Supplementary Retirement Plan for Public Service Managers
The Supplementary Retirement Plan (SRP) for Public Service Managers was established to provide additional pension benefits to certain public service managers participating Management Employees Pension Plan (MEPP) employers whose annual salary exceeds the MEPP salary cap. The salary cap is the maximum salary upon which a defined benefit can be based and is set under the federal Income Tax Act.
The Plan is supplementary to MEPP. Service under MEPP is used to determine eligibility for vesting and early Retirement. A member's pension commencement date is the same under both plans and the pension must be payable in the same form. Members of MEPP who have attained 35 years of combined pensionable service are not eligible to participate in the Plan.