Financial Services _Çô Client Services RFC126 Chapter Notes - Chapter 9: Defined Benefit Pension Plan, Accrual

• School: Seneca College
• Department: Financial Services _Çô Client Services
• Course: Financial Services _Çô Client Services RFC126
• Professor: marie

Document Summary

4. 95% of pensionable earnings for employer and employee . Pensionable earnings are between the ybe and ympe . Reduce cpp benefits by 0. 6% for every month before 65th birthday starting age 60 . Increase cpp benefits by 0. 7% for every month after 65th birthday until age 70 . For (cid:272)o(cid:374)tri(cid:271)utors who (cid:272)a(cid:374)"t work (cid:271)e(cid:272)ause the(cid:455) are disa(cid:271)led a(cid:374)d will most likely die because of the disability . For children of contributors who qualify for the cpp disability benefit . Paid to the estate, surviving partner, and dependent children of a contributor that dies . Registered pension plans (rpps: defined benefit pension plans, defined contribution pension plans. Individual knows how much they will receive at retirement . Accrual rate * years of service o flat monthly. Benefit (flat monthly benefit amount * 12) * years of. Average pensionable earnings: earnings throughout career, earnings in the last 3 to 5 years, top 3 to 5 years of earnings.