At CSS Pension Plan, we are committed to helping participating employers of the Plan understand their responsibilities and critical role in supporting their employees' pension accounts. Here is an outline of the key responsibilities of employers:
Understand your role in the CSS Pension Plan
As a participating employer, it's essential to educate yourself about the CSS Pension Plan and familiarize yourself with its features, benefits and options. This knowledge will empower you to support your employees' retirement savings efforts effectively. Take advantage of the information and services available to you:
- Employer Administration Procedures Manual: This manual provides a clear and concise summary of the CSS Pension Plan's main features and administrative procedures.
- Employer webinar sessions: Attending these webinars and/or watching the recorded sessions can help you understand your responsibilities and how to best support your employees.
Enroll employees and manage contributions
As an employer member of the CSS Pension Plan, it is your responsibility to:
- Enroll employees and submit membership applications: When eligible, enroll employees in the Plan and submit the Employee Membership Application form to the Plan.
- Manage contributions: Collect contributions from each pay period and remit those contributions to the Plan.
- Communicate with your employees: Co-operate with the Plan in fulfilling applicable pension legislation and best practices communication requirements.
Contribution responsibilities
Employers are responsible for:
- Calculating contributions: Accurately calculate the required contributions for each employee based on their earnings.
- Remitting contributions: Remit both the employer and employee contributions to the CSS Pension Plan within 30 days from the end of the pay period from which you collected them.
- Handling missed contributions: Address any missed contributions promptly and ensure they are corrected.
Maintain accurate records
Ensure the accuracy of your employees' personal and contact information on file with CSS Pension Plan. Accurate information ensures that communications are received and benefits are correctly allocated. If your employee provides you with updated personal and contact information, please ensure that they also provide that updated information to CSS Pension Plan.
Provide support and resources
Encourage your employees to take advantage of the educational resources, materials and decision-making tools available through CSS Pension Plan. Our website is packed with helpful planning tools and resources to guide them on their journey towards retirement. The myCSSPEN Compass® Retirement Income Planner is a DIY tool that allows employees to create a personalized retirement plan, visualize their financial future and adjust to stay on track.
Plan for employment changes and retirement
Upon terminating active membership in the Plan and/or when retiring, employees must select an appropriate option within the provided timeframe. Whether they decide to retire at age 50, 60 or 71 (or somewhere in between), it's essential to learn about their options and make decisions appropriate for their situation.
Additionally, if an employee's employment is terminated, they may want to consider what to do with their funds. Depending on their preferences and the nature of their funds, they can leave them in the CSS Pension Plan or transfer them out.
Conclusion
Thank you for making CSS Pension Plan part of your employees' financial journey. We are here to support you!
By understanding and fulfilling these responsibilities, participating employers can effectively support their employees' pension accounts and help them achieve their retirement goals. Our role in providing clear information and support is essential in helping employers navigate their responsibilities and make informed decisions.
