You and your employer, the Regina Board of Police Commissioners (Commission) make contributions to the TRIP Plan based on a percentage of your pensionable earnings. The contribution rates are recommended by the Plan actuary and are subject to change.
Member contributions are automatically deducted from each pay you receive during the year. The percentage you pay are based on one rate up to the Canada Pension Plan’s ‘Yearly Maximum Pensionable Earnings’ or ‘YMPE’, and then another higher rate on earnings above the YMPE. The percentage the Commission pays is the same rate for all earnings.
Members no longer pay contributions to the now closed Regina Police Pension Plan. The entire liability incurred to June 30, 2014 is the responsibility of the Commission.
Effective July 1, 2014, contribution rates for the TRIP Plan are as follows:
What is included in Pensionable Earnings?
Pensionable Earnings includes:
• Base pay (regular annual salary);
• Extra earnings (including shift differential, overtime, special allowances, clothing and transportation allowance);
• Any additional payouts (including retirement gratuity, unused vacation credits to a maximum of one year, and court banked time for which you make pension contributions);
• Certain earnings you may have received while on disability; and
• Your sick leave payout (applicable if you are a Civilian member and you have reached 25 years of combined service in both the TRIP and prior DB Plan and choose to make pension contributions on the sick leave payout).
Maximum Pensionable Earnings
Pensionable earnings are limited to a maximum of 110.4% of a member’s regular salary.
Tax Deductibility of Contributions
Your contributions to the TRIP Plan are tax deductible. Also, you do not pay tax on the contributions your employer pays on your behalf. Each year your pension contributions and your pension adjustment (PA) are reported on your T4 slip by your employer. Your PA is used to determine the maximum amount you can contribute to your Registered Retirement Savings Plan (RRSP). The Canada Revenue Agency uses your earnings, pension adjustment, and RRSP contribution information to advise you each year of the maximum RRSP contribution you can make.