Expandable List
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
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, 2024 – Hourly Pension Plan
Total Fund Performance as of December 31, 2023 – 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.
Hourly Pension Plan Updates
2024 Pensioner Increase - Hourly Pension Plan
Hourly Pension Plan (Retirees)
Family Law Valuations (Marriage Breakdown) - new forms effective May 1, 2022
Pension Plan 2000 (Active Members)