Plan Details
The SRP is a defined benefit plan, which, like MEPP, means you will receive a pension at retirement based on:
- your years of MEPP pensionable service earned since your employer joined the SRP; and
- your highest five-year average salary over the salary cap.
The maximum pensionable service you can accrue under the SRP is 35 years. After achieving 35 years of service (including any combined pensionable service) in MEPP, you can no longer contribute to either MEPP or the SRP. However, highest average earnings after 35 years will continue to be recognized for benefit calculation purposes.
For more information, download the SRP At-a-Glance.
Funding
Current service costs are funded by employee and employer contributions which together with investment earnings, income tax refunds and transfers from the SRP Reserve Fund, are expected to provide for all benefits payable under the Plan. The contribution rates for designated employers equals or exceeds the rate for eligible employees.
Retirement Benefits
The Plan provides a pension of 2.0 per cent of pensionable earnings that are in excess of the MEPP salary cap for each year of pensionable service after July 1, 1999, based on the average salary of the highest consecutive years.
Members are entitled to an unreduced pension on service if they retire with at least five years of combined pensionable service and have either attained age 60, or age 55 and the sum of their age and combined pensionable service equals 80. Pensions are reduced if the member is under age 60 and the 80 factor is not attained.
