Pension Life - Summer 2021
Make pensions a part of your summer reading list
It’s the summer and the outdoors beckons. During one of those long, lazy and dusky evenings, why not take the opportunity to learn more about your pension?
You might wonder what you could possibly learn as a retired member. After all, during your career you earned that pension, bit by bit and day by day. You worked hard to provide yourself, and in many cases your spouse, a regular monthly income for the rest of your life. Your pension is set, you’re enjoying retirement and you’re getting your monthly payment.
But there’s more to your College Pension Plan pension than just a regular deposit into your bank account. Health care, cost-of-living adjustments and taxes are all pension-related issues you may want to learn more about. In doing so, you could potentially save some money and even enhance your health care and dental coverage.
So lean back, kick off your shoes and take the time to visit the articles below, which you can find in the Learning resources section.
- Health and dental coverage. Health and dental coverage is likely one of the most important topics for you and your loved ones. “Don’t miss the boat on health and dental coverage” explores ways you might be able to sign up for the plan’s health and dental coverage even if you decided not to sign up when you first retired.
- Cost-of-living adjustments (COLAs). “Adjusting for inflation” describes how COLAs play an integral part in your pension. As a board, we are committed to preserving COLAs for retired members, and we have some good news about that: you may recall that we recently suspended the cap on COLAs, a cap that had been in place since 2011. We did this because our most recent valuation showed the inflation adjustment account, the account from which COLAs are paid, is sustainable and healthy.
- Separation or divorce. Are you divorced or separated? Or going through the process now? “Ending a relationship—and what it means for your pension” contains a special section just for retired members.
- Taxes. They’re as inevitable as the change in seasons and they support the public services we all rely on, but nobody really likes taxes. We provide some advice for you in “Six tips for tackling your tax return in retirement” to help get you through tax season. For example, to avoid a large one-time tax hit each year, you can ask the plan to take more income tax off each pension payment.
If you need more information, other sections of the website and My Account are excellent resources. And if you’re still stuck for answers, please contact the plan directly. Staff are here to help.
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