Clicking the term below will show the definition.
Actuarial Value of Assets
Alberta Consumer Price Index (ACPI)
Alberta Pensions Services Corporation (APS)
Approved Long-Term Disability Income (LTDI) Plan
Canada Pension Plan (CPP)
Combined Pensionable Service (CPS)
Consumer Price Index (CPI)
Cost-of-Living Adjustment (COLA)
Current Employment Status
Defined Benefit (DB) Plan
Dependent Minor Child
Highest Average Salary
Leave with Partial Salary
Liability / Liabilities
Locked-in-Retirement Account (LIRA)
Long-Term Disability Income Continuance Plan (LTDI)
Matrimonial Property Order (MPO)
Member Plan Status
Old Age Security (OAS)
Payment Due Date
Portable Document Format (PDF)
Pre-retirement Death Waiver
Prior Service (Buyback or Past Service)
Registered Retirement Savings Plan (RRSP)
Social Insurance Number (SIN)
Year’s Maximum Pensionable Earnings (YMPE)
A member who is making contributions to MEPP or would be making contributions if not for being:
- on leave;
- in receipt of benefits under the employer's disability plan; or
- at the maximum pensionable service limit (35 years).
The MEPP actuarial liability is the total value of all benefits accrued by MEPP members and other costs for which the pension plan is responsible.
The estimated cost to MEPP of providing the increased benefits gained by a member who buys or transfers prior service. An actuarial reserve calculation takes into account a number of factors including salary scaling and mortality tables.
A mathematical analysis of the financial condition of a pension plan. An actuary prepares a plan valuation at least once every three years. The valuation shows if the contribution rates are higher or lower than what is needed to ensure the long-term funding of the plan.
The adjusted value of a pension plan's assets used by the actuary to determine the funded status of the Plan.
A person authorized by their designation as a Fellow of the Canadian Institute of Actuaries to prepare and sign actuarial valuations.
A weighted average measure of the cost of a group of goods and services that are normally purchased by Alberta households. This includes things such as clothing, food, housing, gasoline, health and personal care services, recreation, and education.
Alberta Pensions Services Corporation (APS) is MEPP's pension administrator. APS is responsible for providing services to the Management Employees Pension Board, members, pensioners and employers.
The designation of your pension benefits to one or more beneficiaries.
The criteria used by APS to approve LTDI plans are:
- All members employed by the employer in the group to whom the LTDI plan applies, except for those ineligible for coverage by reason of not meeting the medical requirements, must be covered by the LTDI plan;
- A member must not be required to apply for a pension as long as the member qualifies for benefits under the LTDI plan; and
- The LTDI plan must be filed with APS.
Any item of economic value owned by an individual or entity, especially one that could be bought and sold.
If you have no pension partner, you should let MEPP know who would receive the benefit.
A Beneficiary is the person(s) you designate to receive a benefit if:
- you die before retirement; or
- you die before the end of the guaranteed period. This is only applicable if:
- you chose one of the Single Lifetime Guaranteed Term options; or
- you chose one of the Joint Lifetime options and both you and your pension partner die within the guaranteed period.
You can designate one or more beneficiaries or a charitable organization.
Even if you have a pension partner you should designate a beneficiary. That way MEPP knows to whom the benefit is to be paid if your pension partner predeceases you, or if your pension partner has waived the right to a benefit. If you have not designated a beneficiary and your Will does not specifically mention MEPP, payment will be made to your estate.
The federal pension plan administered by Human Resources and Social Development Canada on behalf of employees in all provinces and territories of Canada except Quebec, which operates the equivalent Quebec Pension Plan.
- Your pensionable service from both plans will be used to determine if you are vested under each plan. Under MEPP, you become vested once you have five years of pensionable service, which will consider service under a CPS relationship.
- Your pensionable service from both plans will be used to determine if you are entitled to an unreduced pension under each plan.
- Your pensionable salaries from both plans will be used to determine the highest average salary under each plan.
Your pensionable service from both plans will be used to determine when you will reach the 35-year maximum service limit.
The actuarial present value of accrued benefits, determined using actuarial assumptions and methods recommended by the Canadian Institute of Actuaries. This represents the amount of money that must be set aside today, based on current interest rates, to provide pension payments at a future date.
An increase in a pension benefit to compensate for an increase in the cost of living. Your pension will increase each January by 60 per cent of the Alberta Consumer Price Index (CPI). The CPI is a weighted average of the cost of a basket of goods and services that are normally purchased by Alberta households. This includes things such as clothing, food, housing, gasoline, health and personal care, recreation, and education. COLA increases are calculated by taking the average of the CPI during the 12-month period ending each October and comparing it to the previous year's 12-month average.
Your current status of employment with your employer. This can be full-time, part-time or terminated (no longer contributing to the Plan).
A pension that does not commence immediately following termination from MEPP. A deferred pension may not commence earlier than the member's 55th birthday, unless the member qualifies for a disability pension, but must commence before December 31 of the member's 71st birthday.
Defined Benefit Plans pay a monthly pension based on your salary and your length of service. The pension plan's obligation is to pay a stated benefit to each employee that depends on the employee's salary and length of service. The main benefits of a defined benefit plan are:
- Your benefit is guaranteed and you are provided a specified lifetime income regardless of market conditions or how long you live.
- You can plan for your retirement because you can estimate your future pension income. The pension estimator allows you to estimate your future monthly payments.
To qualify as a dependent minor, a child must be:
- Dependent - financially supported and not married
- Minor - under 18 years of age
Retirement before being eligible to receive an unreduced pension. See "normal retirement" and "postponed retirement".
A fund was established under the legislation governing the MEPP to hold all employee and employer contributions and investment income. All benefits are paid from the MEPP Fund. All assets in the MEPP Fund can only be used to pay the promised benefits and cover administrative costs.
The average of your five highest consecutive years of salary used to calculate your pension benefits. For the purposes of calculating your highest average salary, the salary for a given year may not exceed the corresponding salary cap.
If you choose the Joint Lifetime with Reduced Survivor Benefit Guaranteed At Least 10 Years option, and you die before your pension partner, pension benefits are paid to the pension partner for his or her life. For service before 1992, the pension partner benefit is 75% of your pension. For service after 1991, the pension partner benefit is 66 2/3% of your pension.
If you choose the Joint Lifetime Guaranteed At Least 10 Years option, on the death of either you or your pension partner, the same pension is paid to the survivor for his or her life.
If you choose the Joint Lifetime Reduced by 1/3 Guaranteed At Least 10 Years option, at the first death of either you or your pension partner, the monthly payment is reduced by 1/3. This means that if the pension partner dies before the member, the member's pension will be reduced to 2/3 of the pension amount.
In all options, the pension is guaranteed for ten years. If both you and your pension partner die before the end of the ten year term, the pension will be paid to your beneficiary(ies) for the remainder of the term.
Note: If the member does not have 36 months of prior employment, the employer will not remit any contributions because the member will have to pay an actuarial reserve cost to establish the leave period as pensionable service.
The MEPP liability is the total value of all benefits earned by MEPP members and other costs for which the MEPP Fund is responsible.
Marital status can be single, married, common-law, separated, widowed or divorced. See "pension partner" for further information.
Under the Matrimonial Property Act, an MPO can only be obtained in respect of a legal marriage. In certain circumstances, the regulations governing MEPP allow for the division and distribution of your pension benefits by making a one-time payment to the non-member ex-spouse without having to wait for the member to become eligible for a benefit. If you are a MEPP member going through a marital breakdown, your legal counsel should take these regulations into account when working on your matrimonial property settlement.
The unique number assigned to you by APS' current pension administration system. The identifier is printed on publications sent after May 2016, including your pension highlights (annual statement) or Termination Statement Estimate.
Your status under the Plan. See "active member", "deferred member" and "suspended member".
mypensionplan is a secure website that provides active members and deferred members of the Management Employees Pension Plan with access to personalized pension information.
If you have a pension partner at retirement:
- The normal form of pension for pre-1992 is payable for your lifetime, and if your pension partner is still alive when you die, they will receive a pension equal to 75% of your pension.
- The normal form of pension for post-1991 is payable for your lifetime, and if your pension partner is still alive when you die, they will receive a pension equal to 66 2/3% of your pension for the rest of his or her life.
Retirement at exactly age 60. See "early retirement" and "postponed retirement".
(i) a person who, at the relevant time, was married to a participant or former participant and had not been living separate and apart from him or her for 3 or more consecutive years,
(ii) if there is no person to whom subclause (i) applies, a person who, as at and up to the relevant time, had lived with the participant or former participant in a conjugal relationship
(A) for a continuous period of at least 3 years, or
(B) of some permanence, if there is a child of the relationship by birth or adoption;
Persons are living separate and apart
- if they are living apart and either of them has the intention to live separate and apart from the other, or
- if, before the relevant time,
- they had been living separate and apart for any period, and
- that period was interrupted or terminated by reason only that either of them become incapable of continuing to live separate and apart or of forming or having the intention to continue to live separate and apart of that person's own volition,
- and the separation would probably have continued if that person had not become so incapable.
A member, surviving pension partner, or beneficiary who is receiving a pension from the Plan.
A mathematical analysis of the financial condition of a pension plan. An actuary prepares a plan valuation at least once every three years. Following a valuation, the Board may recommend to the President of Treasury Board and Minister of Finance that the contribution rates are adjusted so the rates meet the funding requirements of the Plan.
Portable Document Format (PDF) is a format used to deliver documents over the Internet. Adobe® Reader® (TM) is the standard software used to access PDF documents and can be downloaded, for free, from the Adobe® website.
Retirement after age 65 or after the age of entitlement to an unreduced pension. See also "early retirement" and "normal retirement".
By buying prior service you can increase your length of pensionable service thereby increasing your future benefits.
An agreement negotiated with another pension plan that allows members to transfer their pension when they move between plans.
A type of tax-deferred investment that is set up to hold and invest your savings until you retire. Most can be withdrawn at any time, but you will be taxed on the amount withdrawn.
See "pensionable service".
A nine-digit number used in the administration of various Canadian government programs. You require a SIN to work in Canada or to receive government benefits.
See "pension partner".
A surplus exists when the actuarial valuation determines the Plan's accrued benefit payments (liabilities) are less than the net assets available for the payment of those benefits.
When a member has a Combined Pensionable Service (CPS) relationship, the term "suspended" describes the member's status in the plan(s) to which the member is no longer contributing. For example, a MEPP member who moved from PSPP (forming a CPS relationship) is deemed "suspended" in PSPP, since they are no longer actively contributing to PSPP.
An agreement negotiated with another pension plan that allows members to transfer their pension entitlements when they move between plans. By transferring pension entitlements, you may increase your pension income.
A pension that will not be reduced for early retirement. See "reduced pension" and "early retirement".
The date on which the employer issues a member's pay for a particular pay period. Pension contributions for a particular pay period must be remitted to Alberta Pensions Services Corporation (APS) within 15 days of the withholding date.
The year in which the employer withheld contributions that were remitted to the pension plan.