The Supplementary Retirement Plan (SRP) for Public Service Managers is a Retirement Compensation Arrangement (RCA) and a defined benefit pension plan, similar to MEPP. It provides additional pension benefits for MEPP members whose annual salaries exceed the salary cap.
SRP provides an overall benefit to qualifying MEPP members as though there is no salary cap.
At retirement, a member's SRP benefit will be based on their years of pensionable service in SRP and on salary that exceeds the annual salary cap.
Supplementary Retirement Plan (SRP) Advisory Committee
The President of Treasury Board and Minister of Finance has the legislative authority to call upon the Management Employees Pension Board (MEPB) or an established committee to lead the Supplementary Retirement Plan (SRP).
The SRP Advisory Committee consists of three members who are employees of the Government of Alberta representing the following areas:
- One member from the Public Service Commission, appointed by the Public Service Commissioner.
- One member from Treasury and Risk Management (TRM) Division in Treasury Board and Finance.
- One member from Financial Sector Regulation and Policy (FSRP) Division in Treasury Board and Finance.
Haripaul Pannu, Committee Chair
Deputy Superintendent of Pensions
Alberta Treasury Board and Finance
Paul Avery, Committee Member
Director, Total Compensation and Job Evaluation Policy
Public Service Commission
Brittany Jones, Committee Member
Director, Investment Strategy, Capital Markets
Alberta Treasury Board and Finance
SRP Contributions 2025
Contributions to SRP are based on annual pensionable salary that is above the salary cap. Members’ employers match these contributions.
Members can only contribute to SRP while they contribute to MEPP, and they stop contributing to MEPP after reaching 35 years of pensionable service. This includes any eligible combined pensionable service (CPS) between MEPP and the Public Service Pension Plan (PSPP).
Changes to salary, at any time, are part of the pension calculation. Even if a member has already reached 35 years of service and is no longer making contributions, should their salary increase, their pension and SRP payments may also increase.
SRP Eligibility
If you are employed by a MEPP employer who participates in SRP, and your pensionable salary exceeds the salary cap, you will automatically be considered a member of SRP.
Your SRP membership will be effective July 1, 1999, or the date you joined MEPP, if this date is later. If your employer joined SRP after July 1, 1999, your membership will be considered active from the date your employer joined SRP, or from the date you joined MEPP, whichever is later.
You cannot join SRP if you have already earned 35 years of combined pensionable service.
| 2024 Contributions Rate | 2025 Contribution Rate | |
|---|---|---|
| MEPP Members | 12.0% | 12.0% |
| MEPP Employers | 12.0% | 12.0% |
| Total | 24.0% | 24.0% |
| SRP Members | 12.0% (above salary cap) | 12.0% (above salary cap) |
| SRP Employers | 12.0% (above salary cap) | 12.0% (above salary cap) |
| Total | 24.0% | 24.0% |
| Employer Rate to SRP Reserve Fund | 19.7% | 19.7% |
How An SRP Pension is Calculated
The SRP pension calculation considers a member’s salary above the salary cap and their years of pensionable service. It is not based on how much a member has paid into the Plan.
If, after becoming a member of SRP, the member’s annual salary falls below the salary cap, they will automatically stop contributing to SRP but continue to contribute to MEPP. At the time of leaving the Plan or beginning their pension, if their highest average salary is below the average salary cap, they will receive a refund of their SRP contributions with interest.
Salary
Like MEPP, the salary factor used in the SRP pension formula is called the highest average salary, which uses the five years in a row where a member’s average pensionable salary was the highest. MEPP pays the pension benefit up to the salary cap, and SRP pays the remaining balance.
Service
The service factor used in the formula is a member’s pensionable service earned in MEPP from their SRP start date, up to a maximum of 35 years.
Since SRP was established to provide a pension benefit as if there were no salary cap, the pension calculation for SRP and MEPP are the same.
SRP Pension Options
The pension option a member chooses for MEPP will also be applied to their SRP benefit. Both pensions must start at the same time. Read more about the pension options available under MEPP.
Depending on when a member passes away—either before or after retirement—and the pension options they have chosen, SRP benefits will be payable to the person or estate entitled to receive their benefits under MEPP.
SRP and Transfers
There are no transfer agreements in place between SRP and other plans. Because of this, any service transferred from another plan into MEPP is not eligible for SRP.
SRP Employer List
MEPP members of the following employers may be eligible to participate in SRP:
- Agriculture Financial Services Corporation (AFSC)
- Alberta Energy Regulator (AER)
- Alberta Gaming and Liquor Commission (AGLC)
- Alberta Innovates
- Alberta Pensions Services Corporation (APS)
- Government of Alberta (GOA)
- LAPP Corporation
- PSPP Corporation
- SFPP Corporation
- InnoTech Alberta
- Legislative Assembly of Alberta
- Natural Resources Conservation Board (NRCB)
- Norquest College
- The Alberta Utilities Commission (AUC)
- Travel Alberta
SRP and Buybacks
If a member takes a leave of absence while they are a MEPP/SRP member, they may wish to purchase this period of service through a process called a buyback. In MEPP, there are certain rules for purchasing prior service. In SRP, only the first year of leave can be purchased.
The leave must be purchased before or during the period of absence. MEPP service for this period must be purchased, and the SRP portion must be done at the same time a member purchases their MEPP service. If a member does not purchase their first year of MEPP/SRP leave before or during the leave, they can still purchase the MEPP leave afterwards, but not the SRP portion.
If a member has previously purchased one or more years of leave in MEPP, they will not be eligible to purchase any leave service in SRP.