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McMaster University Salaried Pension Plan (the “Plan”)
We are pleased to announce that pensions in pay as of January 1, 2021 will be increased in respect of any retiree who was receiving a pension on June 30, 2020.
Annual Pension Increase
The “Annual Pension Increase” for January 1, 2021, calculated in accordance with the Plan text and reviewed by our external auditors, resulted in a pension increase as outlined below. This impacts any member who will receive a pension from the Plan on January 1, 2021, and who was also in receipt of a pension on June 30, 2020. Those retirees who retired between July 1, 2019 and June 30, 2020, will receive a pro-rated increase.
Retirees – except those hired on or after May 1, 2010 who retired as a Unifor Local 5555 Unit 1 Member (1.46%)
Employees who retired from the Original Pension Plan or Salaried Pension Plan 2000 (except for those hired on or after May 1, 2010 who retired as a Unifor Local 5555 Unit 1 Member) receive a 1.46% increase on their pension, in accordance with Section 5.08 (a) (i) of the Plan text.
For further details on the calculation of the pension increase, please refer to the Audit Statement here.
Retirees hired on or after May 1, 2010 who retired as a Unifor Local 5555 Unit 1 Member (1.34%)
Employees hired on or after May 1, 2010 who retired from the Plan as a Unifor Local 5555 Unit 1 Member will receive a 1.34% increase on their pension, in accordance with Section 5.08 (a)(iii) of the Plan text.
For further details on the calculation of the pension increase, please refer to the Audit Statement here.
The information provided on this website is intended to summarize in plain language, the McMaster University Contributory Pension Plans and their respective audited financial statements. For an exact and complete description of the Plan and the financial statements, consult the Plan Text and audited financial statements. In cases where the information provided on this website differs from that contained in the Plan text and audited financial statements, the Plan text and audited financial statements will govern.