Summary of Key Provisions

Plan Membership You automatically join the plan when you become a full-time academic employee, unless you are under age 18 or over age 60. If you work part-time, you may join the plan if you meet minimum pay requirements.
Plan Contributions You and the University contribute equally to the plan. You contribute by tax-deductible payroll deduction. The amount you contribute depends on how much you earn.
Retirement Age Normal: June 30th following 65th birthday
Special early: anytime after age plus service equals 85
Reduced early: anytime between the ages of 55 and 65 (five years' service required).
Amount of your pension at normal retirement Sum of Part A and Part B
Part A for service from January 1, 1993 - June 30, 2007 and after July 1, 2013:
1.3% x average YMPE x years of service
-plus-
2.0% x best average salary above average YMPE x years of service
 
Part B for service from July 1, 2007 - June 30, 2013:
1.0% x average YMPE x years of service
-plus-
1.7 % x best average salary above average YMPE x years of service
 
For service before 1993, check your annual pension statement or contact Human Resources for information on your pension earned under the New Brunswick Public Service Superannuation Plan
If you leave If you have under two years of plan membership, your total contributions are repaid with interest. If you have two or more years of plan membership (or five years of service), you will receive the full value of the pension you have earned.
If you die before you retire
 If you have under two years of plan membership, your spouse, beneficiary or estate will receive a refund of your total contributions with interest. If you have two or more years of plan membership (or five years of service), a pension will be paid to your spouse or children, or a lump sum will be paid to your beneficiary or estate.
Plan membership You automatically join the plan when you become a full-time academic employee, unless you are under age 18 or over age 60. If you work part-time, you may join the plan if you meet minimum pay requirements.
Plan contributions You and the University contribute equally to the plan. You contribute by tax-deductible payroll deduction. The amount you contribute depends on how much you earn.
Retirement age Normal: June 30th following 65th birthday
Special early: anytime after age plus service equals 85
Reduced early: anytime between the ages of 55 and 65 (five years' service required).