You and your employer make contributions to the Plan that are held in an employee contribution account and an employer contribution account respectively.
In accordance with Schedule "A" of Bylaw No. 8589 your contribution rate is 3.00% of pensionable earnings.
Pensionable earnings means regular and superior duty pay received for services rendered and does not include overtime pay, shift differential pay, dirty pay, statutory holiday pay, vacation pay, or any other premium pay that may be applicable.
Example Calculation:
Pensionable Earnings: $27,300
3.00% x $27,300 = $819.00
Annual Member Contributions = $819.00
During periods of temporary suspension or layoff, neither you nor your employer shall contribute to the Plan.
Member contributions are automatically deducted from each pay you receive thoughout the year. Your contributions to the Plan are tax deductible.
You may elect to contribute to the Plan during maternity, paternity, or parental leaves as provided in the Collective Agreement. Contributions shall be based on your average pensionable earnings in the year immediately prior to the start of the leave. If you elect to continue contributing to the Plan while on maternity, paternity, or parental leave, your employer will continue to make contributions on your behalf.
Your employer matches your contributions to the Plan at the same rate outlined above.