Members who left the PSMPP or started their pension before August 1, 1992, as well as those who had 35 years of pensionable service by that date, automatically became members of the Closed Plan.
Members of the Closed Plan who again become management employees of the Alberta government or an approved agency, board or commission, are enrolled in and receive their pension benefit for their new period of employment from MEPP. This means members will have separate accounts under the Closed Plan and MEPP, and will receive separate pension benefits from each plan based on the pensionable service in that plan.
The Closed Plan provides a pension based on a formula of 2% of the highest average salary multiplied by the pensionable service accrued under the Closed Plan.
This is what the formula looks like:
Pensions payable from the Closed Plan may be increased yearly by an amount equal to at least 60% of the increase in the Alberta Consumer Price Index. This is otherwise known as a Cost of Living Adjustment (COLA).
The MEPP Board has some legislated responsibilities for the Closed Plan. For more information on the roles and responsibilities of the Board, please see the Board Mandate and Roles document.