Date: March 22, 2017
To: Participating School Boards, Active and Inactive Plan Participants and Retirees
From: Howard Van Mersbergen, Executive Secretary-Treasurer
Final Average Earnings (FAE) Amendment
The pension formula in the CSI Pension Plan uses Final Average Earnings or FAE. This is the average of the best five years of your earnings (three years of service up to August 31, 2010) in your last 20 years of service up to a set date. This date is updated each year if the financial status of the Plan allows it.
Beginning September 1, 2017 the time period through which FAE is calculated is being extended from August 31, 2017 to August 31, 2018.
Appeal Procedure Amendment
Currently pension plan appeal procedures require the Trustees to act on an appeal within 60 days of receipt of the appeal. If a follow-up appeal is made to the CSI Board the CSI Board also has 60 days following receipt to make a decision.
Because of the time between regularly scheduled meetings the 60 day limit could require a special meeting. To avoid this situation the Plan is being amended as follows:
Any Participant, Surviving Spouse, Beneficiary or other person entitled to a benefit under the Plan who believes that he or she is entitled to receive benefits under the Plan greater than that determined by the Trustees may, within 120 days after such determination, file an appeal in writing with the Trustees disputing his or her benefit entitlement.
The Trustees shall, within 120 days after the receipt of an appeal, or such longer period agreed upon by the participant and the Trustees, either approve or reject the appeal in writing.
Participants whose appeals are rejected (or their duly authorized representatives), within 60 days after receipt of rejection of their appeals may request a review upon written request to the CSI Board; may review pertinent documents; and may submit issues and comments in writing.
The CSI Board shall make its decision no later than 120 days after receipt of a request for review unless a greater period is agreed upon by the participant and the CSI Board.
Contacting Us for Support
More information about our benefit plans and past Updates is located on our website at www.csionline.org/benefits. On this “Employee Benefits” page, select the appropriate plan. As always, if you have questions, please contact Marcy Sterken at 877.274.8796, ext. 231, or 616.284.3231, or by email at email@example.com.