Retirement Benefits

Both plans provide eligible members with retirement income based on formulas that take into account the member’s earnings and length of service in each Plan.  Members with service before and after June 30, 2014 will receive benefits from both Plans:

 

Normal Retirement Benefits
Final Average 5 Years versus Career Average versus Best 3 Years Average

The TRIP Plan formula calculates benefits based on a transitional formula.  From July 1, 2014 to December 31, 2019, benefits are earned based on a final average 5 years of pensionable earnings.

From January 1, 2020 onward, benefits are calculated using a career average pensionable earnings.  This will help to keep the Plan sustainable.
 
Benefits payable from the Regina Police Pension Plan, for service up to June 30, 2014, are calculated using a Best Average 3 Years of Pensionable Earnings.  Although this Plan is closed, earnings are not frozen at June 30, 2014 amounts.  For purposes of calculating benefits from this Plan, pensionable earnings continue to increase up to the time you retire.


The following table compares the benefits under each Plan:

Normal Retirement Benefits
Factors affecting your benefits
Although all benefits are based on the same formulas, many factors impact the actual benefits any one member receives from the Plan over time, including:

• Age at initial employment and termination;
• Earnings;
• Leaves of absence;
• Marital status; and
• Options selected upon retirement.

Because each of these can have a significant effect on your retirement income, it is important to be aware of those effects. For information specific to you, contact Möbius Benefit Administrators Inc. or login to the Member Web Portal.