Pension Plan Participation and Contributions (Regular Full-Time. All regular full-time staff members who are eligible under the terms of the University of Victoria Combination Pension Plan (“the Plan”) will, as a condition of employment, participate in the Plan from the date of eligibility. Contribution rates are set pursuant to the Combination Pension Plan Trust Agreement and Schedule A to the Trust Agreement which is legally binding upon the University and the Board of Pension Trustees. Information about the Plan is available at the Vice-President Finance and Operations website under Pensions and Investments. Rates continue until either a regulator requires a change or the Plan actuary recommends a change. Ordinarily that change would result from a regularly scheduled actuarial valuation which may occur during the life of the collective agreement. Decisions about the actuary’s recommendations are made by the Board of Pension Trustees. For information purposes only, contribution rates as of July 2014 are as follows: the staff member will contribute 4.35% of basic regular salary up to the Canada Pension Plan’s Yearly Maximum Pensionable Earnings (YMPE), and 6.35% of basic regular salary in excess of the YMPE. The University will contribute 6.02% of basic regular salary up to the YMPE, and 7.65% of basic regular salary in excess of the YMPE, and 5.05% of basic regular salary to the Defined Retirement Benefit Account.
Appears in 5 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
Pension Plan Participation and Contributions (Regular Full-Time. All regular full-time staff members who are eligible under the terms of the University of Victoria Combination Pension Plan (“the Plan”) will, as a condition of employment, participate in the Plan from the date of eligibility. Contribution rates are set pursuant to the Combination Pension Plan Trust Agreement and Schedule A to the Trust Agreement which is legally binding upon the University and the Board of Pension Trustees. Information about the Plan is available at the Vice-President Finance and Operations website under Pensions and Investments. Rates continue until either a regulator requires a change or the Plan actuary recommends a change. Ordinarily that change would result from a regularly scheduled actuarial valuation which may occur during the life of the collective agreement. Decisions about the actuary’s recommendations are made by the Board of Pension Trustees. For information purposes only, contribution rates as of July 2014 are as follows: the staff member will contribute 4.35% of basic regular salary up to the Canada Pension Plan’s Yearly Maximum Pensionable Earnings (YMPE), and 6.35% of basic regular salary in excess of the YMPE. The University will contribute 6.02% of basic regular salary up to the YMPE, and 7.65% of basic regular salary in excess of the YMPE, and 5.05% of basic regular salary to the Defined Retirement Benefit Account.Account.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
