Contribution Reduction update
Effective: February 20, 2004
Since March 2003, eligible members* of the Public Service Pension Plan have had a 3% reduction in their contributions to the plan. This is a reminder that, for these members, contributions will soon return to the normal rate of:
|8% of salary
to the YBE
|+||6.2% of salary between the YBE and YMPE||+||8% of salary >over the YMPE|
The contribution reduction is to end with the pay period that includes February 29, 2004. Employers continued to pay the normal rate during the reduction period.
On February 6 and 9, we wrote to employers to confirm the pay date when the contribution reduction would end for PSPP members in their organization. If you have not received this notice, please contact Michelle Power at 416-601-3921.
*Members represented by the Ontario Provincial Police Association and Justices of the Peace did not receive the contribution reduction.
On February 23, we are mailing an insert to members to remind them of the return to the normal contribution rate. Please note that Justices of the Peace and members who are represented by the Ontario Provincial Police Association will not receive this mailing.