Welcome to the Municipal Employees’ Pension Plan (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
|
Unreduced
|
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
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