Leaving TELUS Health before retirement

Options for your DC Account

If you leave TELUS Health prior to reaching retirement age, you have options for your DC account balance. You will receive a termination statement with your options:

Transfer the balance to a locked-in retirement vehicle

With this option, you transfer the entire value of your DC account balance to a locked-in retirement savings vehicle.

Transfer the balance to a participating employer

If your new employer allows transfers, you can transfer the value of your DC account balance from TELUS Health to your new employer’s pension plan.

Take your balance as cash

In certain, limited circumstances, you may be able to take your account balance as cash. If this option is available to you, you will find it on your termination statement. Keep in mind that this money will count as taxable income, so consider how choosing this option may affect your income taxes.

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.

Scroll to view more

	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.

Scroll to view more

	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.

Scroll to view more

	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.

Scroll to view more

	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.

Scroll to view more

	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.

Scroll to view more

	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.

Scroll to view more

	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.

Scroll to view more

	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.

Leaving TELUS Health before retirement

Options for your DC Account

Transfer the balance to a locked-in retirement vehicle

Transfer the balance to a participating employer

Take your balance as cash

JOINING THE PLAN

MANAGING YOUR PENSION

RETIRING

LEAVING TELUS Health