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Benefits Overview

Background

In 2010, unions and employers participating in the Healthcare Employees’ Pension Plan (HEPP) negotiated and agreed to establish two COLA Funds. An implementation committee, with representation from unions, employers, and HEB Manitoba administration, has researched and developed the model to establish a COLA Plan.

The COLA Plan Funds:

  • Are to be separate from the Pension Plan Fund
  • Are to be funded by equal contributions from employers and employees
  • Are dedicated to providing COLA benefit payments to retired Pension Plan members.

Eligibility

If you are a member of HEPP on or after April 1, 2014, you will become a member of the HEPP COLA Plan.

Contributions

Two distinct COLA Plan Funds have been created – one for active members, and one for past retirees.

Effective April 1, 2014:

  • Contributions to the COLA Plan will begin. The contribution rate for both active members and employers will be 0.8% of pensionable earnings
  • 100% of COLA Plan contributions will go to the Active Members Fund.

Effective April 1, 2015:

  • The COLA Plan contribution rate for both active members and employers will increase to 1.0% of pensionable earnings
  • 90% of COLA Plan contributions will be directed to the Active Members Fund, and
  • 10% of COLA Plan contributions will be directed to the Past Retirees Fund.

Benefits

A COLA will be paid to retired Pension Plan members from the COLA Plan Funds on an ad hoc basis, and will be granted if sufficient funds are available.

The earliest date a COLA may be granted is January 1, 2018. The maximum COLA Plan benefit that may be payable in a given year will be two-thirds of the Canadian Consumer Price Index (CPI).

If a COLA is granted, the COLA Plan will provide COLA payments to retired Pension Plan members in receipt of a monthly pension.

© 2017 HEB Manitoba

 

Disclaimer - This website provides a basic overview of the Healthcare Employees' Pension Plan (HEPP) and the Healthcare Employees' Benefits Plan (HEBP) (collectively the HEB Manitoba Pension and Benefit Plans). Not all employers participate in all Plans. Please check your eligibility for benefits with your employer.

HEB Manitoba is a name notation registered by the Healthcare Employees’ Pension Plan – Manitoba and the Healthcare Employees’ Benefits Plan – Manitoba and under which each of their respective undertakings is carried out.

The information on this website is for convenience of reference only and has no official sanction. View our full disclaimer here.