The Pension Highlights – Hourly Plan provide a summary of key provisions and information for members.

The Hourly Pension Plan Text serves as the legal foundation of the pension plan and McMaster`s governing document. The Plan was amended and restated effective May 1, 2020.  This was reviewed by the Hourly Pension Plan Committee prior to approval by the Board of Governors. The 2020 Restatement consolidates the prior restatement (January 1, 2019) and subsequent 3 amendments into a single document.

The May 1, 2020 Plan Text Restatement incorporates the following 3 amendments:

Plan Amendment #1 reflects the changes from Local 5555 Unifor Unit 5 bargaining agreement ratified on April 18, 2019, which are outlined below:

• Members on a leave of absence without pay cease contributions and benefit accruals under the Plan in respect of the period of absence
• Member pension contribution rates will increase to 8% of base salary up to the YMPE and 11% of base salary over the YMPE effective November 29, 2020.

Plan Amendment #2 reflects the changes from Local 5555 Unifor Unit 4 bargaining agreement, which increases the Member pension contribution rates to 8% of base salary up to the YMPE and 11% of base salary over the YMPE effective October 2, 2022.

Plan Amendment #3 reflects the following changes:

• Update to the Plan restatement date to May 1, 2020 in Sections 1.09, 1.10, 1.11, and 1.12
• Update to the dates in Section 2.12(vi)(A) and 3.02 to March 15, 2010
• Update to the definition of Special Early Retirement Date in Section 5.03 to replace ‘Credited Service’ with ‘Continuous Service’ to align with administrative practice.
• Update to the ITA max to reflect the 2020 amount of $3,092.22 in Sections 6.04 and 6.10.
• Update to the reference of FSCO and replaced with FSRA in Section 15.04
• Member pension contribution rate increase for Operating Engineers to 8% of base salary up to the YMPE and 11% of base salary over the YMPE effective May 14, 2023.

Actuarial Valuation as at July 1, 2022 – Hourly Pension Plan

Actuarial Valuation as at January 1, 2020 – Hourly Pension Plan

Actuarial Valuation as at July 1, 2019 – Hourly Pension Plan

Actuarial Valuation as at July 1, 2016 – Hourly Pension Plan

Actuarial Valuation as at July 1, 2013 – Hourly Pension Plan

Actuarial Valuation as at July 1, 2010 – Hourly Pension Plan

Actuarial Valuation as at July 1, 2007 – Hourly Pension Plan

Annual Pension Increases 

Hourly Plan – Annual Pension Increase effective January 1, 2024

Hourly Plan – Annual Pension Increase effective January 1, 2023

Hourly Plan – Annual Pension Increase effective January 1, 2022

Hourly Plan – Annual Pension Increase effective January 1, 2021

Hourly Plan – Annual Pension Increase effective January 1, 2020

Annual Average Rate of Returns 

Hourly Plan – Rate of Return as at June 30, 2023

Hourly Plan – Rate of Return as at June 30, 2022

Hourly Plan – Rate of Return as at June 30, 2021

Hourly Plan – Rate of Return as at June 30, 2020

Hourly Plan – Rate of Return as at June 30, 2019

Financial Statements as at June 30, 2023 – Hourly Pension Plan

Financial Statements as at June 30, 2022 – Hourly Pension Plan

Financial Statements as at June 30, 2021 – Hourly Pension Plan

Financial Statements as at June 30, 2020 – Hourly Pension Plan

Financial Statements as at June 30, 2019 – Hourly Pension Plan

Financial Statements as at June 30, 2018 – Hourly Pension Plan

Financial Statements as at June 30, 2017 – Hourly Pension Plan

Financial Statements as of June 30, 2016 – Hourly Pension Plan

Total Fund Performance as of June 30, 2023 – Hourly Pension Plan

Total Fund Performance as of December 31, 2022 – Hourly Pension Plan

Total Fund Performance as of June 30, 2022 – Hourly Pension Plan

Total Fund Performance as of December 31, 2021 – Hourly Pension Plan

Total Fund Performance as of June 30, 2021 – Hourly Pension Plan

Total Fund Performance as of December 31, 2020 – Hourly Pension Plan

Total Fund Performance as of June 30, 2020 – Hourly Pension Plan

Total Fund Performance as of December 31, 2019 – Hourly Pension Plan

Total Fund Performance as of June 30, 2019 – Hourly Pension Plan

Total Fund Performance as of December 31, 2018 – Hourly Pension Plan

Total Fund Performance as of June 30, 2018 – Hourly Pension Plan

Total Fund Performance as of December 31, 2017 – Hourly Pension Plan

Total Fund Performance as of June 30, 2017 – Hourly Pension Plan

Total Fund Performance as of June 30, 2016 – Hourly Pension Plan

Total Fund Performance as of June 30, 2015 – Hourly Pension Plan

Total Fund Performance as of December 31, 2014 – Hourly Pension Plan

All policy documents are maintained by the University Secretariat`s office. The Statement of Investment Policies & Procedures can be found on the following webpage.

The plan highlights provide a summary of key provisions and information for members, based on their employee group.

Faculty

TMG

UNIFOR Members Hired on or Before April 30, 2010

UNIFOR Members Hired on or After May 1, 2010

MUALA

1. Consolidate the prior restatement (2019) and subsequent amendments into a single document;
2. Clarify specific Plan provisions that required refinement;
3. Incorporate “housekeeping” changes;
4. Reflect legislative changes since the 2019 restatement; and
5. Align select Plan provisions with administrative practice.

The July 1, 2022 Plan Text Restatement incorporates the following amendment:

Plan Amendment #1 reflects the following changes:

• An increase in pension contribution rates for members who are union employees of Regional Medical Associates.
• An update to sections 2.12 and 3.01 to reflect that Short Term Employees in Unifor Local 5555 Unit 1 who have been extended beyond 1 year will be eligible to join Plan 2000 on the date of extension or renewal.

Actuarial Valuation as at July 1, 2023 – Plan 2000

Actuarial Valuation as at July 1, 2021 – Plan 2000

Actuarial Valuation as at July 1, 2018 – Plan 2000

Actuarial Valuation as at July 1, 2017 – Plan 2000

Actuarial Valuation as at July 1, 2014 – Plan 2000

Actuarial Valuation as at July 1, 2011 – Plan 2000

Actuarial Valuation as at July 1, 2008 – Plan 2000

Actuarial Valuation as at July 1, 2007 – Plan 2000

Actuarial Valuation as at July 1, 2006 – Plan 2000

Actuarial Valuation as at July 1, 2003 – Plan 2000

Actuarial Valuation as at July 1, 2003 – Plan 2000

Actuarial Valuation as at July 1, 2002 – Plan 2000

Actuarial Valuation as at July 1, 2023 – Original Plan

Actuarial Valuation as at July 1, 2021 – Original Plan

Actuarial Valuation as at July 1, 2018 – Original Plan

Actuarial Valuation as at July 1, 2017 – Original Plan

Actuarial Valuation as at July 1, 2014 – Original Plan

Actuarial Valuation as at July 1, 2011 – Original Plan

Actuarial Valuation as at July 1, 2010 – Original Plan

Actuarial Valuation as at July 1, 2009 – Original Plan

Actuarial Valuation as at July 1, 2007 – Original Plan

Actuarial Valuation as at July 1, 2006 – Original Plan

Actuarial Valuation as at July 1, 2003 – Original Plan

Actuarial Valuation as at July 1, 2003 – Original Plan

Actuarial Valuation as at July 1, 2002 – Original Plan

At the request of the McMaster University Retiree Association and as approved by the Pension Trust Committee, an Annual Report to Members will be made available each year. The report will include key documents pertaining to both the administration and investment aspects of the pension plans.

McMaster University currently has two Salaried Pension Plans referred to throughout this report as the “Original Plan” and “Plan 2000”. These two Plans originated as a result of the surplus distribution and are similar in plan design.  As a result, both Plans are included in this consolidated Annual Report to Members.

McMaster Human Resources Services in conjunction with Financial Affairs is committed to continually improving upon the information provided within this report. We encourage you to forward any suggestions or comments to Human Resources Services.

Please note, the documents contained in this Annual Report have been consolidated for ease of reference.  Should a discrepancy occur between the original documents and the versions contained in this report, the originals will govern in the case of error.

Financial Statements

Financial Statements as at June 30, 2023 – Original Plan

Financial Statements as at June 30, 2022 – Original Plan

Financial Statements as at June 30, 2021 – Original Plan

Financial Statements as at June 30, 2020 – Original Plan

Financial Statements as at June 30, 2019 – Original Plan

Financial Statements as at June 30, 2018 – Original Plan

Financial Statements as at June 30, 2017 – Original Plan

Financial Statements as at June 30, 2016 – Original Plan

Financial Statements as at June 30, 2015 –  Original Plan

Financial Statements as at June 30, 2023 – Plan 2000

Financial Statements as at June 30, 2022 – Plan 2000

Financial Statements as at June 30, 2021 – Plan 2000

Financial Statements as at June 30, 2020 – Plan 2000

Financial Statements as at June 30, 2019 – Plan 2000

Financial Statements as at June 30, 2018 – Plan 2000

Financial Statements as at June 30, 2017 – Plan 2000

Financial Statements as at June 30, 2016 –  Plan 2000

Financial Statements as at June 30, 2015 – Plan 2000

Annual Pension Increase

Audit Statement – Annual Pension Increase effective January 1, 2024 (for Unifor Local 5555 Unit 1 retirees who were hired on or after May 1, 2010)

Audit Statement – Annual Pension Increase effective January 1, 2024 (for all other retirees)

Audit Statement – Annual Pension Increase effective January 1, 2023 (for Unifor Local 5555 Unit 1 retirees who were hired on or after May 1, 2010

Audit Statement – Annual Pension Increase effective January 1, 2023 (for all other retirees)

Audit Statement – Annual Pension Increase effective January 1, 2022 (for Unifor Local 5555 Unit 1 retirees who were hired on or after May 1, 2010)

Audit Statement – Annual Pension Increase effective January 1, 2022 (for all other retirees)

Audit Statement – Annual Pension Increase effective January 1, 2021 (for Unifor Local 5555 Unit 1 retirees who were hired on or after May 1, 2010)

Audit Statement – Annual Pension Increase effective January 1, 2021 (for all other retirees)

Audit Statement – Annual Pension Increase effective January 1, 2020 (for Unifor Local 5555 Unit 1 retirees who were hired on or after May 1, 2010)

Audit Statement – Annual Pension Increase effective January 1, 2020 (for all other retirees)

Audit Statement – Annual Pension Increase effective January 1, 2019

Audit Statement – Annual Pension Increase effective January 1, 2018

Annual Average Rate of Return

Audit Statement – Rate of Return as at June 30, 2023

Audit Statement – Rate of Return as at June 30, 2022

Audit Statement – Rate of Return as at June 30, 2021

Audit Statement – Rate of Return as at June 30, 2020

Audit Statement – Rate of Return as at June 30, 2019

Audit Statement – Rate of Return as at June 30, 2018

Audit Statement – Rate of Return as at June 30, 2017

Salaried Pension Plan – Total Fund Performance as of June 30, 2023

Salaried Pension Plan – Total Fund Performance as of December 31, 2022

Salaried Pension Plan – Total Fund Performance as of June 30, 2022

Salaried Pension Plan – Total Fund Performance as of December 31, 2021

Salaried Pension Plan – Total Fund Performance as of June 30, 2021

Salaried Pension Plan – Total Fund Performance as of December 31, 2020

Salaried Pension Plan – Total Fund Performance as of June 30, 2020

Salaried Pension Plan – Total Fund Performance as of December 31, 2019

Salaried Pension Plan – Total Fund Performance as of June 30, 2019

Salaried Pension Plan – Total Fund Performance as of December 31, 2018

Salaried Pension Plan – Total Fund Performance as of June 30, 2018

Salaried Pension Plan – Total Fund Performance as of December 31, 2017

Salaried Pension Plan – Total Fund Performance as of June 30, 2017

Salaried Pension Plan – Total Fund Performance as of December 31, 2016

Salaried Pension Plan – Total Fund Performance as of June 30, 2016

Salaried Pension Plan – Total Fund Performance as of December 31, 2015

Salaried Pension Plan – Total Fund Performance as of June 30, 2015

Salaried Pension Plan – Total Fund Performance as of December 31, 2014

Salaried Pension Plan – Total Fund Performance as of June 30, 2014

Salaried Pension Plan – Total Fund Performance as of December 31, 2013

Salaried Pension Plan – Total Fund Performance as of June 30, 2013

Salaried Pension Plan – Total Fund Performance as of December 31, 2012

Salaried Pension Plan – Total Fund Performance as of June 30, 2012

Salaried Pension Plan – Total Fund Performance as of December 31, 2011

Salaried Pension Plan – Total Fund Performance as of June 30, 2011

Salaried Pension Plan – Total Fund Performance as of December 31, 2010

Salaried Pension Plan – Total Fund Performance as of June 30, 2010

Salaried Pension Plan – Total Fund Performance as of December 31, 2009

Salaried Pension Plan – Total Fund Performance as of June 30, 2009

Salaried Pension Plan – Total Fund Performance as of December 31, 2008

Any questions regarding Salary Pension Plan Investment Performance should be directed to the Treasury Operations.

The Pension Trust Committee is administered by University Secretariat`s office. The membership list and terms of reference can be found on the Secreteriat`s webpage.