Frequently Asked Questions - Provident10

1 Frequently Asked Questions Re Public Sector Pension Plan Benefit Statements Q. When can I expect to receive my statement? You can expect to receive your statement annually. Your employer provides Provident10 with payroll data each payday. This data includes your earnings, employment data, unpaid leaves, and any service that you may have purchased. Once we receive all the required information from all 42 employers, we verify the information and process the statements. Your statement will be mailed to your home address. Q. How is my personal information protected? Each employer transfers member data and information to Provident10 electronically using a highly secure, encrypted data transfer system.

2 Your information is stored in a secure database and can only be accessed by a Provident10 pension administration official who processes and verifies the data. Once the information is verified and the statements generated, they are mailed to members in a lined envelope for added security. Your statements contain very confidential and personal financial information and, as such, should be filed in a safe location. Q. Does the statement show my employer's contributions? No. Your statement only shows your premium contributions, work service, and earnings. It does not show your employer s contributions made to the Plan. Q. What should I do with my statement once I receive it?

3 Once you receive your statement, you should review it very carefully to ensure that the information stated is an accurate reflection of your service, salary, and benefits. Your statement contains very confidential and personal financial information and, as such, should be filed in a safe location. Q. What should I do if there are errors on my statement? If there are errors on your statement, it is your responsibility to notify your current employer or Provident10 immediately. Any confirmed errors will require adjustments to the data stored on file. Adjustments will be reflected in your next statement. Q. I was on Long Term Disability (LTD) benefits in the past.

4 Does my annual statement include that service? No. Your statement does not include LTD service unless you had previously purchased the unpaid leave period. If you have a period of LTD service not credited or, if you have some other approved unpaid leave period not credited as service, you have the option to purchase the period and receive the appropriate service credit. To inquire regarding the cost to purchase such service, you must submit a request to your employer. Q. I have worked for multiple participating employers in the Plan. Does my statement include all my employment history? Yes. Your statement is an accumulation of all your Plan data earned while working for any participating employers.

5 It is very important for you to review your employment history to ensure that your data, as recorded on your statement, is accurate. Q. Why is the information in my annual statement based on last year s data? We send statements on an annual basis. We chose December 31st as our cutoff date to ensure all plan members received their statements around the same time. Q. I misplaced my annual statement. Can I get another copy? Yes. You can contact Provident10 by calling or by email at: to request a copy of your annual statement. Q. Can I see my annual statement online? This service is not currently available. However, this feature will be available on our website in future.

6 For you to receive notification that benefit statements are available online, we require your personal email address. Your email address will be stored securely in our database and will be used solely to communicate directly with you. Q. Has my eligibility to retire changed since pension reform? Your eligibility to retire depends on whether you were eligible to retire under the provisions of the Plan prior to January 1, 2015, or whether you are eligible to retire under the provisions of the Plan that were applicable prior to January 1, 2015, on or before December 31, 2019. The five-year period from January 1, 2015, to December 31, 2019, is referred to as the Transition Period.

7 Q. Why is the date of plan entry different from my employment date? or What does the plan entry date represent? The plan entry date reflects the effective date that a plan member initially joined the Plan. This date will not change even if a plan member purchases service worked prior to the initial plan entry date. Usually this date will only be changed when it is determined that it was inaccurate from the beginning. It should be noted that plan members who resigned and received a refund of contributions or a commuted value, and subsequently re-joined the plan, will have a plan entry date that reflects the most recent date they joined.

8 Q. What does early retirement date mean? This reflects the earliest date that you can retire and receive an immediate un-reduced pension. It assumes that there will be continuous service with no breaks going forward. Q. What does normal retirement date mean? This date is meant to reflect the date you will attain age 65 and assumes that you will have been credited with a minimum of five years of pensionable service. Q. Why do I have less than 12 months of service credited in a certain year? This could mean that you were on leave without pay, you terminated employment, or your employment status was part-time during a portion of the year.

9 Q. Why do I have more than 12 months of service credited in a certain year? This could mean that you were credited with additional service via a purchase or transfer. This service is reflected in the year that the service was added to your service history and not the actual period(s) that it was worked. Q. Why is the pensionable salary lower/higher in a year? Certain years may reflect an additional pay period or that you were temporarily assigned to a higher paying position. Q. What should I do if my service is inaccurate? Please send an email to explaining why you feel the service is inaccurate. Q. How is the pension estimate calculated?

10 The estimate is based on service credited as of the end of the previous calendar year ( , if the statement was received in June 2017, the pension benefit is based on service credited as of December 31, 2016). Also, the last six years, (not necessarily the best six) are used to calculate the estimate reflected on the statement. Plan members should keep in mind that the statement reflects an estimate and may be different upon actual retirement. Q. What should I do if my address is incorrect? Please forward an email with your current mailing address to Your employer will also need to be notified. Q. What should I do if my birthdate is incorrect?