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Your annual statement

Your annual statement can help you understand how your pension funds are performing and whether you’re on track.

As a member of the CSS Pension Plan, you’ll receive a personal annual statement each year. Your annual statement is accessible online through the My Documents area of your myCSSPEN profile. You can securely view, print, or save your statement at your convenience.

Your statement is packed with information, providing you with all sorts of facts and figures about your CSS account - including dollar values, important dates, estimated rates of return, charts, tables, and more. 

Reviewing your statement is a great way to find out if you’re on the right path toward reaching your retirement goals, or if you should consider making changes.

Below are some of the questions that your annual statement can help you answer:

1. Is your personal information correct? 

Your statement lists your Member ID and personal information including your age, employer, service, and Plan service dates. It is important to keep your personal information up to date. Please contact us to make any changes. To designate or change your beneficiary, complete the Designation of Beneficiary form.

2. What is the value of your account? 

The statement shows the value of your account at year-end, along with your investment earnings. If you still work for an employer member of the Plan, the statement shows the value of yours and your employer’s contributions. The contributions made by your employer become vested immediately – or owned by you. This means that the total value of your pension funds always belongs to you.

3. How did your pension funds perform? 

If you held funds in the Plan for at least two years, we estimate your personal rate of return, which measures the change in the unit price(s) of the fund(s) you were invested during the year. Each fund’s unit price changes daily, based on the investment earnings and capital gains and losses experienced by that fund.

4. How are your pension funds invested? 

We offer four investment funds to our members: A Balanced Fund, Bond Fund, Equity Fund and Money Market Fund. Most members are invested in the Balanced Fund, which is the default selection for members who have not made a personal investment choice. You can use any or all of these funds to adjust your asset mix to suit your individual risk tolerance and retirement plan. To make adjustments, log in to myCSSPEN and select Account Menu > Change Investment.

5. How did the Plan’s investment funds do in the past? 

In the tables on page 3 of your statement, you can find one, three, five and 10-year annualized returns for the Plan’s investment funds. These long-term rates of return are very important. Short-term returns can vary significantly from year to year and can even be negative. Since the amount of your retirement income down the road will depend on how much your investments earned over your entire career, it is important to maintain a long-term perspective. 

In the bar charts, you can see one-year returns for each of the Plan’s investment funds for each of the past 10 years. These annual returns demonstrate the kind of short-term volatility you might expect for each fund.

6. What are the management expense ratios (MERs)? 

Here you can find the MERs - or fees - for each of our four investment funds. Because we are a member-owned non-profit and charge no trailer fees or commissions, the MERs for our funds are much lower than those of most retail mutual funds. This means you pay less in investment and administration fees so you have more pension funds at retirement. Learn more from our fees information sheet.

7. What do your pension estimates mean? 

The pension estimates on your annual statement give you an idea of the amount of pension income you might receive when you reach the Plan’s normal retirement age of 60. The estimates are for a Single Life Pension with a guarantee of 15 years - keep in mind that there are other types of pensions and retirement income options available, like Variable Benefit payments.