The calculator will help general members gauge how the proposed changes will affect them. The calculator should be used for illustration purposes and not for financial planning.
In order to use the calculator, you will need to estimate your:
- Years of pensionable service before January 1, 2022 (this is the planned implementation date for the proposed changes)
- Years of pensionable service after December 31, 2021 (how long after this date do you plan on working?)
- Years of contributory service (this is most important for part-time staff)
- Five-year Highest Average Salary (HAS) (what do you anticipate your HAS to be?)
- Age at retirement (we encourage you to run multiple scenarios)
If you need help finding this information, please view the video below or click on the detailed instructions to find your service and salary and highest average salary information on your Member’s Benefit Statement. Please note that calculator results are sufficient to illustrate the potential effects of the proposed changes.
Please note: When plan design changes are approved, MyAccount will be updated with the changes, allowing you to complete your own personalized estimates.
* The calculator shows the estimated effect of the proposed plan design changes. The purpose of the calculator is to provide a comparison between old (current plan) and new (proposed plan) rules. The calculator does not apply to retirees or members who will have no service earned after January 1, 2022. The calculator also does not apply to special groups, or group 2 and 5 members.
The pension amounts calculated are for illustrative purposes only to provide an estimate of projected future benefits to show how plan changes may affect a plan member. Many variables are used in calculating a pension and the actual benefit entitlement will depend on individual circumstances at retirement. The information and results provided by this pension calculator are not meant to provide in any way a binding statement of benefit entitlement and should not be considered accurate for the purpose of legal or financial advice that can be relied upon to make retirement decisions.
The Municipal Pension Plan Board of Trustees disclaim any liability for any use of this calculator and accept no responsibility for errors, omissions, inaccurate or misleading statements obtained through its use.
To update the calculator with your own values double tap on the yellow cells below to bring up your mobile device keyboard.