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Pension plan

The Pension Plan for the Employees of Concordia University is a worry-free way to save for retirement. It provides benefits that are defined ahead of time based on a set formula using your pensionable earnings and years of credited service.

Your benefits are guaranteed and protected, regardless of economic or market conditions. Legislation requires the Pension Committee to ensure that the plan is sufficiently funded to provide you with the pension benefits to which you are entitled under the plan.

You can either become a member accruing service or a member not accruing service in the pension plan.

If you accrue service, you contribute a fixed percentage of your earning towards the pension plan through payroll deductions. That status is irrevocable. The university also contributes a fixed percentage towards the plan, based on your earnings. These contributions are used to accumulate a pension entitlement that is calculated using a predetermined formula, based on your pensionable earnings and years of credited service in the plan.

If you choose to not accrue service in the plan, you do not contribute to the plan, nor does the university contribute in your name. 

 

This section describes the Pension Plan for the Employees of Concordia University for members who are currently employed by the University. If you are not currently employed by the University, please contact Pension Services for details.

Retirement benefits

The normal retirement date under the plan is the first day of the month coinciding with or following your 65th birthday. If you retire at age 65, your pension under the Pension Plan for the Employees of Concordia University will essentially be based on the following pension formula:

For each year as a member accruing service, you earn an annual lifetime pension equal to:

2% of your Final Average Earnings

LESS

0.5% of the lesser of the Final Average YMPE and your Final Average Earnings

Although there are major advantages to a defined benefit plan, other sources of income are also essential to a comfortable retirement. Consult the retirement planning section on Carrefour for details.

You should seek the advice of a retirement, financial or tax specialist for help in your financial planning for retirement or in evaluating your current situation.

If you are... You..
Full-time, permanent employee * Automatically join the Concordia Pension Plan as of your date of employment as a member accruing service unless you elect to do otherwise in writing.
Not a Full-Time Permanent Employee**

Join the plan on January 1 of the year following the calendar year in which you meet one of the following qualifications:

  • a minimum of 700 hours worked; or
  • remuneration equal to at least 35% of the YMPE.

You can defer for two years, if you declare your intent in writing,

*Each regular full-time employee who enters the service of the university on or after January 1, 2018 shall become a member of the plan from their date of employment, unless they elect in writing, not to become a member until January 1 of the year following completion of the two (2) full calendar years after the year in which they were hired. At that point membership in the plan becomes mandatory. They may elect to become a member of the plan earlier, on each of the two preceding January 1.

**Each employee who enters the service of the university on or after January 1, 2018, and who is not a regular full-time employee shall become a member of the plan on the January 1 following the calendar year in which they meet the qualification requirement. However, they may elect, in writing, not to become a member of the plan until January 1 of the year following completion of the two (2) full calendar years after the year in which they met the qualification requirement. At that point, membership in the plan becomes mandatory. The employee may elect to become a member of the plan earlier, on the preceding January 1. 

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