Yearend reporting is an important process as it allows participating employers to review and report correct pension contributions, pensionable earnings and service information for each employee who participated in the Pension Plan in 2019. During the Yearend Process, employers have the opportunity to report any adjustments or changes that may be required to keep MEBP member accounts accurate and up to date.
It is important that the information reported is accurate and timely, as it is used to:
- calculate the annual Pension Adjustment (PA) which is required to be reported on the employee’s T4,
- calculate a plan member’s termination, retirement or death benefit,
- calculate on-line pension estimates by the member, and
- provide the member with an annual benefits statement.
Incorrect information can lead to wrong pension information being provided to members, who may then use this information to make retirement and financial decisions.
During the Yearend process, employers are given an opportunity to check that all eligible employees are participating in the Plan and to ensure that information for terminated or retired members has been sent to MEBP.
For employers who participate in the Disability Income Plan and Group Insurance Plan, the Yearend reporting allows for a review of plan participation and ensures that contributions deducted from employees are correct based on the coverage requested.
The Yearend process also allows for the review and reconciliation of the contributions deducted from employees through payroll, and the contributions paid by the employer on behalf of their employees. Total employee and employer contributions collected are compared to the funds that were paid (remittances) to MEBP throughout the year. This part of the process ensures that employees and employers have paid and remitted the correct amount of contributions and that MEBP has updated employee accounts fairly and accurately.
In November of each year employers are sent a Yearend Package. This package contains the following:
Yearend Report – Yearend Excel Spreadsheet listing employees who are currently active participants in MEBP, terminated, retired or who have died during the year. Employers should review and advise MEBP of any employees who are missing. If an employee is missing from the list it means that MEBP did not receive an Enrolment (Form #20) and was not able to set up an account for the employee. Send in ASAP so your Yearend can be processed.
Yearend Summary – Form #16
Year-to-Date Remittance Report
The following information is available under the Yearend Additional Information under Part 7 - Annual Yearend Information section of this manual.
- 2020 Payroll Dates Sheet
- Pensionable Earnings List
- Form #50 – Monthly Remittance Report
- Plan Cost Summary 2019
- Plan Cost Summary 2020
- Employer T4 Information
- 2020 Yearly Maximum Pensionable Earnings and Contributions
MEPB Payroll Dates Sheet
This form is used to record your 2020 payroll dates. It is required to be completed and returned with your yearend report and summary sheet. It is important that we receive this information as it helps us when enrolling members on the plan(s) and processing terminations/retirements.
*** Report only the pay periods that will be included on your 2020 T4 Summary.