Designed to attract and retain senior managers, MuniSERP provides supplemental retirement benefits in excess of those permitted by the Canada Revenue Agency registered pension plan limits. To be eligible to participate in this plan, employees must also participate in LAPP and APEX.
Municipalities must compete with the private sector for senior management and executive talent who are often compensated through commissions, incentive programs, and stock options that are not available in the local government sector. Contributions to MuniSERP form part of the total compensation package for your eligible senior managers and is only paid out at termination of the participant’s employment.
Facts about MuniSERP:
- MuniSERP is a supplemental employee retirement savings plan – not a pension plan – designed for senior management.
- Benefits are 100% employer paid, based on an annual actuarial costing report.
- The employee has no tax consequences until a benefit is paid.
- Eligible senior management employees are determined by the employer.
- The employer determines whether the benefit payable would be made as a lump sum payout or by fixed instalment payments.
To learn more, download our MuniSERP Overview.
|MuniSERP Employer Program and Administration Guide|