Pension

Pension Benefits Received if Resigning Before Retirement Age

If employee has fewer than two years of LAPP membership, the following choices are available:

• Refund of employee contributions and interest. Income tax is withheld.
• Transfer of employee contributions and interest to a Registered Retirement Savings Plan (RRSP). No Income Tax is withheld.
• Contributions left in the Plan.
• Reciprocal Agreement Transfer, if eligible.

If employee has two or more years of LAPP membership, the following choices are available:

• Transfer of the commuted value (value of the pension you have earned on your service) to a Locked In Retirement Account (LIRA). (employee and employer contributions)
• Reciprocal Agreement Transfer, if eligible.
• Contributions left in LAPP.
• Deferred Pension to start any time between age 55 and age 69 years.
• Disability Pension.

Approved Leaves of Absences

While on Extended Disability Benefit (EDB) employees do not contribute to the pension plan. However, this is considered an approved Leave Of Absence and eligible for employee purchase.

Leaves of Absences greater than ten (10) working days is reported at year end to Local Authorities Pension Plan and if the leave is an approved leave is then eligible for employee purchase.