Pension enrolment is taking place November 13 – 24

Financial wellbeing is an important component of our overall wellbeing commitment at TELUS Health. Financial wellbeing is about feeling in control of your finances and being on track to achieve your financial security and life goals.

Retirement planning is a significant part of that equation, and the TELUS Health pension plan helps you save for retirement. You benefit from company contributions and great rates on investment options.

If you are eligible to opt out of the pension plan, and choose to do so, we recommend that you save for retirement in another way. We encourage you to speak with a financial advisor who can help you create a retirement savings plan that works for you.

If you are currently enrolled in the pension plan…

Log in to generationflex.hroffice.com from November 13 – 24:

Select the DCPP (Defined Contribution Pension Plan) Enrolment event at the top of the homepage
Follow the steps in the enrolment tool to:
- Decide if you want to exclude your commissions/bonus (if applicable) from your pensionable earnings
- Review your pension beneficiary
- Select “Complete enrolment” to finalize your decisions
After your enrolment is complete, go to the “Pension & Savings” area of the portal to review your investment options

Complete the Investor Profile Questionnaire to see if your current investment choices are meeting your needs.

If you do not make a decision to exclude commissions/bonus (if applicable) from your pensionable earnings by November 24, it will be included, even if you chose not to include it last year.

If your age + years of continuous service reached or will reach 35 or more this year…

You will be auto enrolled in the pension plan effective January 1, 2024 unless you opt out.

If you want to join the pension plan

Select the DCPP (Defined Contribution Pension Plan) Enrolment event at the top of the homepage
Follow the steps in the enrolment tool:
- Set your optional contributions
- Decide if you want to exclude your commissions/bonus (if applicable) from your pensionable earnings
- Select your pension beneficiary
- Select “Complete enrolment” to finalize your decisions
After your enrolment is complete, go to the “Pension & Savings” area of the portal to review your investment options

Once you are enrolled, contributions will be deducted automatically from each pay. You will see your first deduction on your January 15 pay.

Once you are in the plan you cannot opt out in the future.

If you do not want to join the pension plan

Select the DCPP (Defined Contribution Pension Plan) Enrolment event at the top of the homepage
Select the “Opt out” option
Select “Complete enrolment” to finalize your decisions

If you do not want to participate in the plan, you must opt out each year during the pension enrolment period.

If you do not make a pension decision by November 24

You will be automatically enrolled in the pension plan effective January 1, 2024
You will make basic contributions to the pension plan
You can set optional contributions throughout the year
Your commissions/bonus (if applicable) will be included in your pensionable earnings
Contributions will be deducted automatically from each pay. You will see your first deduction on your January 15 pay

If you are not enrolled in the pension plan…

If you want to join the pension plan

Select the DCPP (Defined Contribution Pension Plan) Enrolment event at the top of the homepage
Follow the steps in the enrolment tool to enrol in the plan:
- Select “Opt in” to the plan
- Set your optional contributions
- Decide if you want to exclude your commissions/bonus (if applicable) from your pensionable earnings
- Select your pension beneficiary
- Select “Complete enrolment” to finalize your decisions
After your enrolment is complete, go to the “Pension & Savings” area of the portal to review your investment options

It’s a simple, quick online process. Once you are enrolled, contributions will be deducted automatically from each pay. You will see your first deduction on your January 15 pay.

You’ll also benefit from company contributions, putting you on the right path to meet your future financial goals!

Once you are in the plan you cannot opt out in the future.

If you do not want to join the pension plan

No action is required.

Resources and tools to help you understand the pension plan and your retirement readiness

We know pension information is complex. Be sure to take advantage of the many resources and tools available to you. Start by reviewing the information within this microsite.

Don’t forget to check out the enhanced resources available at generationflex.hroffice.com:

Retirement Income Calculator

Use it to find out if you’re on track to meet your retirement savings goal. Then, adjust your contributions as needed during pension re‑enrolment.

Pension plan information and managing your account

Explore the “Your Pension & Savings” area of the portal to monitor, learn about and manage your account. Here you can find articles and videos about the plan and retirement in general, make changes to your contributions or investments, and access the Retirement Income Calculator.

Away between November 13 – 24?

If you are not available during this period, please contact the Generation Flex Benefits Centre before November 13 at 1-877-247-7633 to make alternate arrangements for your pension decisions.

Questions?

Generation Flex Benefits Centre

benefitscentre@telushealth.com
1-877-247-7633
Monday to Friday
9 a.m. to 5 p.m. (ET)

Per-pay contributions for Chris

January 1 to March 31

On January 1, Chris’ earnings consist of his base salary, which is $45,000 or $1,875 per semi-monthly pay (i.e., $45,000 / 24).
As of March 31, his year-to-date earnings are $11,250 (i.e., $1,875 x 6 pays). He’s still under the YMPE for the year, so his basic contributions are 2% of earnings.
In addition to his basic contributions, Chris chose to make the maximum 4% optional contributions.
Below are the calculations for Chris’ basic contributions, optional contributions and TELUS Health’s matching amounts.

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	Contribution Formula	Calculating Chris’ contributions	Per-pay contributions
Basic contributions
Chris	2% of earnings up to the YMPE*	($45,000 / 24 pay periods) x 2% = $37.50 per pay	$37.50
Chris	4% of earnings above the YMPE	$0 — no earnings above the YMPE	$0
TELUS Health	100% match	N/A	$37.50
Optional contributions
Chris	Up to 4% of earnings	($45,000 / 24 pay periods) x 4% = $75.00 per pay	$75.00
TELUS Health	50% match	N/A	$37.50
Chris’ total per-pay contributions			$112.50
TELUS Health’s total per-pay contributions			$75.00
TOTAL			$187.50/pay
Total contributions from January 1 to March 31: $187.50 x 6 pays			$1,125.00
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Per-pay contributions after Chris’ salary increase

April 1 to December 31

On April 1, Chris receives a salary increase of $5,000, making his new base salary $50,000.
As of April 1, his year-to-date earnings are $11,250 (i.e., $1,875 x 6 pays). He’s still under the YMPE and will remain so for the rest of the year, so his basic contributions continue to be 2% of earnings.
In addition to his basic contributions, Chris chose to make the maximum 4% optional contributions.
Below are the calculations for Chris’ basic contributions, optional contributions and TELUS Health’s matching amounts.

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	Contribution Formula	Calculating Chris’ contributions	Per-pay contributions
Basic contributions
Chris	2% of earnings up to the YMPE*	($50,000 / 24 pay periods) x 2% = $41.67 per pay	$41.67
Chris	4% of earnings above the YMPE	$0 — no earnings above the YMPE	$0
TELUS Health	100% match	N/A	$41.67
Optional contributions
Chris	Up to 4% of earnings	($50,000 / 24 pay periods) x 4% = $83.33 per pay	$83.33
TELUS Health	50% match	N/A	$41.67
Chris’ total per-pay contributions			$125.00
TELUS Health’s total per-pay contributions			$83.34
TOTAL			$208.34/pay
Total contributions from April 1 increase to December 31: $208.34 x 18 pays			$3,750.12
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Chris’ contributions from his bonus

April 15 pay

On April 15, Chris receives an annual bonus of $5,000.
As of April 15, his year-to-date earnings (including his bonus) are $18,333.33 ($1,875 x 6 pays plus $2,083.33 x 1 pay after his salary increase, plus his $5,000 bonus). Even with his bonus, he’s still under the YMPE for the year. So, on his April 15 pay, he will make a basic contribution of 2% of his bonus — in addition to the basic contribution he makes for his base salary.
In addition to his basic contributions, Chris chose to make the maximum 4% optional contributions.
Below are the calculations for Chris’ basic contributions, optional contributions and TELUS Health’s matching amounts for his bonus payment.

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	Contribution Formula	Calculating Chris’ contributions	Per-pay contributions
Basic contributions
Chris	2% of earnings up to the YMPE*	$5,000 x 2% = $100.00	$100.00
Chris	4% of earnings above the YMPE	$0 — no earnings above the YMPE	$0
TELUS Health	100% match	N/A	$100.00
Optional contributions
Chris	Up to 4% of earnings	$5,000 x 4% = $200.00	$200.00
TELUS Health	50% match	N/A	$100.00
Chris’ total bonus contributions			$300.00
TELUS Health’s total bonus contributions			$200.00
TOTAL			$500.00
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Per-pay contributions for Mary

January 1 to March 31

On January 1, Mary’s earnings consist of her base salary, which is $100,000 or $4,166.67 per semi-monthly pay (i.e., $100,000 / 24).
As of March 31, her year-to-date earnings are $25,000 (i.e., $4,166.67 x 6 pays). She’s still under the YMPE for the year, so her basic contributions are 2% of earnings.
In addition to her basic contributions, Mary chose to make the maximum 4% optional contributions.
Below are Mary’s basic contributions, optional contributions and TELUS Health’s matching amounts.

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	Contribution Formula	Calculating Mary's contributions	Per-pay contributions
Basic contributions
Mary	2% of earnings up to the YMPE*	($100,000 / 24 pay periods) x 2% = $83.33 per pay	$83.33
Mary	4% of earnings above the YMPE	$0 — no earnings above the YMPE	$0
TELUS Health	100% match	N/A	$83.33
Optional contributions
Mary	Up to 4% of earnings	($100,000 / 24 pay periods) x 4% = $166.67 per pay	$166.67
TELUS Health	50% match	N/A	$83.33
Mary’s total per-pay contributions			$250.00
TELUS Health’s total per-pay contributions			$166.67
TOTAL			$416.67/pay
Total contributions from January 1 to March 31: $416.67 x 6 pays			$2,500.02
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Per-pay contributions after Mary’s salary increase

April 1 to July 15

On April 1, Mary receives a salary increase of $3,000, making her new base salary $103,000, or $4,291.67 per semi-monthly pay (i.e., $103,000 / 24).
As of April 1, her year-to-date earnings are $25,000 (i.e., $4,166.67 x 6 pays). Even with the increase, she’s still under the YMPE for the year, so her basic contributions are 2% of earnings.
In addition to her basic contributions, Mary chose to make the maximum 4% optional contributions.
Below are the calculations for Mary’s basic contributions, optional contributions and TELUS Health’s matching amounts.

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	Contribution Formula	Calculating Mary's contributions	Per-pay contributions
Basic contributions
Mary	2% of earnings up to the YMPE*	($103,000 / 24 pay periods) x 2% = $85.83 per pay	$85.83
Mary	4% of earnings above the YMPE	$0 — no earnings above the YMPE	$0
TELUS Health	100% match	N/A	$85.83
Optional contributions
Mary	Up to 4% of earnings	($103,000 / 24 pay periods) x 4% = $171.67 per pay	$171.67
TELUS Health	50% match	N/A	$85.83
Mary's total per-pay contributions			$257.50
TELUS Health’s total per-pay contributions			$171.66
TOTAL			$429.16/pay
Total contributions from April 1 increase to July 15: $429.16 x 7 pays			$3,004.12
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Mary's contributions from her bonus

April 15 pay

On April 15, Mary receives an annual bonus of $10,000.
As of April 15, her year-to-date earnings (including her bonus) are $39,583.33 ($4,166.67 x 6 pays plus $4,583.33 x 1 pay after her salary increase, plus her $10,000 bonus). Even with her bonus, she’s still under the YMPE for the year. So, on her April 15 pay, she will make a basic contribution of 2% of her bonus — in addition to the basic contribution she makes from her base salary.
In addition to her basic contributions, Mary chose to make the maximum 4% optional contributions.
Below are the calculations for Mary’s basic contributions, optional contributions and TELUS Health’s matching amounts for her bonus payment.

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	Contribution Formula	Calculating Mary's contributions	Per-pay contributions
Basic contributions
Mary	2% of earnings up to the YMPE*	$10,000 x 2% = $200.00	$200.00
Mary	4% of earnings above the YMPE	$0 — no earnings above the YMPE	$0
TELUS Health	100% match	N/A	$200.00
Optional contributions
Mary	Up to 4% of earnings	$10,000 x 4% = $400.00	$400.00
TELUS Health	50% match	N/A	$200.00
Mary's total bonus contributions			$600.00
TELUS Health’s total bonus contributions			$400.00
TOTAL			$1,000.00
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Contributions as Mary approaches the YMPE

July 31 pay

Mary’s year-to-date earnings up to July 15 are not yet above the YMPE. So, on her July 15 pay, she makes a basic contribution of 2% of her earnings.
As of her July 31 pay, she exceeds the YMPE, so she makes basic contributions of 2% on the portion of her July 31 pay below the YMPE, and 4% on the portion above.
In addition to her basic contributions, Mary chose to make the maximum 4% optional contributions.
Below are the calculations for Mary’s basic contributions, optional contributions and TELUS Health’s matching amounts.

Calculations for Mary’s July 31 pay

Mary’s earnings up to July 15 are $65,041.67.
After receiving her July 31 pay of $4,291.67, her year-to-date earnings total $69,333.34.
The portion of her July 31 pay below the YMPE is $1,558.33 (i.e., the difference between the $66,600 YMPE and her July 15 earnings of $65,041.67). She will contribute 2% of this amount.
The portion of her July 31 pay above the YMPE is $2,733.34 (i.e., the difference between her July 31 year-to-date earnings of $69,333.34 and the $66,600 YMPE). She will contribute 4% of this amount.

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	Contribution Formula	Calculating Mary's contributions	Per-pay contributions
Basic contributions
Mary	2% of earnings up to the YMPE*	$66,600 (YMPE) – $65,041.67 (YTD on July 15 earnings) = $1,558.33 x 2% = $31.17	$31.17
TELUS Health	100% match	N/A	$31.17
Mary	4% of earnings up to the YMPE*	$69,333.34 (YTD on July 31 earnings) – $66,600 (YMPE) = $2,733.34 x 4% = $109.33	$109.33
TELUS Health	100% match	N/A	$109.33
Optional contributions
Mary	Up to 4% of earnings	$4,291.67 x 4% = $171.67	$171.67
TELUS Health	50% match	N/A	$85.83
Mary's total per-pay contributions			$312.17
TELUS Health’s total per-pay contributions			$226.33
TOTAL			$538.50
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Per-pay contributions when Mary is above the YMPE

August 15 – December 31

On August 15, and for the rest of the year, Mary’s year-to-date earnings are above the YMPE.
Mary exceeded the YMPE limit on her July 31 pay. So, starting August 15, since all of Mary’s earnings are now above the YMPE, her basic contributions will be 4% of earnings for the remainder of the year.
In addition to her basic contributions, Mary chose to make the maximum 4% optional contributions.
Below are the calculations for Mary’s basic contributions, optional contributions and TELUS Health’s matching amounts.

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	Contribution Formula	Calculating Mary's contributions	Per-pay contributions
Basic contributions
Mary	4% of earnings above the YMPE*	($103,000 / 24 pay periods) x 4% = $171.67 per pay	$171.67
TELUS Health	100% match	N/A	$171.67
Optional contributions
Mary	Up to 4% of earnings	($103,000 / 24 pay periods) x 4% = $171.67 per pay	$171.67
TELUS Health	50% match	N/A	$85.83
Mary's total per-pay contributions			$343.34
TELUS Health’s total per-pay contributions			$257.50
TOTAL			$600.84/pay
Total contributions from August 15 to December 31: $600.84 x 10 pays			$6,008.40
*The YMPE changes each year. Go to www.canada.ca for the latest YMPE. Note: Effective January 1, 2024, a new maximum pensionable earnings threshold under the Canada Pension Plan & Quebec Pension Plan named the Year’s Additional Maximum Pensionable Earnings (YAMPE) will be introduced. At that point, the increased contribution rate under the Pension Plan will apply starting at the YAMPE, rather than the YMPE. Once you become a member of the pension plan, you cannot opt out in the future and must contribute the required basic contributions. You may change your optional contributions at any time. Also note, for plan members eligible for a bonus payment, the bonus payment date is subject to change and will be announced in advance of payout.

Pension enrolment is taking place November 13 – 24