Pension Portal for Members of the Salaried Pension Plan 2000
This message is for members of the Salaried Pension Plan 2000
“When can I retire?” and “What will my pension be when I retire?” These are two questions that are frequently asked by members of the Pension Plan.
The new Pension Portal can provide you with the answers and is now available to active members of the Salaried Pension Plan 2000.
The Pension Portal is a component of PenProPlus which is the pension administration system used at McMaster. McMaster adopted PenProPlus to better serve the pension and retirement needs of our employee population. The Pension Portal is a secure online tool that has been created to facilitate self-service offerings for active members of the McMaster Salaried Pension Plan, including access to their pension information.
As an active member of the Salaried Pension Plan, you can:
- Access the Pension Portal through Mosaic to try out the Retirement Modelling feature and run your own pension estimates based on variable information including:
- a retirement eligible date or age of your choosing
- projected increases to your annual earnings
- changes to your work percentage (e.g., change full time hours of 100% to part time of 50%)
- changes to your marital status
- See your past annual pension statements for 2015 to 2018 (2019 statements will be added in January); and
- Review FAQs related to McMaster’s Salaried Pension Plan.
A number of Salaried Pension Plan members from various employee groups were invited to participate in the final testing and pilot launch of the Pension Portal in October 2019. Feedback about the Pension Portal was very positive:
“The best part was the retirement modelling. I found that very informative and like that you can do your own estimates to explore options.”
“It is a great platform, simple to use. Comparing scenarios is very useful.”
“I think it’s a great useful tool!”
You can access the Pension Portal from within the Employee Self Service page in Mosaic. When you click on the Pension Portal tile, you will be prompted to input your McMaster user ID and password for access to the site. The Pension Portal User Guide provides the information and instructions you will need to access and use the Pension Portal. Note that you will need your McMaster user ID and password to access the instructions.
It is important to understand that the Retirement Modelling Tool in the Pension Portal provides you with estimates of your future pension. It uses a number of assumptions in the calculations, some of which you determine such as future salary increases and FTE. Based on the assumptions you input, your actual benefits payable may be higher or lower.
Your actual benefits payable from the Plan are always calculated in accordance with the terms of the Plan text, and all applicable laws in effect at the time you retire, leave the University or otherwise when a determination of your pension entitlement is required or upon marriage breakdown. The actual benefits payable from the Plan will be calculated based on information, inclusive of Pensionable Service accruals, held in University records.
The Pension Portal is a big step forward in fulfilling the commitment to improve self-service offerings and provide better access of information to members of the Salaried Pension Plan.
Employees who participate in the University’s Group RRSP can review their investments and account balances at any time by accessing the Desjardins site.
If you are thinking about retirement there are many resources available to help in your planning for retirement.
Should you wish to speak with someone regarding your personal retirement options or you need someone to help you with your unique situation, Human Resources Services is here to support your needs. You can contact the HR Service Desk by calling ext. 222-HR (47) or email hr.mcmaster@mcmaster.ca
Pension Plan 2000 (Active Members)