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Active investing
– a strategy that investors use in an attempt to outperform the market. The goal of an active investor is to surpass a particular benchmark.

Active member – a contributing employee member of the CSS Pension Plan.

Actuary – a professional who calculates risks according to probabilities based on statistical records.

Additional voluntary contribution (AVC) – contributions you can choose to make to your CSS account in addition to your required matched contributions.

Asset mix – the classification of all assets within a fund, often assigned to one of the core asset classes such as stocks (equities) or bonds (fixed income). 


Benchmark
– a standard against which the performance of an investment manager can be measured.


Co-operative Superannuation Society
– the non-profit pension society that governs and administers the CSS Pension Plan.

Currency hedging – a strategy to reduce the risk of adverse movements in currency exchange rates on foreign investments held in a portfolio.


Early retirement age
– The earliest age at which you are entitled to start a retirement income. The CSS early retirement age is 50.

Employer – an employer member of the CSS Pension Plan.


F​iduciary
– a person responsible for managing the interests of all Plan members and other stakeholders with entitlements under the Plan such as spouses and beneficiaries. 


Guarantee period
– the period of time that your monthly pension payments will continue to your beneficiary(ies) should you die before the guarantee period expires. 


Inactive member – a member of the CSS Pension Plan who holds funds in a CSS Pension Plan account but no longer works for a participating employer or makes pension contributions.


Life annuity – a financial product sold by life insurance companies that provides a fixed monthly payment for life.

Life Income Fund (LIF) – a registered retirement income option that allows the transfer of locked-in funds from a pension plan. LIFs have limits on the maximum annual amount you can withdraw.

Locked-in funds – the portion of your pension funds that must be used to provide retirement income, as stated by pension legislation.


Management expense ratio (MER) – a measure of the investment and operating costs - or fees - needed to offer the investment funds.

Monthly pension – a CSS retirement income option that provides you with a fixed monthly income for life.


Non-locked-in funds – the portion of your pension funds that does not have to be used to provide retirement income, as stated by pension legislation.

Normal retirement age – The age at which you are entitled to start a retirement income. The CSS normal retirement age is 60. 


Passive investing – a strategy that investors use to try and match the performance of a specific market index by holding securities that replicate that index. The goal is to minimize investment fees and avoid underperforming the market.

Pension adjustment (PA) – the value of the pension funds you earned in a calendar year.

Pensions Fund – the fund the CSS Pension Plan uses to pay lifetime monthly pensions to retirees who have chosen a traditional pension.

Pension risk – refers to whether or not there will be enough money to provide a predetermined or sufficient level of retirement income.

Phased retirement – an arrangement in which a member who is at least age 55 starts a retirement income through the CSS Pension Plan but continues to work for an employer member of the Plan (requires your employer’s agreement).

Prescribed Registered Retirement Income Fund (PRRIF) – a registered retirement income option that allows the transfer of locked-in funds from a pension plan and has no maximum restrictions on the amount of money that can be withdrawn. PRRIFs are available in Manitoba and Saskatchewan only.


Rate of return – the gain or loss on an investment over a specific period of time, expressed as the percentage over the original amount invested.

Reciprocal transfer agreement – allows a pension plan member to transfer rights from one pension plan to another.

Regular earnings – your agreed salary or wage, including vacation pay but excluding bonuses, commissions, overtime, shift differentials, or the taxable value of non-cash benefits.

Required matched contributions – contributions to the CSS Pension Plan that you and your employer must make, as a term and condition of employment.

Retiree – an individual who is receiving retirement income from the CSS Pension Plan and no longer works for a participating employer.

Retiring allowance – an amount paid to an employee at or after retirement in recognition of long service or for the loss of employment.


Termination – when an employee no longer works for an employer member of the CSS Pension Plan.

Total earnings – Your total remuneration as reported to Canada Revenue Agency for a given year, including any prescribed amount(s) as defined by the Income Tax Act (Canada) but excluding the taxable value of non-cash benefits.


U​nit price – the daily price of a fund unit or share, reflecting any gains, losses, dividends, interest and expenses.


Variable Benefit (VB) payments – a CSS retirement income option that consists of regular, variable withdrawals from your CSS account either monthly or annually. 

Vesting – refers to the process of accruing rights to the employer portion of pension contributions made on your behalf. The CSS Pension Plan has immediate vesting.  


Waiting period – the length of service an employee works before becoming eligible to contribute to the Plan. Pension law restricts the waiting period from being longer than two years.