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HOME / SPECIAL PENSION STATEMENT AS AT DECEMBER 31, 2013 /


EXAMPLE


In this example, the following assumptions are used:

  • the teacher worked a full school year, full-time.

  • the teacher was a C5 - Step 12 each year.

  • the back of the teacher's 2013 special statement shows the salary detail for the "highest 5-year" average salary as follows (view sample statement):


EXAMPLE SALARY DETAIL (on the back of your 2013 special statement)


  Sep - Dec 2013 2012-2013 2011-2012 2010-2011  2009-2010  Jan - Aug 2009
             
Annualized
Pensionable
Earnings
$71,000 $70,000 $68,000 $67,000 $66,500 $65,000
             
Weighting 0.39 1.00 1.00 1.00 1.00 0.61
             
Weighted
Pensionable
Earnings
$27,690 $70,000 $68,000 $67,000 $66,500 $39,650



LET'S LOOK AT SCHOOL YEAR 2011 - 2012 AND VERIFY YOUR ANNUALIZED PENSIONABLE EARNINGS.



STEP 1. Look up your salary in effect at September 1, 2011 per the PEI Teachers' Federation Memorandum of Agreement.  ADD to your annual salary, any applicable allowances in effect at the same date.
 

    As taken from the Memorandum of Agreement between the Education Negotiating Agency and Prince Edward Island Teachers' Federation (July 1, 2010 - September 30, 2013)



STEP 2.  Look up your salary in effect at June 30, 2012 per the PEI Teachers' Federation Memorandum of Agreement.  ADD to your annual salary, any applicable allowances in effect at the same date.


    As taken from the Memorandum of Agreement between the Education Negotiating Agency and Prince Edward Island Teachers' Federation (July 1, 2010 - September 30, 2013)



STEP 3 Compare the results from steps 1 and step 2 with the annualized pensionable earnings shown on the back of your 2013 special statement.  These annualized pensionable earnings should fall between the values from steps 1 and 2.  If not, please complete a Statement Correction Form and submit to Pensions & Benefits.

Based on the range given within the collective agreements shown above (September 1, 2011 - $67,443 and June 30, 2012 - $68,798), it appears that the 2011 - 2012 annualized pensionable earnings shown on the back of the special statement ($68,000) are reasonable.



STEP 4 Return to step 1 and complete the process for each year.  Once you're completed steps 1 through 3 for each year, you've checked your earnings used to calculate your "highest 5-year" average salary.

 

 

TO VERIFY THAT THE AVERAGE SALARY GIVEN ON THE FRONT OF YOUR SPECIAL PENSION STATEMENT, CONTINUE ON TO STEPS 5 AND 6.


 STEP 5 Add together all weighted pensionable earnings taken from your special statement.  Divide the total of all 6 columns by 5.


 

      Sep-Dec 2013   2012-2013   2011-2012   2010-2011   2009-2010   Jan-Aug 2009   "Highest 5-year" Average
                               
    Weighted
    Pensionable
    Earnings
    $27,690 + $70,000 + $68,000 + $67,000 + $66,500 + $39,650 = $67,768

     
    PLEASE NOTE - Due to the fact that the weighting for each year is rounded for presentation purposes, the weighted pensionable earnings could vary by up to $500.


ATTENTION - MEMBERS WITH LESS THAN 5 YEARS OF SERVICE

Step 5 must be altered if you have less than 5 years of service.  CLICK HERE for the steps required to complete the exercise.



STEP
6
Compare your average salary from step 5 with that on the front of your 2013 special statement.

 

YOU'RE DONE!

       

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