New Pension Administrator FAQ
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Why are we changing the Pension Plan administrator?
The Pension Board is responsible for the oversight of the administration and operations of the Plan and they outsource certain administrative and record-keeping responsibilities to a third-party service provider. The change in administrator is a result of the Pension Board’s commitment to invest in administrative and financial services to meet the evolving needs of Plan members and to improve the Plan Member experience, as set out in the Pension Board’s 2022-2024 Strategic Plan.
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Who is the new Pension Plan administrator?
The new pension plan administrator is Aon. With more than 50 years' experience in defined benefit pension plan administration, Aon is a global provider of retirement, health and risk solutions.
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Will there be any changes to my pension benefits?
No, your pension benefits will remain the same. The transition only affects the administration of the Plan, not the Plan provisions that determine your pension benefit.
If you are already receiving your pension payment, you can rest assured that this transition will not cause any disruption or change to your monthly pension payment.
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How will this transition affect my current pension contributions?
Your current contributions will continue without interruption. There will be no changes to the rate or frequency of your contributions.
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Will I need to take any action during the transition?
No, there is no need to complete a new Pension Enrolment Form or re-appoint your beneficiary designation. Your pension information and any valid beneficiary designations will be automatically transferred to Aon.
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What are features of the new online portal with Aon?
On the new portal, you will be able to:
- Access and update your pension information
- Appoint a pre-retirement beneficiary designation with the acceptance of digital signatures.
- Access a self-serve pension estimator tool which will have near live payroll data and features to customize the projection estimate (available Spring 2025).
- Access annual statements and pension correspondences.
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Will I continue to receive my annual pension statement?
Yes, the annual pension statements will continue to be issued at their current annual frequency. The next pension statement will be mailed to you and also be available online in Summer 2025. Stay tuned for a new look!
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Who can I contact if I have questions about the transition?
Any questions about the transition should be directed to your local HR Office or the Pension and Benefits team at [email protected].
