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.
Annual Pension Increases
Annual Average Rate of Returns