NBP Defined Contribution Pension Plan

Characteristics of the NBP Contribution Pension Plan

 

Description

NBP Contribution Pension Plan 

Employee eligibility

All employees of an employer whose membership has been accepted by the Retirement Committee. Once the employer has joined the plan, it is optional for the employees and the employer determines eligible categories. 

 

Employee Cost

 

1%, 2%, 3%, 4%, 5%, 6%, 7%, 8% or 9%  % of the regular gross salary

Employer Cost

Equal to, less than or greater than 100% of the contribution paid by the employee participant

Retirement
without reduction

Age 50 or older

- It is possible to release funds on the basis of certain rules

Pension Calculation

Life annuity

- 60% reversible to the spouse
- Guaranteed 10 or 15 years 
- 60 payments if no spouse
- Full, partial or no indexation

Surviving spouse's pension 

60% of the pension accumulated at the time of death of the member

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