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Welcome to MEPP

Type of plan

Defined Benefit

Member types

  • General members
  • Designated police officers and firefighters

Eligibility

  • Mandatory for permanent employees
  • Optional for non-permanent employees

Vesting period

  • Two years of employment with employer
  • Age 65 & over are immediately vested

Rate of contribution

General members Designated police officers and firefighters
Employee 9.00% Employee 12.50%
Employer 9.00% Employer 12.50%


Voluntary contributions - Not allowed

Normal retirement age 

General members Designated police officers and firefighters
65 60


Deferred retirement - Allowable to age 71

Early retirement criteria

General members Designated police officers and firefighters

Unreduced
Age plus service = 80

 


Reduced
Age 55 plus 15 years eligibility service

Unreduced
Age 55
Eligibility Service = 25; or
Age plus eligibility service = 75


Reduced
Age plus eligibility service = 70


Highest Average Salary (HAS)

Highest annualized three calendar years of salary (HAS)

Lifetime pension formula

Applicable accrual rates x HAS x Pensionable Service

Accrual rates

General members Designated police officers and firefighters
Prior to 1990 and 2001 through 2005 = 1.8%
1990 through 2000 and after 2005 = 1.5%
Prior to 1990 and 2001 through 2005 = 2%
1990 through 2000 and after 2005 = 1.7%

Bridge formula

Applicable accrual rates x HAS x Service

Bridge Accrual Rates

General members Designated police officers and firefighters
Prior to 1990 and 2001 through 2005 = 0.2%
1990 through 2000 and after 2005 = 0.5%
Prior to 1990 and 2001 through 2005 = 0.3%

Indexing

On pension payments for service before 1999, provided funds are available.

Normal form of pension

If you have a spouse when you retire:

  • Joint pension with five-year guarantee and
  • 60% survivor benefit

If you do not have a spouse when you retire:

  • Single life pension with 15-year guarantee

Optional forms of pension

Joint pension
Guarantee period of 5, 10 or 15 years
Survivor benefit of 60%, 75% or 100%

Single Life Pension
No optional form

Retirement options 

Receive your monthly pension from the Plan

Termination benefit

Vested – commuted value
Non-vested – employee balance

Termination options

Vested employees Non-vested employees
Establish deferred pension or transfer value of benefit from Plan if not qualified for a MEPP pension at termination. Remove benefit from Plan

Death benefit

Value of benefit earned to date of death

Breakdown of spousal relationship
Before retirement – division of value of benefit allowed
Pensions in payment – division of pension payments only

Related links:

MEPP Member Booklet

Welcome to MEPP - YouTube

Creating a Retirement Plan - YouTube