Chp 3 - Year-End Federal Flashcards
1
Q
What is a pension adjusment?
A
The measure of the benefit an individual earns in a year in an RPP or DPSP
2
Q
What is benefit entitlement?
A
The portion of a members pension that’s accrued during the year.
3
Q
What is the forfeited amount?
A
The amount a member ceases to have rights to in a DPSPP.
4
Q
What is a pension credit?
A
The value of the benefit the member earns in a DPSP, defined contribution plan, or an RPP.
5
Q
What is the PA formula for defined benefit pension plans?
A
(Benefit entitlement x 9) - 600
6
Q
What is the PA formula for DPSPP?
A
Employer contributions + reallocated forefitures
7
Q
What is the PA formula for combination plans?
A
All pension credits
8
Q
What is the T4A?
A
Stmt of pension, retirement, annuity & other income
