SRP Plan Information

The Supplementary Retirement Plan (SRP) for Public Service Managers (SRP) 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, your SRP benefit will be based on your years of pensionable service in SRP and on salary that exceeds the annual salary cap.

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.



SRP Contributions

Your contributions to SRP are based on your annual pensionable salary that is above the salary cap. Your employer matches these contributions.

You can only contribute to SRP while you contribute to MEPP, and you 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 your salary, at any time, are part of the pension calculation. Even if you have already reached 35 years of service and no longer making contributions, should your salary increase, your pension and SRP payments may also increase.

SRP Contribution Rates for 2017
Members 12.80% (of pensionable salary over the salary cap)
Employers 12.80% (of pensionable salary over the salary cap)
Total Contributions 25.60%


How Your SRP Pension is Calculated

The SRP pension calculation considers your salary above the salary cap and your years of pensionable service. It is not based on how much you have paid into the Plan.

If, after becoming a member of SRP, your annual salary falls below the salary cap, you will automatically stop contributing to SRP but continue to contribute to MEPP. At the time of leaving the Plan or beginning your pension, if your highest average salary is below the average salary cap, you will receive a refund of your SRP contributions with interest.

Salary

Like MEPP, the salary factor used in the SRP pension formula is called your highest average salary, which uses the five years in a row where your 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 your pensionable service earned in MEPP from your SRP start date, up to a maximum of 35 years.

As SRP was established to provide a pension benefit as if there was no salary cap, the pension calculation for SRP and MEPP are the same.



SRP Pension Options

The pension option you choose for MEPP will also be applied to your SRP benefit. Both pensions must be started at the same time. Read more about the pension options available under MEPP here.

If you should pass away before or after retirement, SRP benefits will be payable to the person or estate entitled to receive your 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 and Buybacks

If you take a leave of absence while you are a MEPP/SRP member, you might wish to purchase this period of service through a process called a buyback. In MEPP, there are certain rules for purchasing prior service (link to this info). In SRP, only the first year of your leave can be purchased.

The leave must be purchased before or during the period of absence. Your MEPP service for this period must be purchased, and the SRP portion must be done at the same time you purchase your MEPP service. If you do not purchase your first year of MEPP/SRP leave before or during the leave, you can still purchase the MEPP leave afterwards, but not the SRP portion.

If you have previously purchased one or more years of leave in MEPP, you will not be eligible to purchase any leave service in 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 Local Authorities Pension Plan Corp. (ALAPP Corp.)
  • Alberta Pensions Services Corporation (APS)
  • Government of Alberta (GOA)
  • InnoTech Alberta
  • Legislative Assembly of Alberta
  • Natural Resources Conservation Board (NRCB)
  • Norquest College
  • The Alberta Utilities Commission (AUC)
  • Travel Alberta

Agencies, boards and commissions associated with the GOA have the option of participating in SRP, if their employees are contributing members of MEPP and their application to participate in SRP is approved by the President of Treasury Board and Minister of Finance.