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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Changes to the Civil Service Superannuation Act - October 15, 2020
Bill 43, The Civil Service Superannuation Amendment Act, received Royal Assent in the Manitoba legislature on October 14, 2020.
This Bill changes the provisions of the Civil Service Superannuation Fund pension plan, and became effective immediately.
The majority of the amendments are minor housekeeping changes that update or clarify existing provisions of the Civil Service Superannuation Act (CSSA), however three of the anticipated changes are more significant. The following changes were made at the joint recommendation of the Superannuation and Insurance Liaison Committee (representing employees) and the Employer Pension and Insurance Advisory Committee (representing employers).
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Revised Basis for Calculating Pension Commuted Values
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Extended Timeline for Maternity or Parental Leave Purchase
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Appointment of Employee Representatives on the Board
For additional information, click here.
COVID-19 Update - October 1, 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.
In person seminars will be cancelled for the remainder of 2020.
We'll be happy to continue to assist you by telephone or email.
See details here
