How do I look up my pension plan?
To track other resources you may have in retirement, start by getting your Social Security statement and an estimate of your retirement benefits on the Social Security Administration’s website, www.socialsecurity.gov/mystatement.
What is BC target pension plan?
Description. BCGEU Pension Plan is a target benefit multi-employer union pension based in Burnaby, Canada. Established in 1988, the plan provides retirement and pension benefits to its members. The board of trustees is responsible for the administration of the fund.
Can I access my pension plan?
Not until you reach retirement age. Typically that’s 65, though many pension plans allow you to start collecting early retirement benefits as early as age 55.
How do I find my old pensions for free?
The Pension Tracing Service is a free government service. It searches a database of more than 200,000 workplace and personal pension schemes to try to find the contact details you need. You can phone the Pension Tracing Service on 0800 731 0193 or use the link below to search their online directory for contact details.
Who bears the investment risk in a target benefit pension plan?
The employer bears the risks of the investments. Increases and decreases in the value of the plan’s investments do not directly affect the benefit amounts promised to participants. By contrast, 401(k) plans often permit participants to direct their own investments within certain categories.
What is cash balance pension plan?
Cash balance pension plans are defined benefit pension plans in which each participant has a hypothetical account that is credited with a dollar amount. The account earns interest based on an employer contribution usually calculated as a percentage of pay.
What type of pension plans do BCGEU operational services members participate in?
The majority of BCGEU Operational Services (Component 10)members participate in the BC Target Benefit Pension Plan. Some members participate in Group Registered Retirement Savings Plans.
Where can I Find my BCGEU pension information?
BCGEU members in direct government are enrolled in B.C.’s Public Service Pension Plan. Visit the PSPP website Estimate your PSPP pension! What you should know Create a PSPP account to view your pension information!
What do the new BCGEU retirement rules mean for me?
The large majority of BCGEU members, including those retiring before the age of 60, will be able to retire at the same age with a higher lifetime pension. The new rules provide for a larger lifetime pension for members.
What is the BC Public Service Pension Plan?
The Public Service Pension Plan is a benefit you receive as a BC Public Service employee. Make sure you understand your options and how to plan for retirement. You are strongly encouraged to seek independent financial advice as you plan and prepare for retirement. Three pension plans provide funds when you retire: