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Defined Contribution Accounts

Plan Members

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The HRM Pension Plan offers its members additional opportunities to save for their retirement by way of a Defined Contribution (DC) account. Annually, members may elect to contribute 6.3% of their overtime and other non-regular taxable earnings to the Defined Contribution component of the Plan. If you elect to contribute on your overtime and other non-regular earnings, your employer will match your voluntary contributions dollar-for-dollar.

Non-regular earnings typically include:

  • Bonuses,
  • Lump-sum vacation payouts,
  • Overtime earnings, and
  • Other non-regular earnings  

Please check with your payroll department to confirm which of your earnings types are eligible for these additional contributions, if any.

Note: If you are a sworn police officer, you can make a separate election indicating you wish to contribute 12.6% of your police extra-duty earnings to your DC account. Please note that your employer does not match your contributions on any police extra-duty earnings. 

How it Works

Over your career, your DC contributions, along with any matching contributions from your employer, will be deposited into an account in your name. These contributions are invested along with the other assets of the Plan and will grow with any future DC contributions and investment returns. Your account balance at retirement can be used to increase your annual lifetime pension or can be taken as a lump sum transfer when you leave the Plan.

* Extra-duty earnings apply only to sworn police officers and are not matched by the employer.

A summary of your DC account balance, if applicable, is provided on your most recent annual statement. If you do not have a copy of your most recent annual statement, you can access it by logging on to your HRM Pension Plan Profile or by contacting our office.

DC Options upon Termination or Retirement

DC funds are not able to be withdrawn from the plan until your retirement, termination, or death. 

When you retire, you can use the value of your DC Account to increase your monthly lifetime pension, or you can transfer your DC Account balance to your personal Locked-In Retirement Account (LIRA). If you terminate prior to being eligible to retire, you can transfer your DC Account balance to your personal Locked-In Retirement Account (LIRA), or alternatively, you may elect to defer your pension entitlement and leave your DC Account in the Plan until a future retirement date.

In the event of your death, the balance of your DC Account will be included in any death benefit payable to your spouse or beneficiary.

Annual DC Elections

Upon enrollment in the HRM Pension Plan you will be required to indicate if you would like to contribute to the DC component of the Plan on any eligible earnings. In futures years you will be provided with a new DC Election form from your employer. Complete this form and return it to your employer if you would like to change your DC election for the upcoming year. If you do not return the completed form, your election from the previous year will be maintained. If you have not received this form from your employer in the past, you should contact them and ensure you receive a copy in the coming year.

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