The Canadian Baptist Pension Plan
The Pension Plan is a defined contribution pension plan (DCPP) and is part of the national Canadian Baptist Pension Plan. The plan is managed by the National Pension and Insurance Committee, which includes representatives from all regions (Canadian Baptists of Western Canada, Canadian Baptist Ministries, Canadian Baptists of Ontario and Quebec, Union of French Baptist Churches in Canada, and Convention of Atlantic Baptist Churches), and to which CBOQ appoints three representatives. The Committee meets a minimum of two times per year to hear reports from the consultants and investment managers, and to provide overall coordination and governance of the plan.
All permanent employees who have minimum working hours of 700 hours per year or minimum earnings of 35% of the CPP Maximum Pensionable Earnings are eligible to join the Plan. You can join the plan at any time after you are hired, providing your employment contract permits. It is the church’s responsibility to advise employees of their eligibility. Participation in the plan is voluntary, and offers you the opportunity to take advantage of very low fees, convenient payroll deductions, professional investment managers and oversight, easy to choose funds, and tax advantages. More information about the pension plan is available here.
The employee’s contribution is matched by the employer in an equal amount. Pension legislation requires that these funds be remitted within 30 days of having been withheld. Employee contribution rates since 2007 are 6.00%.
Enrolment information is available by contacting Yvette Kayode, Human Resources Lead at CBOQ.