The Management Employees Pension Plan (MEPP) was originally established in 1972 as the Public Service Management Pension Plan for management employees of the Alberta government and approved agencies, boards and commissions. In 1993, new legislation was passed that split the Plan into two separate plans.
Active members on or after August 1, 1992 became members of MEPP. Members who left the Plan or retired before August 1, 1992, and those who had 35 years of pensionable service by August 1, 1992, became members of the Public Service Management (Closed Membership) Pension Plan. The Alberta government guarantees all benefits under the Closed Membership Plan.
MEPP is a defined benefit plan, which means you will receive a pension based on your salary and years of service. The pension plan is an important part of your overall retirement savings. Your employer more than matches your contributions to your pension plan. Under a defined benefit plan your pension income is based on your salary and years of service, not on the state of the markets. You will have more certainty around your retirement plans knowing what your pension income will be.