What's New in 2021

The Cabinet has appointed Mr. René Dufresne as member of Retraite Québec's Board of Directors and President and Chief Executive Officer. He will take office on 1 January 2022.

In January 2022, your contribution to the additional plan under the QPP will be of 0.75% on the portion of your salary between $3500 and $64 900. Since the Québec Pension Plan enhancement in 2019, the additional plan that was implemented allows you to benefit from increased benefits at retirement, and in the event of death or a disability.

For more information on the enhancement of the Québec Pension Plan

Our agency stood out 3 times this year by first receiving the 2021 Distinction award from the Healthy Enterprises Group in its category, in addition to our Healthy Enterprise - Elite certification and underlines our sustained efforts to promote the health and well-being of our employees.

More recently, Retraite Québec also left the Cérémonie de remise des Prix d'excellence de l'administration publique (Excellence Awards) with two awards: one for its focus groups and the other for its employer image and its distinctive employee experience. These are two of our great accomplishments, the first one aiming to improve our clients' experience and the second to improve our employees' experience. These distinctions once again recognize the excellence, innovation and expertise that our employees demonstrate everyday.

Use LIF Quick Calc to calculate how much can be withdrawn from a life income fund (LIF) in 2022 based on the reference rate of 6%.

Please note that the temporary easing measure regarding the rules for withdrawals from an LIF, within the exceptional context of the COVID-19 pandemic, will end on 31 December 2021.

As of next January, Family Allowance, the Supplement for the Purchase of School Supplies and the Supplement for Handicapped Children will increase by 2,64%, based on the indexation rate for 2022. Consult our 2022 tables for more information on the annual amounts of the benefits.

The plan undergoes changes every year. One of those changes is the indexation of your pensions.

In January 2022:

• based on the cost of living, your pensions will increase by 2.7%;
• the maximum pensionable earnings (MPE) will increase from $61 600 to $64 900.

Retraite Québec is taking measures to ensure:

• the security of the information
• the access to information
• the protection of confidential information.

Therefore, as of 1 January 2022, the SPP Portal, which is the easiest and safest way to send us documents related to a supplemental pension plan, will become the sole method for sending PDF documents digitally.

Please note that this obligation does not apply to:

• the types of plans that do not give access to the SPP Portal (SIPP, VRSP, LIRA-LIF)
• supplemental pension plans for which the registration number with Retraite Québec has not yet been assigned
• documents in formats other than PDF.

For more information on sending documents through the SPP Portal, consult the SPP Portal user guide or contact an information officer by telephone or by email.

Register now for Retraite Québec's February 2022 training activities.

By logging in to your My Account digital workspace, you can now follow the progress of an application regarding Family Allowance or retirement whenever it is convenient for you. Furthermore, by signing up for notifications, you will receive a notification by email or by text message at key moments during the processing of your application.

With this new service available in My Account, you will no longer have to wonder about the status of your applications, and you will no longer need to look for your paper documents when choosing the 100% digital option. It's simple, fast and safe!

You can follow up on several other applications sent to Retraite Québec in My Account. See all the details by visiting retraitequebec.gouv.qc.ca/myaccount.

My Account, tailored to my needs

Retraite Québec guides you in financial planning for retirement, this time, by putting the financial risks related to retirement forward.

Often unrecognized or underestimated, these risks must be taken into consideration when it is time to plan for your retirement. Are you familiar with them?

There are 4 mains financial risks:

• the longevity risk
• the inflation risk
• the rate of return risk
• the liquidity risk.

Consult our web section to help you better understand the different risks and to find out the ways to manage them better.

See the Annuity contracts guaranteed by an insurance company section with regard to a supplemental pension plan for information on those contracts and their presentation on the annual information return.

From October to December 2021, your 2020 Statement of Participation under a public-sector pension plan, such as RREGOP or the PPMP, will be uploaded to My Account.

Each year, your Statement of Participation is an essential reference tool to help you carry out the financial planning of your retirement. You will also find:

• your number of years of credited service as well as the amount of your contributions and accrued interest
• personalized retirement scenarios that are based on your age when you retire
• your rights and benefits related to your contributions, such as the number of days of absence that you can buy back and the benefits to which you and your family could be entitled.

Find out more about Your Statement of Participation and consult it in My Account now: it's simple, fast and safe!

Several advantages to connect to My Account

By connecting to your personalized online account, you will also find information, documents and services concerning the Québec Pension Plan and Family Allowance, which will make the steps you take with Retraite Québec easier. You can:

• carry out calculations using personalized and pre-completed tools
• see the amounts of Family Allowance or retirement, disability or death benefits to which you could be entitled, and their dates of payment
• consult various documents and letters sent by Retraite Québec
• file and track certain applications thanks to the detailed information regarding the prescribed processing time and notifications informing you of every important step regarding the process of your applications
• choose to only receive your documents digitally instead of by mail and notifications by email or text message to inform you of changes to your file, including when your Statement of Participation is available
• change information in your file and more.

As of this fall, nearly 500 000 beneficiaries of the Québec Pension Plan (QPP) will see their benefits enhanced and will receive a retroactive payment. The adjustment of the monthly payment and the retroactive payment will be made in October or November 2021.

The beneficiaries affected are those who receive a pension that began after January 2019 and for which contributions were paid to the QPP in 2019 and later. The benefits that can be enhanced are the retirement pension, the retirement pension supplement, the surviving spouse's pension and the disability pension.

We wish to remind you that Revenu Québec has been collecting new contributions related to the additional plan since January 2019.

The enhancement of the Québec Pension Plan, in effect since 1 January 2019, will allow for higher benefits in retirement for current and future workers by increasing their retirement savings. It also increases the coverage of disability and surviving spouse's benefits. It harmonizes the QPP with its Canadian equivalent, the Canada Pension Plan (CPP), which was also amended in January 2019.

Fore more information:

• Enhancing the Québec Pension Plan
• The additional plan

New web section – Substitution of employer

See the Substitution of employer section to find out more on the matter and on the documents and information to be sent to Retraite Québec to register and authorize that type of amendment to a supplemental pension plan.

New form related to the substitution of employer for defined-contribution plans

The new employer can use the Substitution of an Employer Under a Defined-Contribution Plan form (RCR‑144) to confirm that it is substituted for the former employer under a supplemental pension plan of that type.

From now to 31 October 2021, Retraite Québec will be leading a promotional campaign explaining the various sources of retirement income. For more information, see our theme page, view our video clip featuring Léane Labrèche-Dor and take the opportunity to use our financial planning tools for retirement.

The draft Regulation to amend the Regulation respecting supplemental pension plans was published in the Gazette officielle du Québec on 22 September 2021. The proposed amendments to the Regulation take into account the characteristics of target-benefit pension plans and are related to actuarial reports and statements that are sent to members and beneficiaries.

Furthermore, certain provisions apply to defined-contribution pension plans, defined-benefit pension plans and negotiated-contribution plans.

Any person wishing to comment on the draft Regulation must submit written comments by 6 November 2021 to the address indicated on the notice of publication of the draft Regulation.

It is now possible to authorize collaborators to send documents to Retraite Québec in a safe and easy way via the SPP Portal. To do so:

• the plan administrator's representative must add the persons he or she wants to authorize to send documents in the Collaborators section of the SPP Portal by assigning them the role of person authorized to send documents;
• those persons will have to create an account in order to have access to the Submitting documents section of the SPP Portal.

For more information, consult the Collaborators and Submitting documents sections of the SPP Portal user guide.

Retraite Québec is carrying out a refund of contribution overpayments by members of public sector pension plans following the regularization of employment for 2020.

Check out the checklist to improve supplemental pension plans (SPP) governance.
You will find the good practices to follow to properly administer a supplemental pension plan and to avoid the mistakes frequently observed by Retraite Québec during its inspections, such as:

• not knowing your responsibilities as a member of the pension committee
• not making sure that the pension committee's duties are carried out
• not acting in the best interest of the plan's members and beneficiaries
• not following up on a member's returned mail.
  

Simple, fast and efficient, the Sending a document online service is a digital solution that allows you to send us documents electronically, whether they are forms or other documents necessary to complete an application.

Rest assured that uploading and sending your documents is done safely!

Retraite Québec publishes RREGOP and PPMP actuarial valuation updates as at 31 December 2020 (in French only).

From now on, if you file an Application for Retirement Pension Under a Public-Sector Pension Plan (RREGOP, PPMP, etc.) or Application for a Pension Estimate, you can visit My Account to see the progress of your application whenever it is convenient for you. Other application follow-ups are also available, with more to come.

Thanks to detailed application tracking in My Account and notifications, you will not miss a thing and you will be able to be 100% digital! By updating your communication preferences, you will be able to choose to receive email and text notifications, which will inform you at different stages of your application's progress or when a document is uploaded to your file. In addition, by activating the digital mode, you choose to no longer receive paper documents in the mail and to access your documents and information only in digital format in My Account.

See all the details about online application tracking and the benefits of accessing your Retraite Québec file online!

Go digital: it's simple, fast and secure!

My Account, tailored to my needs

Use the RCR-020 form to register a target-benefit plan with Retraite Québec. Using this form will make it easier for you and allow you to ensure that all the documents and information required under the Supplemental Pension Plans Act are included with the application.

Retraite Québec has published its most recent edition of A Glimpse of the PPEMO, which is a newsletter intended for members and beneficiaries of the Pension Plan of Elected Municipal Officers (PPEMO).

In this edition, you will find articles on the return of the members' fund for 2020, the funding policy and the contribution rate in effect since 1 January 2021. The new online services offered via My Account are also presented.

Retraite Québec has published its Rapport annuel de gestion 2020 (2020 Annual management report; French only). The report covers Retraite Québec's results regarding the objectives of the agency's Plan stratégique 2020-2023 (2020-2023 Strategic plan; French only), Plan d'action de développement durable 2017-2020 (2017-2020 Sustainable development action plan; French only) as well as its Service Statement.

The report also presents Retraite Québec's financial statements, as well as those of the Québec Pension Plan and public-sector pension plans (RREGOP, PPMP, etc.).

Consult the Rappels aux actuaires (French only) section, which has been updated with respect to the appropriation of surplus assets and the retirement assumption on a solvency basis.

Consult the question concerning the degree of solvency, which must be indicated on members' statements. The answer has been enhanced by adding examples for annual statements as at 31 December 2020.

Retraite Québec publishes its most recent The PPMP at a Glance issue. This newsletter is intended for members and beneficiaries of the Pension Plan of Management Personnel (PPMP).

In this issue you will find articles on the return of the members' fund for 2020 and on the new online services offered via My Account. You can also find information on an easing measure regarding the return to work of retirees and beneficiaries of the Plan.

In May or June, your annual Family Allowance notice will be uploaded to My Account. To find out the amounts you will receive from July 2021 to June 2022, access My Account: it's fast, easy and secure!

During your visit, take some time to:

• choose the digital option to receive your annual notice and other documents directly in My Account, rather than by mail
• sign up for notifications by email and/or text message, which will inform you rapidly of changes made to your file, including when your annual notice is uploaded.

Easing measure

See the Frequently Asked Questions (FAQs)  related to COVID-19 to find out how the easing measure concerning the deadline for filing 2020 income tax returns for individuals will affect Family Allowance payments.

Retraite Québec is taking all the steps to ensure the security of the information that it holds. Therefore, as of 17 May 2021, 2 steps will be required to access the SPP Portal:

• As usual, enter your email address and your password.
• New: you must then enter the verification code that you will receive by email to authenticate yourself.

You will then access the SPP Portal, which remains unchanged.

This new way to authenticate yourself has no impact on the way you work or on the information provided in the Portal.

For more information, see the Connection section of the SPP Portal user guide.

Today, Retraite Québec is unveiling its top baby names in Québec in 2020. Will Liam and Olivia still remain at the top of the list? To find out, see the List of Baby Names or social media.

Consulted more than 500 000 times per year on Retraite Québec's website, the List of Baby Names is an essential tool for future parents. The first official List of Baby Names given to children in Québec dates back to 1979.

See Newsletter number 33, which provides information on the main amendments to the Supplemental Pension Plans Act regarding defined-benefit pension plans and defined-contribution plans.

Attend our webinar on the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans. It will provide an overview of the 2020 Agreement and the changes that were made compared to the 2016 Agreement.

Two dates are proposed: Tuesday, 25 May 2021 or Wednesday, 26 May 2021 from 9 a.m. to 12 p.m. (duration to be confirmed, maximum 3 hours).

Registration fees are $150 per person, taxes included. Sign up by writing to rcrformation@retraitequebec.gouv.qc.ca and indicate your choice of date and the desired payment method. If you are paying online or by bank transfer, we will provide you with the required reference number. You will then receive a confirmation of your registration once we receive your payment. Registration fees are refundable if we receive your application for cancellation by 18 May 2021 at the latest.

The instructions to connect to the webinar will be provided after 18 May 2021.

See Retraite Québec's most recent instructions on the actuarial assumptions and methods applicable to the actuarial valuations of supplemental pension plans after 30 December 2020.

Receiving Family Allowance? You must file your Québec income tax return by 30 April to ensure that you continue receiving your payments on time. Even if you or your spouse have no income to declare, you must file your income tax return every year to continue receiving your payments. The information it contains allows us to recalculate the amount to which you are entitled in July of each year based on the income declared for the previous year.

From now on, parents who benefit from the Supplement for Handicapped Children Requiring Exceptional Care will be better protected for the period during which they care for their child. A new measure allows them to protect their pension amount under the Québec Pension Plan (QPP), but also allows them to remain eligible for all benefits under the QPP.

To avoid penalizing parents who must reduce their working hours to care for their child, the QPP's base plan already included a measure for the parents of children under age 7. However, the measure excluded periods during which employment earnings were reduced to avoid having pension amounts reduced. From now on, the exclusion period could be extended to 18 years, that is, the entire period during which the parent is receiving the Supplement for Handicapped Children Requiring Exceptional Care.

The new measure, retroactive to 1 January 2020, will give an additional respite to parents dealing with difficult situations and provide them with a better financial health when they retire.

Two questions and their answers were reviewed or clarified, and a new one was added regarding the updated degree of solvency that must be taken into account for payments under a pension plan.

Changes to the Multi-employer negotiated contribution pension plans section

Further to the passage of the Act mainly to allow the establishment of target benefit pension plans on 11 December 2020, changes were made to the Multi-employer negotiated contribution pension plans section on Retraite Québec website, including changes to the content about special improvement payments. Please note that, henceforth, the deadline for sending an actuarial valuation for a purchase of annuities is 6 months rather than 4 months.

2020 Annual Information Return for SIPPs

The 2020 edition of the Annual Information Return for simplified pension plans (SIPPs) is now available.

2020 Annual Information Return for SPPs

The 2020 edition of the Annual Information Return for supplemental pension plans (SPPs) is now available in the SPP Portal. To find out what the main changes are compared to the last edition, consult the Information on the Annual Information Return section.

2020 Annual Information Return for VRSPs

The 2020 edition of the Annual Information Return for voluntary retirement savings plans (VRSPs) (French only) is now available. Please note that it must be completed by the VRSP administrator, not the employer who is party to the VRSP.    

Changes to the Plan Division or Merger section

Take notice of the changes made to the Plan Division or Merger section, which are mainly related to the presentation of investment income and the expenses of investment income on the Annual Information Return.

In March 2021, your 2019 Statement of Participation under a public-sector pension plan, such as RREGOP or the PPMP, will be uploaded to My Account. Access My Account now: it's simple, fast and secure! During your visit, take some time to:

• choose the digital option to receive your Statement of Participation and other documents in My Account only, instead of by mail
• sign up for notifications by email and/or text message, which will inform you rapidly of changes made to your file, including when your Statement of Participation is uploaded to your file.

Save time and make your life easier!

Quickly access your Statement of Participation and other information and documents in My Account.

The Caisse de dépôt et placement du Québec published its annual results earlier today. In 2020, the funds in the Québec Pension Plan generated returns of 7,4 % for the base plan and of 8,0 % for the additional plan. We wish to point out that the additional plan was implemented in January 2019 when the Québec Pension Plan enhancement became effective.

In 2020, the RREGOP (Government and Public Employees Retirement Plan) fund generated a return of 9.0%, and the PPMP (Pension Plan of Management Personnel) fund generated a return of 8.4%. For details on fund returns of other pension plans, see our website.

The online service for applications for survivors' benefits has been improved and now allows you to apply for benefits under the Québec Pension Plan and under public-sector pension plans (health and social services sectors, education and Québec public service sectors) in one step!

Retraite Québec is carrying out a refund of contribution overpayments by members of public-sector pension plans following the regularization of employment for 2019.

Retraite Québec's mandate review report was tabled in the National Assembly of Québec on 2 February 2021.

The report, which was prepared by the École nationale d'administration publique, shows the results of an assessment of 22 practices that cover the themes of governance, organization and management control at Retraite Québec. The results of the assessment for the organization's performance are also shown.

The results obtained are positive and show that, in a short period of time, Retraite Québec has been able to implement several exemplary practices. The organization, created in January 2016, is celebrating its 5 years of existence.

For more information, you can consult the report  (French only).

During January and February, your income tax slips under the Québec Pension Plan (QPP) and public-sector pension plans, such as RREGOP or the PPMP, will be gradually deposited in the online My Account service and will be mailed to you no later than the last working day of February. Log into My Account to download them and to:

• choose to receive your income tax slips and other documents digitally only in My Account instead of by mail;
• sign up for notifications by email and/or text message, which will inform you rapidly of changes made to your file, as of spring 2021, when a document is uploaded to your file.

By logging into My Account, you can also consult your pension amounts. Save time!

The Plan d'action 2021 (2021 Action plan; French only) outlines the means that we will put in place during the year to achieve the objectives of our Plan stratégique 2020-2023 (2020-2023 Strategic plan, French only).

See how we have contributed to your financial security by guiding you during major life events for 5 years now.

Consult the study (French only) on pension plan governance published by Retraite Québec and carried out further to our Plan d'action 2020 (2020 Action plan; French only). The study draws parallels between the Québec plan and the plans of other Canadian jurisdictions. It also contributes to highlighting our agency's expertise with regard to retirement for the benefit of Québec society.