Christian School Pension Plan (Canada)
The Canadian Christian School Pension Plan and Trust Fund 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 Schools International for employees of its member schools in Canada.
General Provisions
- The employer elects to participate in the 2%, 3% or 4% plan.
- All eligible employees contribute 2%, 4-1/2% or 6% of their salary to the Plan through payroll deduction.
- The employer matches the contribution.
- Contributions are sent to the Plan Office and are carefully invested by Plan Trustees and used to pay benefits.
After participating in the Plan for two years the employee becomes vested (eligible for a retirement pension). If the employee leaves the Plan before completing two years of participation, the employee’s contributions (but not the employer’s) can be refunded with interest. Once employees are vested, they are eligible to receive a pension benefit upon retirement.
Benefits
Pension Benefit:
- A pension benefit is paid at retirement with the option to have benefit payments continue to a surviving spouse or contingent beneficiary.
- This benefit is payable at age 65 or as early as age 55. The annual benefit is 1.38% of the best 3 consecutive years average earnings leading up to September 1, 2004, times years of service. An additional 1/3 of one year of service is credited for each year of service under the 4% plan.
- For early retirement at ages 55-59, the annual benefit is proportionately reduced.
Death Benefit:
- The balance of all employee contributions plus earned interest (minus any pension benefits received) will be paid to your beneficiary.
Preretirement Surviving Spouse Benefit:
- A lump sum amount is paid to the surviving spouse of a vested employee.
Cash Refund:
- Upon termination of employment, the balance of all employee contributions plus earned interest can be taken out of the Plan if the participant is not vested.
- If vested, the present value of the pension benefit plus the Additional Benefit, if any, may be taken out of the Plan.
For additional information, please e-mail us at , or write or call us at:
Canadian Pension Plan and Trust Fund
3350 East Paris Ave. SE
Grand Rapids, MI 49512-3054
877-274-8796, Ext. 231
Fax: 616-301-2149
