Providing salaries to enhance retirement income details for plan members
May 1, 2014
You can now upload your plan members’ salaries on the Plan Sponsor website to provide your members with a more dynamic view of their estimated retirement income on mysunlife.ca.
The new Upload a salary file function has been rolled out to all sponsors who have the Retirement Planner.
About the Upload a salary file function
The function is accessible from the Administration drop down menu on the Plan Sponsor website. Access has been provided to all primary users. Once you get to the page, you will need to:
- Download the Excel file template
- Fill in your plan members’ information
- Upload the completed template and
- Click Submit.
You can continue to upload new salary files anytime there is a change to your plan members' information or if you need to provide information for new plan members. The file only needs to include the information for impacted plan members, not all plan members.
The function also allows you to provide defined benefit monthly pension income and defined benefit starting ages, but these columns can be left blank if you do not have a defined benefit plan or you prefer not to provide this information.
How will this information affect mysunlife.ca
The information you provide will feed directly into the Retirement Planner. Once the new retirement income view is rolled out to plan members in June, that information will also be used to calculate the members’ income replacement rate on mysunlife.ca.
If the plan member has completed the Retirement Planner in the past 12 months, the information you provide will not override any information entered by the plan member.
Why provide plan member salaries?
In June, we are updating mysunlife.ca with retirement income information that will give members a clearer picture of how much they may have to live on in retirement. It will include an income replacement rate - an industry first in Canada - which will provide members with an easy way to measure their progress toward a retirement goal. For more details on what's changing, review Monthly retirement income estimates on mysunlife.ca.
In order for us to provide members with a more dynamic view of their retirement income, we need to have their salaries.
|If we have the member's salary
We will be able to show their income replacement rate and their progress toward a retirement goal (if they haven’t provided an income goal through the Retirement Planner, it will be assumed to be 60% of their salary).
|If we don't have the member's salary
We will still show an estimated monthly retirement income, but we won't be able to show the income replacement rate or their progress toward a retirement goal.
What you need to do:
You can start using the Upload a salary file function immediately. The information will feed into the Retirement Planner for now, and when the new retirement income view is rolled out to plan members in June, that information will be reflected on my financial centre.
We will update you on our communication plans to roll out the retirement income view to plan members later in May.
Contact your Sun Life Financial Group Retirement Services representative.