Timelines for Remitting Contributions
Remittances must be received at the MEBP Administration Office before the end of the month following the month in which contributions are deducted. For example: In January, the Employer deducts contributions from Members on Jan 13th and Jan 27th. These contributions, along with the matching Employer share are required to be remitted to MEBP before February 28. If the remittance is not received by the end of the following month, the Employer will be required to pay an Interest Charge for Late Contribution Remittances.
Interest Charge for Late Contribution Remittances
The interest charge will be calculated from the first day of the month following the day the Contributions were due to the date the contributions are received at the rate specified in the Manitoba Pension Benefits Regulation.
For example: If the contributions deducted in January were not received at the MEBP Administration Office until March 5, MEBP will calculate the applicable interest charge required for the period March 1 to 5 and an invoice will be sent to the employer for the outstanding interest payment.
Interest charges will also be applied to outstanding contributions that are owed for a prior year as a result of the year end process. The MEBP Administration Office will advise the Employer of any outstanding payments and the Employer will have 30 days to make the necessary payments. After 30 days, interest will be charged on the outstanding contributions.
The annual interest rate applicable to member portion is the employee contribution rate and the annual interest rate on the employer share is the most current Valuation Discount rate. These rates will be reviewed on an annual basis.
Remittance of Contributions
Complete the fillable Monthly Remittance Report (Form 50.W) available on the MEBP website under FORMS tab. After you fill out all the required information, print and sign the form and send to the MEBP office along with your payment.
If remitting payment via Electronic Funds Transfer (EFT), the MEBP office requires the Remittance report faxed or emailed mebpadmin@coughlin.ca in advance of funds deposit date.