Report from the Chair, July, 2012:
On April 15, 2012, in an effort to preserve the sustainability of the Pension Plan, members voted to increase the employee contribution rate to a flat 7% of earnings effective July 1, 2012.
Due to the effective date of the rate change falling in the middle of a pay period, it was agreed by the Board of Trustees and the University of Windsor that the following timeline of changes will be used:
|July 12, 2012||Pension contributions remain the same at the old rates for the whole pay period. Increase has been delayed until the next pay. Parking fees increase effective July 1, 2012 reflected on this pay.|
|July 26, 2012||Pension contributions change to a straight 7% of earnings calculation.|
|August 6, 2012||Pension contributions arrears from the period of July 1st to July 8th will be deducted, on top of the base pension contribution deduction.|
Further, members receiving a WSIB entitlement are now required to make pension contributions based on their pre-injury earnings. Therefore, effective July 1, 2012, WSIB members will not have their employee contributions deemed.
Members receiving a LTD entitlement continue to have their employee contributions deemed. The status of employee contribution obligations for LTD members remains unchanged.
Please note that effective August 1, 2012 the wage rates for all CUPE Local 1001 members will increase by 3%. For questions or concerns, please contact your Trustees Karen Kehoe or Alex Sorrentino.