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
◄
1/24
►
Potential changes to the Civil Service Superannuation Act DO NOT AFFECT MONTHLY PENSIONS - August 26, 2020
Regardless of what your financial advisor or your co-worker or your cousin’s friend tells you, your monthly pension is not being reduced.
Bill 43, The Civil Service Superannuation Amendment Act, is currently proceeding through the legislative process. If passed, the amendment will affect the calculation of lump sum benefits paid out of the plan.
This change would not affect the amount you would receive if you plan to collect a monthly pension at retirement, or if you’re already collecting a monthly pension.
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. The Legislative Assembly Sessional Calendar suggests that the House will reconvene on October 7, 2020, although it also says that the House is adjourned, “until the call of the Speaker”.
Bill 43 will also extend the timeline to purchase service for periods of maternity and parental leave.
See details here
COVID-19 Update - September 9, 2020
The Civil Service Superannuation Board is continuing to maintain physical distancing measures to help reduce the spread of COVID-19. Our office will remain closed to the public and all in-person meetings will be cancelled until at least the end of October 2020. The situation will be reassessed in early November.
We'll be happy to continue to assist you by telephone or email.
In person seminars will be cancelled for the remainder of 2020, however an online seminar will be presented on Thursday, October 1, 2020 at 9:00 am. You can register for this seminar by logging in to your CSSB Online Services account, then go to Register for Group Seminars.
See details here
