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, 2025 – Hourly Pension Plan

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, 2026

Hourly Plan – Annual Pension Increase effective January 1, 2025

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, 2025

Hourly Plan – Rate of Return as at June 30, 2024

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, 2025 – Hourly Pension Plan

Financial Statements as at June 30, 2024 – Hourly Pension Plan

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 December 31, 2025 – Hourly Pension Plan

Total Fund Performance as of June 30, 2025 – Hourly Pension Plan

Total Fund Performance as of December 31, 2024 – 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.