Reserve Pension- Merged
- Thread starter Spr.Earl
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Nfld Sapper said:
ParaMedTech said:
Just did the calc on my Paysheet and got 9%
- Reaction score
- 79
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ParaMedTech said:Then I stand corrected 8)
It does still stand for pay in lieu of leave, though, right?
Yup :cheers:
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I wonder if DND hired a pension specialist to design the Reserve Pension, or tasked a Fin O who was posted in for three years do it. Worse case scenario, an ex Pilot, retread to Fin O (sorry those named).
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Hired a pension specialist?
Are you daft & balmy?
If they did, they prolly were dealing with the lowest bidder....
To be fair, newbies sarting today will have a fair shake....
Us old timers will have to shake things ourselves to get fair treatment...
Are you daft & balmy?
If they did, they prolly were dealing with the lowest bidder....
To be fair, newbies sarting today will have a fair shake....
Us old timers will have to shake things ourselves to get fair treatment...
- Reaction score
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DND hired contractors, who designed a system that will need contractors to keep it running - by some odd turn of events, te same ones who designed the system. Go figure...
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I would be surprised if DND went outside of the CFSA/DAPP organization or built this from the ground up. All military pensions have been subject to the pension act, which is a civilian piece of legislation that CFSA is a subset of. Anything developed outside its pervue would be a major deviation.
Again, the CFSA is getting closer to a fully funded defined contribution plan. Don't promise what you can't deliver.
Again, the CFSA is getting closer to a fully funded defined contribution plan. Don't promise what you can't deliver.
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Worn Out Grunt:
The CFSA grants the Governor in Council authority to issue regulations pertaining to a Reserve Force pension Plan, and to make regulations for certain reserve members to be enrolled in the full time plan. Both plans have related regulations, issued under the authority of the enabling statute, issued by Treasury Board acting as the Governor in Council.
The new regulations were largely drafted by consultants from William Mercer - to the point where official Government of Canada regulations cite a William Mercer publication as authoritative.
The regulations will eventually be posted to the Justice Canada laws website as related instruments - you can see all federal laws online at http://laws.justice.gc.ca
In the interim, I posted a link earlier in this thread to the Reserve Force Pension Plan Regulations - they have been published in the Canada Gazette.
The CFSA grants the Governor in Council authority to issue regulations pertaining to a Reserve Force pension Plan, and to make regulations for certain reserve members to be enrolled in the full time plan. Both plans have related regulations, issued under the authority of the enabling statute, issued by Treasury Board acting as the Governor in Council.
The new regulations were largely drafted by consultants from William Mercer - to the point where official Government of Canada regulations cite a William Mercer publication as authoritative.
The regulations will eventually be posted to the Justice Canada laws website as related instruments - you can see all federal laws online at http://laws.justice.gc.ca
In the interim, I posted a link earlier in this thread to the Reserve Force Pension Plan Regulations - they have been published in the Canada Gazette.
- Reaction score
- 1,541
- Points
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Gathering my info to send in. Have to make the decision prior to 30 Jun, otherwise it will cost more interest. A very funny system has been developed for the Reserves. You gather all your records of service regarding when you were in, the days you were paid, the amount you were paid (sorry no T4 slips), calculate your pension on line, fill out the paperwork from the CFPMP website, send it to NDHQ, they verify all your work, then you get a pension. Reverse onous. Is this the same for the Regular Force? No. The onus is on us to do all the work. NDHQ just verifies your work, then it goes to the same pension people who administer all CF pensions. Two persons answering phones, three people verifying. That's for "The Reserve Force is the last large federal public sector workforce without a pension plan. It is estimated that in excess of 21,000 Reserve Force members will now be entitled to coverage under the Canadian Forces Superannuation Act" from the Press Release.
A couple of questions that I am awaiting an answer for are: the rate of interest of the life insured monthly payments is I believe is 4.8% - How is that calculated? On the declining outstanding balance like a car loan, or is it on the original balance, no matter how much the outstanding balance is (that's what I was told by a Fin Clk who attended the briefing in Ottawa). So if you make lump sum payments thought out the repayment period, your monthly repayment amount stays the same, as does the interest charged. All that happens is it is repaid earlier. All the interest is charged up front. In my case, repaying approx 40% over the maximum 240 months adds another $80,550 to the buyback costs (a correction to an earlier post).
The second question is how does the quarter time work if you are missing pay records. My assumption was that you would be credited with 90 days at the rank/IPC you were for that period, times the wage factor, times the contribution rate. You need to know the number of days so they will add up to your total years of service for the calculation of your annual pension. Cannot reverse engineer a T4 slip to verify your service divided by your rank/IPC to equal the number of days. Not allowed.
Poorly planned, executed, and typical of HDHQ's "management" of Reserves. Apparently, the call centre is getting incredulous Reservists phoning to ask if the calculator is correct when they see how much the owe.
Please be polite and professional when you call. They are the messenger, not the responsible party.
A couple of questions that I am awaiting an answer for are: the rate of interest of the life insured monthly payments is I believe is 4.8% - How is that calculated? On the declining outstanding balance like a car loan, or is it on the original balance, no matter how much the outstanding balance is (that's what I was told by a Fin Clk who attended the briefing in Ottawa). So if you make lump sum payments thought out the repayment period, your monthly repayment amount stays the same, as does the interest charged. All that happens is it is repaid earlier. All the interest is charged up front. In my case, repaying approx 40% over the maximum 240 months adds another $80,550 to the buyback costs (a correction to an earlier post).
The second question is how does the quarter time work if you are missing pay records. My assumption was that you would be credited with 90 days at the rank/IPC you were for that period, times the wage factor, times the contribution rate. You need to know the number of days so they will add up to your total years of service for the calculation of your annual pension. Cannot reverse engineer a T4 slip to verify your service divided by your rank/IPC to equal the number of days. Not allowed.
Poorly planned, executed, and typical of HDHQ's "management" of Reserves. Apparently, the call centre is getting incredulous Reservists phoning to ask if the calculator is correct when they see how much the owe.
Please be polite and professional when you call. They are the messenger, not the responsible party.
- Reaction score
- 0
- Points
- 410
More food for the redress process.
One suggestion is that, where there are large pools of reservists (rural areas), they should all have a chat with their local MP. A bit of homework about the 4% simple rate interest on MPs, RCMP & Public service buy backs might be warranted .... then talk to him about the 7% compound rate.
- I have a sinking feeling that the CF & DND will shake off any protest on our part by pointing to those terrible people at the treasury board - saying it's the other guy's fault & that they had & have nothing to do with it.
If and when they point to the reservist with his cushy, grandfathered RFRG "present", feel free to point out that:
- there are reservists who have been working full time thru most of their service and have earned every nickle of the gratuity.
- there are reservists who have served beyond the 30 yrs (210 day) maximum and won't get anything more for their trouble. The gap is effectively closed...
This is something to get the Honoraries working on....
One suggestion is that, where there are large pools of reservists (rural areas), they should all have a chat with their local MP. A bit of homework about the 4% simple rate interest on MPs, RCMP & Public service buy backs might be warranted .... then talk to him about the 7% compound rate.
- I have a sinking feeling that the CF & DND will shake off any protest on our part by pointing to those terrible people at the treasury board - saying it's the other guy's fault & that they had & have nothing to do with it.
If and when they point to the reservist with his cushy, grandfathered RFRG "present", feel free to point out that:
- there are reservists who have been working full time thru most of their service and have earned every nickle of the gratuity.
- there are reservists who have served beyond the 30 yrs (210 day) maximum and won't get anything more for their trouble. The gap is effectively closed...
This is something to get the Honoraries working on....
- Reaction score
- 0
- Points
- 210
Any idea how this will impact those who have been ResF, RegF, ResF again? Or will this be another holus bolus piece of legislation? This is no frivolous matter. A quick estimate of RegF members gives 40% with ResF service... will we now be eligible for 100% time rather than 25%?
- Reaction score
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- Points
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WOG,
Reservists who went reg force were given an oportunity to buy back their time at 4 to 1 for class A service. 1 for 1 for class B & C..... nothing to adjust... I think... and I don't think the CF is expecting claims from that avenue - and they got to buy back their time at 4% simple interest.
Reservists who went reg force were given an oportunity to buy back their time at 4 to 1 for class A service. 1 for 1 for class B & C..... nothing to adjust... I think... and I don't think the CF is expecting claims from that avenue - and they got to buy back their time at 4% simple interest.
- Reaction score
- 0
- Points
- 210
Any Cl A types get their letters yet? I hear letters have been sent out but I haven't gotten mine yet and the pension deductions have yet to come off my pay. As far as I can tell, based on the info provided on the CFPMP website, I've always earned more than 10% of the YPME.
My hope is that for practical and financial reasons, they dealt with those pers who have long & full-time service first and will be getting to us part-timers soon. Asking around the armoury this past week and none of the people I asked who work on Cl A basis had received their letters.
Just curious because the June 30 deadline for lump sum payments without the compounding interest is coming fast.
My hope is that for practical and financial reasons, they dealt with those pers who have long & full-time service first and will be getting to us part-timers soon. Asking around the armoury this past week and none of the people I asked who work on Cl A basis had received their letters.
Just curious because the June 30 deadline for lump sum payments without the compounding interest is coming fast.
- Reaction score
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Begbie: The pay deductions are on earnings on or after 01 March 2007. A Class A reservist would have been paid on 15 March for service up to 28 February, so there would be no deduction. It will start only on the 31 March pay (well, 30 March, since 31 is on the weekend).
The letters are slow to arrive; I'm a full-timer since 1998 and have yet to receive mine.
I would strongly recommend that people be proactive in assembling their information - don't wait for the letter.
The letters are slow to arrive; I'm a full-timer since 1998 and have yet to receive mine.
I would strongly recommend that people be proactive in assembling their information - don't wait for the letter.
