July 2020 Pension Payments Include 2019 Cost-of-Living Increase
The Board approved a 1.50% Cost-of-Living Adjustment (COLA) for eligible pension recipients, which will be included in the July 2020 pension payments.
This increase is equal to 2/3 of the increase in the Canadian Consumer Price Index for 2019, which was 2.25%.
A history of CSSB COLA percentages since 1977 can be found here.
This increase also applies to eligible members with a deferred account.
The actuary has continued to express concern that, unless changes are made, the Account will not be able to meet the target of granting additional COLA’s each year at the rate of 2/3 of the increase in the Consumer Price Index. The Board shares this concern.
The Superannuation and Insurance Liaison Committee, which represents plan members in negotiating plan benefits, is studying the sustainability of the COLA Account.
CSSB 2019 Annual Report is now available!
The 2019 CSSB Annual Report is now available in the Publications section.
Potential Changes to the Civil Service Superannuation Act
Bill 43, The Civil Service Superannuation Amendment Act, is currently being considered in the Manitoba Legislature. If passed, the amendment will affect the calculation of termination lump sum benefits and will extend the timeline to purchase service for periods of maternity and parental leave. See details here
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COVID-19 Update - April 24, 2020
The Civil Service Superannuation Board is continuing to comply with the Province of Manitoba's physical distancing measures to help reduce the spread of COVID-19.
See details here
Potential changes to the Civil Service Superannuation Act - June 17, 2020
Bill 43, The Civil Service Superannuation Amendment Act, is currently proceeding through the legislative process. If passed, the amendment will affect the calculation of termination lump sum benefits and will extend the timeline to purchase service for periods of maternity and parental leave.
The Bill passed through the Committee stage on June 16 without any changes. We expect that it will receive Third Reading and Royal Assent when the legislature sits again. As of June 17, 2020, the Legislative Assembly website indicates that the House is adjourned, “until the call of the Speaker”.
See details here
