Pension Plan Information & Administration Overview

Pension Plan Information & Administration Overview

What's on this page
  • What you need to know
  • Contribution formula
  • Member contributions
  • Pensionable earnings example

The Plan

The Plan came into effect on July 1, 1940 and converted from a single employer sponsor pension plan (“SEPP”) to a jointly sponsored pension plan (“JSPP”) effective July 1, 2020. Under this change in governance, the Workplace Safety & Insurance Board (“WSIB”) and Ontario Compensation Employees Union, CUPE Local 1750 (“OCEU”) became joint Sponsors of the Plan and appointed WISE Trust as the legal Administrator (prior to conversion to a JSPP, WSIB was both the Sponsor and legal Administrator of the Plan).

The Plan is a contributory defined-benefit pension plan registered and regulated under the Ontario Pension Benefits Act (“PBA”) and the federal Income Tax Act (“ITA”). Employee contributions made to the Plan are tax-deductible.As a defined-benefit pension plan, the pension benefit is defined by a formula that takes into account a member’s Pensionable Earnings and Pensionable Service. The Plan provides members with a pension that is payable for their lifetime.

Plan members include current and former employees of:

  • Infrastructure Health & Safety Association (IHSA)
  • Public Services Health & Safety Association (PSHSA)
  • Workplace Safety & Insurance Board (WSIB)
  • Workplace Safety & Prevention Services (WSPS)
  • Workplace Safety North (WSN)
  • Workplace Insurance & Safety Employee Trust (WISE Trust)

Information regarding the Plan can be found at wisetrust.ca and in the “Guide to the WSIB Employees’ Pension Plan” booklet found on My Pension Resource.

The Supplementary Plan

The Supplementary Plan (often referred to as the “ESPP”) was established for employees of the WSIB or SWA whose earnings exceed the threshold earnings for the maximum pension benefit permitted under the ITA (the “DB Limit”). The purpose of the Supplementary Plan is to ensure that employees whose earnings are above the ITA threshold receive pension benefits based on their total earnings.

The Plan and the Supplementary Plan (the “pension plans”) are intended to operate together to provide the same retirement benefit that the employee would have received if the ITA limits did not exist.

There was no change to the Supplementary Plan governance structure as a result of the conversion of the Plan to a jointly sponsored pension plan in July 2020. WSIB remains both the Sponsor and Administrator and is solely responsible for the Supplementary Plan design and funding.

WISB and SWA employees are automatically enrolled in the Supplementary Plan as soon as they are eligible under the Plan AND their earnings reach the ITA earnings threshold under the maximum pension rules (WISE Trust employees are not eligible to join the Supplementary Plan). At this point, employees stop contributing to the Plan and begin making contributions to the Supplementary Plan. Members of the Supplementary Plan contribute a certain percent of their Pensionable Earnings above the ITA threshold in accordance with the Supplementary Plan text. Employee contributions made to the Supplementary Plan are fully tax-deductible, just like contributions made to the Plan.

Upon retirement, members of the Supplementary Plan receive two deposits — one from the Plan and one from the Supplementary Plan.

Pension Administration Service Provider for the Pension Plans

Willis Towers Watson (WTW) provides pension administration services to both WISE Trust (for the Plan) and WSIB (for the Supplementary Plan) on an outsource basis, providing the call centre, the pension system, and pension transactions to ensure a seamless plan member experience that integrates member services for both the Plan and the Supplementary Plan:

  • The WISE Trust Pension Contact Centre is the main point of contact for employees and members of both pension plans. Participating employers should refer their employees to the Contact Centre for all pension related inquiries.
  • As a participating employer:
    • WISE Trust is your main point of contact for administration and member service delivery inquires/issues and we will work with WSIB as required for issues relating to Supplementary Plan member services.
    • WSIB Pensions will remain your point of contact for Supplementary/ESPP contribution remittances, plan design and funding inquiries.