2017 Pension Adjustments (for the 2017 tax year)

Method 1: Download the PA calculator

The PA Calculator is an Excel spreadsheet. Use it to calculate PAs for both normal retirement age 60 and 65 members. (Normal retirement age does not affect PA calculations.)

Record the PA in Box 52 on the member’s 2017 T4.

Right-click on the link below and select “Save target as.”

Download Excel PA Calculator 
(Do not use it within the browser, save to your computer first)

Instructions

Have ready the member's 2017 credited service and contributory earnings.

1. Open the file and enable the macros.

  • If you are using Microsoft Office 2003 or older, you will get a Security Warning message that says the PA Calculator may contain macros, which may contain viruses. If you get this message, click “Enable Macros."
    • Click "Enable Macros."
  • If you are using Microsoft Office 2007 or newer, the PA Calculator will open.

    • Click “Options...”

    • Select “Enable this content.”
    • Click “OK.”

2. Calculate the member’s PA.

Important! Do not delete row #4. The PA formulas are contained here, and the spreadsheet will not work if these are deleted or modified.

  • Click “Calculate PA” and the following form will appear:

Enter member’s:

  • group number (optional)
  • name (optional)
  • SIN (optional);
  • 2017 credited service in months, rounded to two decimal places
  • 2017 contributory earnings.

The PA will appear in the “PA to Report” field. Round the answer to the nearest dollar. Click ADD to Sheet, the information you entered and the PA will be saved and recorded on the spreadsheet. Enter new data for another PA calculation.

Click Exit to Sheet to return to the spreadsheet.

On the spreadsheet will be:

  • the data you input
  • the PA calculations you added to the spreadsheet in the order they were entered
  • the numbers used in the BE and PA calculation (refer to the chart below).

 

 

Description of pre-calculated fields
Annualize Shows whether the contributory earnings used in the BE calculation are annualized (Yes or No).
Annualized earnings Contributory earnings used in the BE calculation (annualized when a member has less than 12.00 months of credited service).
Pension formula for 2017 The accrued OMERS pension benefit for 2017 (the BE pro-rated for members with less than 12.00 months of credited service).
Max BE Indicates whether the BE is over the 2017 maximum of $2,914.44 (Yes or No).
BE Benefit entitlement
PA offset $600 for members with 12.00 months of credited service (pro-rated for members with less than 12.00 months of credited service).
PA to report The member's PA (round this amount to the nearest dollar).