Guaranteed Group 5 Pension Benefits for Surrey Police Recruits
News Release issued by City of Surrey Communications
The Municipal Pension Plan (MPP) Board of Trustees has approved the City of Surrey’s application for Group 5 membership for its police officers.
As Surrey moves towards the establishment of its own city police department, another key element for police officers from other police departments who would like to join Surrey Police has been put in place. The Municipal Pension Plan (MPP) Board of Trustees has approved the City of Surrey’s application for Group 5 membership for its police officers. Members in Group 5 have a higher benefit accrual rate allowing their pension benefit to accumulate faster which provides for earlier retirement options for police officers than those in other MPP group plans. This decision also provides RCMP members with assurance they will receive full pension benefits provided to all Group 5 member police departments.
“Guaranteed participation in Group 5 of the Municipal Pension Plan provides clarity and security for our new recruits joining the Surrey Police Department,” said Mayor Doug McCallum. “Officers from other police departments now have the assurance that their current pension benefits can be transferred over to Surrey Police.”
This latest development builds upon the approved Pension Transfer Agreement for current members of the RCMP announced in September. The full pension portability for RCMP members combined with the Group 5 approval means that the two most important pension issues for future members of Surrey Police have now been addressed.
The Group 5 application was approved on November 20, 2019 by the Municipal Pension Board of Trustees and was put into effect immediately
Issued by City of Surrey Communications