rate for the Statement Period 2022 (CUPE Hospitals SRP) CUPE-H At-A-Glance Marriage Breakdown Booklet Pre-Retirement Death Benefits (CUPE Hospitals SRP) Purchase of Service : Additional Information (CUPE-H SRP) CUPE-H Pension Plan Member Booklet
Stay informed about your pension plan through the semi-annual newsletters provided by the Board of Trustees of the CUPE Hospitals SRP in addition to the general communication provided by the Board and Vestcor.Sign up to receive your newsletter and other general communications electronically. General
How cost of living adjustments are calculated by your Plan’s actuary is explained.Explaining the Cost of Living Increase – January 1, 2023 (CUPE Hospitals SRP) Calculating the Cost of Living Adjustment (Video)
Your Employee Statement of Pension Benefits provides you with personalized estimated pension amounts as of December 31 of a given year. Your statement also includes information you need to use Vestcor’s Online Pension Estimate Calculator.
Need help with your statement? Refer to the information included below, and these helpful videos:
If you were an active member of the CUPE Hospitals SRP in 2022, your 2022 Employee Statement of Pension Benefits is mailed to you in June 2023.
One of the items noted within the Employee Contributions section of your Statement is Interest credited in 2022. As a result of the market volatility that occurred over the past year, the interest rate applicable to plan contributions for the 2022 statements is negative (-5.74%).
What does this negative interest rate mean to you?
- It does NOT impact your CUPE Hospitals SRP pension benefit at retirement.
- If you terminate your employment and choose a refund/transfer, it could impact the calculation depending on the applicable methodology.
For more information, refer to the document below.Understanding your Employee Statement of Benefits (CUPE-H SRP) Negative Employee Contribution Interest Rate for the Statement Period 2022 (CUPE Hospitals SRP)
Wonder how your pension could be affected by times of transition in your life? Easily find the information you need in our Life Events section. Navigate through it based on what stage of your life you are in. It’s divided into the following sections:
- Welcome to the Plan
- Returning from a Leave of Absence
- Ending a Spousal Relationship
- Leaving your Employment
- Planning for Retirement
- Welcome to Retirement
- Death of a Member
Click on the link below to experience it for yourself.Life Events and Your Pension
The Board of Trustees is in place to manage the Plan in the best interest of both active and retired members. It follows industry best practices in terms of governance and administration of the Plan.Board Members of the Shared Risk Plan for Canadian Union of Public Employees (CUPE) of NB Hospitals
The following documents guide the Board of Trustees in the governance of the CUPE Hospitals SRP.Memorandum of Understanding (CUPE Hospitals SRP) Agreement and Declaration of Trust (CUPE Hospitals SRP) Statement of Investment Policy and Goals (CUPE Hospitals SRP) Summary of the Funding Policy (CUPE Hospitals SRP) Funding Policy (CUPE Hospitals SRP) Plan Text (CUPE Hospitals SRP)
View the Plan’s most recent annual report and financial statements.Actuarial Valuations
For an informal pension estimate or a purchase of service estimate, visit our online calculators here.
Shared Risk Video
This video provides a general introduction to your Shared Risk Plan.