Contribution Reduction is Ending
Effective: December 1, 2002
On December 1, 2002, members of the Public Service Pension Plan will resume paying the normal contribution rate, which is:
|8% of salary
to the YBE
|+||6.2% of salary
between YBE & YMPE
|+||8% of salary
over the YMPE
As of April 1, 2002, OPP officers resumed contributing an extra 2% of their salary towards the OPP 50/30 early retirement program
To help remind members of the upcoming change in contributions, we are placing the following article in the October 18 issue of Topical (below) and providing additional information on our website.
Click here to view a copy of the Web Update on this topic.
PSPP contribution reduction ending
This is a reminder that November 30, 2002 is the last day for the contribution reduction.
Since August 1, 2000, members of the PSPP have enjoyed a 4% decrease in their contributions. On December 1, 2002, contributions will return to the normal rate.
How are contributions calculated? Contributions are based on a percentage of your salary. You contribute 6.2% on the part of your salary on which you pay CPP contributions (in 2002, this is your salary from $3,500 to $39,100), and 8% on the rest. Ontario Provincial Police officers contribute an extra 2% towards the OPP 50/30 early retirement program.
For more information, contact us.