Planning for Retirement
The Christian Education Pension Plan has supported retirement for thousands of administrators, faculty, and staff over the years.
The Christian Education Pension Plan is designed to provide an important part of the income needed for retirement. The plan is a defined benefit pension plan and was established by Christian Education Benefit Solutions for employees of its schools in Canada.
Both participants and schools benefit when educators are able to retire at an appropriate age because they have sufficient resources to do so. However, given the limited financial resources of many schools, predictability of this can be a challenge.
Our pension program allows for the provision of retirement benefits to Christian school employees. The pension program fits well with the community model that drives both us and Christian education. By coordinating the retirement efforts of the Christian education community, we are able to do a much more efficient, effective, and complete job of providing retirement benefits. The challenge is to use the resources of schools to the greatest advantage for teachers.
1.9 percent X
Five-year Final Average Earnings X
Years of Eligible Service X
Either 1.00 (8.05 Percent Plan) or x 0.87 (7.00 Percent Plan) or x 0.69 (5.55 Percent Plan)
=
Annual Pension Benefit
Let's say you have 30 years of service in the plan and a five-year final average earnings of $58,000. If your school participated in the 8.05 percent plan, your annual payout at age 65 would be: 1.9 percent x $58,000 x 30 = $33,060 annually for life.
One of the unique benefits for Canadian employees is the government-sponsored Canada Pension Plan (CPP). If your school opted for the 8.05 percent plan, you would add this to the amount from the pension plan and OAS (old age & survivor):
Update on the Christian Education Pension Plan and Trust Fund
Recently, the Ontario government proposed changes in legislation that could impact how the Christian Education Pension Plan ("the Plan") is funded. Although not currently in force, these changes have the potential to increase costs and decrease the benefits of the Plan. These possible effects would impact participants across Canada.
You can be assured that our Trustees are deeply committed to protecting the Plan and those who depend on it. Currently, we are working to have the Plan continue to operate under the present funding rules for at least the next three years. During that period, we will be meeting with policymakers to have the proposed changes amended or obtain an exemption from them. In the event that the legislation comes into force, we will explore options to overcome any possible negative impact on the Plan and its participants.
As further information becomes available, the Trustees will provide timely updates.
In April, the Ontario government confirmed a proposed funding framework that could result in both cost increases and benefit reductions in our Plan and Trust Fund.
Common questions and answers are enclosed.
Notice of Special Ontario Multi-Employer Pension Plan (SOMEPP) Election
Proposed revision to the member bylaws for Christian Schools International. These bylaws were revised and updated by the CSI Board of Trustees in 2023.
Individuals may contact Brenda Addie with questions about their individual pension plan.
Schools can join the pension plan every September 1. To learn more, contact Todd Schilthuis.
A summary plan description is a short simplified description of the Christian school pension plan.
Your Pension Plan
To: All Participating School Boards and Principals
From: Howard Van Mersbergen, Executive Secretary-Treasurer
Pension Adjustments - Pension adjustments and important T4 slip reporting information
Questions - Contact us if you have questions or need assistance
To: All Active and Inactive Participants on August 31, 2022
From: Howard Van Mersbergen, Executive Secretary-Treasurer
Status Report - Important information on your status with the Plan
Retirement Calculations Online - Generate your own retirement benefit projections
Retirement Checklist - Helpful steps toward retirement
Interest Rate - Credited to your contribution account
Investments - Year-end assets and returns
Funding Status - Funded at 104% as of August 31, 2021
Plan Book and Summary Plan Description - Always available online
Contacting Us for Support - Contact us if you have questions or need assistance