Contribution rate increase
Phase 1 takes effect April 2018
In our last Annual Report, we highlighted that the Plan requires a contribution rate increase to respond to changes in plan member longevity and investment expectations. To address this, and maintain benefit levels, the Plan Sponsor (the Government of Ontario) has announced a 1% increase in contribution rates for Public Service Pension Plan (PSPP) members and employers which will be phased-in over 2 years starting the first full pay in April.
Even with the increase, our contribution rates remain among the lowest of the public sector plans in Ontario.
To learn more, please read the (non-OPP) OPB News Special Edition for Contributing Members (PDF) or OPB News Special Edition for OPP Officers & Civilians (PDF).