Consistent with the November 2010 Memorandum of Agreement between the University and the Professional Managerial Association, changes are being made to the Administrative Pension Plan for PMA-eligible members:
For PMA-eligible members with less than 20 years of service, the University will begin contributing an additional 0.5% of pensionable earnings each year. For members with 20 years or more service, the University will contribute an additional 0.5% of pensionable earnings per year, provided the member elects a required contribution rate of 5.5%.
All new PMA-eligible employees joining the pension plan on or after November 1, 2012 will be required to make regular pension plan contributions of 5.5% of pensionable earnings- an increase from 2.5%.
Members who joined the plan prior to November 1, 2012, are now being asked to make a choice to either maintain your regular pension contributions at 2.5% or increase to 5.5%. Members with greater than 20 years service who choose the higher contribution rate will receive a premium employer contribution. (Special note: members currently contributing at the pre-1991 rate of 6% of earnings less CPP contributions must choose one of the new required contribution levels.)
As a Plan member, you must make a decision and choose the rate of your Required Contributions to your pension account by October 31, 2012.
All PMA-eligible employees will receive a package of information that offers further details and helpful information, including dates for information sessions you may attend. The package contains:
If you have any questions or if you do not receive a package by October 5, 2012 please contact Human Resources at 519-661-2194.