The December 31, 2020 pension statements are now available in the Retirement Planner. To access the retirement planner go to: http://retire.info.yorku.ca/second-page/retirement-planner/
If this is your first time accessing the planner you will need your nine digit employee / payroll number typically beginning with 10…
Follow the instructions on the page. The password will be sent to the e-mail address in our system. The password may go into your junk folder so please check there before contacting us.
There are a number of frequently asked questions which we have compiled. Please review this information as the answer to your question may be found below.
What is “Current Final Average Earnings”?
This is not your current earnings but rather the average of your highest five years of earnings as of December 31, 2019. For many people your current salary will be higher than your Current Final Average Earnings.
What does “Current Accrued Monthly Minimum Guaranteed Benefit” mean?
9. If you left the University on December 31st 2020, this is the minimum amount you would receive in pension at your normal retirement date.
What assumptions are used in determining the “Estimated Monthly Pension at Normal Retirement Date”?
The estimated monthly pension at normal retirement is based upon long term assumptions of an annual rate of fund return of 6% and annual salary inflation of 3%. The assumptions do not in any way reflect University policy with respect to future salary adjustments. Nor should the projections be viewed as firm forecasts of actual pension amounts payable in the future. Rather, they are intended to present a general guide for your retirement planning. Members have access to the York University Retirement Planner (YURP) which can be used to project future pension amounts using various assumptions. Running pension estimates beyond a two or three year projection may over or understate the actual pension as there is no way to predict the rate of return of the pension fund or future salary adjustments. To access YURP go to https://www.yorku-ret.ca/.
My “Date of Hire” appears to be incorrect. Does that affect my pension?
The date of hire reflected on your statement is your most recent date of hire which might not necessarily be your original date of hire. Regardless, there are no implications to your pension account.
My “Date Joined Pension Plan” appears to be incorrect. Does that affect my pension?
The “Date Joined Pension Plan” reflected on your statement is your most recent date of joining the plan which might not necessarily be your original date of joining the plan. Regardless, there are no implications to your pension account.
Why does my statement say I am married when I am not married?
For pension purposes you are either single or married.
The Pension Benefits Act indicates a “spouse” means, except where otherwise indicated in the Act, either of two persons who,
(a) are married to each other, or
(b) are not married to each other and are living together in a conjugal relationship,
(i) continuously for a period of not less than three years, or
(ii) in a relationship of some permanence, if they are the parents of a child as set out in section 4 of the Children’s Law Reform Act.
I am planning to retire in the next five years. What should I be doing?
You may run your own retirement estimates on the York University Retirement Planner (YURP) with various assumptions. For example, salary rate assumption, rate of return, marital status change, and transferring RRSP contributions into the pension plan. You may run as many calculations as you like as well as print off the documents if you wish to compare various scenarios. To access YURP go to https://www.yorku-ret.ca/
If you have not yet accessed YURP please follow the instructions on the website and please note your employee number is also known as your payroll number. It is nine digits and begins with 10. Please note your YURP password is not the same as your Passport York password.
How do I change my pension plan beneficiary?
If you have a spouse your spouse must be your pension plan beneficiary unless they sign a waiver. If you wish to update your beneficiary information you may log in to yu link, https://passportyork.yorku.ca/ppylogin/ppylogin using your passport york login details. Go to Employee Resources>Forms and Documents>Pension Enrolment and Beneficiary Form.
Can I access YURP if I do not have a yorku.ca e-mail account?
Yes you may. Simply contact our office and provide us with your e-mail address so we can add it to YURP. You will also need to know your employee number. If you need your password reset you may contact our office and we will reset your password, normally within 48 hours.
What does “funded status” mean?
Funded status is the amount by which a pension plan’s assets exceed the amount the plan will have to pay in the future. The funded status is important because it forecasts whether or not the plan is fully funded. A fully funded pension plan is one in which the market value of the plan’s assets is enough to cover at least 100 percent of current benefits earned by pension plan members.
If you have any questions, please contact the Pension & Benefits office by emailing askpb@yorku.ca or call 416-736-2100 extension 27572.