Common use of EMPLOYEE CONTRIBUTION RATES Clause in Contracts

EMPLOYEE CONTRIBUTION RATES. Effective Date Sept. 1, 2019* Sept. 1, 2020** Below YMPE 7.55% 8.05% Above YMPE 9.25% 9.75% *Sept 1, 2019 reflects current percentage contributions for CUPE Local 3913 members. ** The rates above are established as the maximum member contribution rates. The University and the Union agree in principle to a negotiated framework for the sharing of Normal Actuarial Cost of the Retirement Pension Plan through collective bargaining. Under this framework, should the most current valuation report filed prior to September 1 of each year show an increase in the University’s Normal Actuarial Cost to a level above 100% of the member contribution rates at that time the University will meet with the Union to review the applicable valuation results including support for the Normal Actuarial Cost increase. This review will include documentation prepared by the Plan’s actuary who certifies the new Normal Actuarial Cost requirement in respect of the CUPE Local 3913 members, including a summary of the underlying CUPE Local 3913 membership data used to prepare the valuation results. Pending such certification of results by the Plan Actuary, member contribution rates will increase to fund 50% of that portion of the University’s Normal Actuarial Cost above 100% of member contributions at the time of the valuation. Under this calculation, member contributions will be subject to a maximum increase of 0.50%, to be implemented effective September 1, 2020. Unless otherwise provided for under this Schedule, member contribution rate increases will not exceed 0.50% during the term of the Collective Agreement. The Employer contribution rates will continue to be determined by the Plan Actuary, but in no case shall be less than the member rates. Precise determination of any adjustments to member contribution rates will be made by the Plan Actuary with due consideration being given to the importance of recognizing earnings below and above the Year’s Maximum Pensionable Earnings (YMPE).

EMPLOYEE CONTRIBUTION RATES. Effective Date Sept. Sep 1, 20192015 Sep 1, 2016 Sep 1, 2017 Sep 1, 2018 Below YMPE 7.05%* 7.05%* 7.30%** 7.55%** Above YMPE 8.75%* 8.75%* 9.00%** 9.25%** * Sept. 1, 2020** Below YMPE 7.55% 8.05% Above YMPE 9.25% 9.75% *Sept 1, 2019 2015 reflects current percentage contributions for CUPE Local 3913 members. ** The rates above are established as the maximum member contribution rates. The University and the Union agree in principle to a negotiated framework for the sharing of Normal Actuarial Cost of the Retirement Pension Plan through collective bargaining. Under this framework, should the most current filed valuation report filed prior to September 1 of each year show an increase in the University’s Normal Actuarial Cost to a level above 100% of the member contribution rates at that time the University will meet with the Union to review the applicable valuation results including support for the Normal Actuarial Cost increase. This review will include documentation prepared by the Plan’s actuary who certifies the new Normal Actuarial Cost requirement in respect of the CUPE Local 3913 members, including a summary of the underlying CUPE Local 3913 membership data used to prepare the valuation results. Pending such certification of results by the Plan Actuary, member contribution rates will increase to fund 50% of that portion of the University’s Normal Actuarial Cost above 100% of member contributions at the time of the valuation. Under this calculation, member contributions will be subject to a maximum increase of 0.500.25%, to be implemented effective September 1, 20202017 & September 1, 2018. Unless otherwise provided for under this Schedule, member contribution rate increases will not exceed 0.50% during the term of the Collective Agreement. The Employer contribution rates will continue to be determined by the Plan Actuary, but in no case shall be less than the member rates. Precise determination of any adjustments to member contribution rates will be made by the Plan Actuary with due consideration being given to the importance of recognizing earnings below and above the Year’s Maximum Pensionable Earnings (YMPE).