Changes to your January pension statement notice: retired members
January 16, 2014
Your pension is deposited into your bank account at the end of every month, less any applicable deductions. At the start of every new year, you'll notice a few changes to your statement. Let's break down some of the potential changes you'll notice in your January statement.
Base inflation adjustment is applied
Every January, your pension is adjusted for changes in the cost of living. For 2014, the base inflation adjustment has been set at 0.9%.
If you retired before 2010, you receive 100% of the adjustment. If you retired after 2009, your annual increase is based on two components:
- 100% of the adjustment for the portion of your pension credit earned before 2010, plus
- 50% of the adjustment (0.45%) for the portion of your pension credit earned after 2009
If you retired in 2013, your inflation adjustment will be prorated for the number of months after you stopped working.
You membership in RTO is deducted
If you are a member of The Retired Teachers of Ontario (RTO), your annual membership fee is deducted from your pension payment every January. Remember, your pension amount will change in February because there will be no fee deducted from your payment.
Your medical premiums are deducted
Members have their choice of three optional plans or supplementary health coverage. One is offered by the Retired Teachers of Ontario through Johnson's, and the Ontario Teachers Insurance Plan (OTIP) offers the other two. If you purchased a medical plan, your medical premiums are typically deducted every month.
Retired members with electronic deposit notices, rather than printed deposit notices, can view their current month's deposit information no earlier than five days before pay date. If you receive electronic notices, sign into iAccess Web to view the changes in your pension payment. If you'd like to switch from paper to electronic pension notices, you can do so in iAccess Web. Just click ‘My Profile' and selected ‘Preferences' under ‘Personal Correspondence'. Select ‘Online in my iAccess Web account'.