Responsibilities | Pension Plans
Information for Pension Plan Members

Plan Contributions
Contributions must be made and remitted regularly by your employer, and must be sufficient to pay for the cost of accrued benefits.

Member contributions must be remitted by the employer within 30 days after the end of the month in which the deduction is made, or earlier as provided for by the wage assignment or authorization to pay. Employer contributions must be remitted within 30 days after the end of each period for which those contributions are payable, unless the contributions relate to profits of the employer, in which case the contributions must be remitted within 90 days after the end of the fiscal year.

In some defined benefit plans there may be less money in the pension fund than is needed to pay for all the benefits earned by members of the plan. The PBSA requires regular plan valuations and a schedule of special payments to be made by the plan sponsor (e.g. your employer) to make up any funding shortfalls, except in the case of a negotiated cost plan (see Negotiated Cost Plans ).

If there is a funding deficiency, information that the plan's assets are not sufficient to cover benefits must be provided to members in their annual statement (see Pension Information ).