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Wilfrid Laurier University Human Resources
July 30, 2014
 
 
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Human Resources

Upcoming Pension Plan, Post-Retirement and Active Benefit Plan Changes

Jul 9/14

The following changes apply to members of WLUSA/OSSTF, Senior Executives, the Management Group, Confidential and Professional Administrative Group (CPAG), Professional Administrative Group (PAG) and Special Constables:

PENSION PLAN CHANGES

Member Eligibility

  • Mandatory enrollment for all eligible full-time employees hired after July 1, 2014.

Member Contribution Increases

  • Effective January 1, 2015: member contributions will rise to 8% (from 7.5%) for earnings below the YMPE and 9.5% (from 9%) for earning above the YMPE.

  • Effective January 1, 2016: member contributions will be 8% for earning below the YMPE and will rise to 10% (from 9.5%) for earnings above the YMPE. 

         YMPE = Year’s Maximum Pensionable Earnings ($52,500 in 2014)

POST RETIREMENT BENEFIT CHANGES 

Eligibility

  • Employees retiring on or after January 1, 2016 will be required to be in receipt of a pension from the Laurier pension plan to be eligible for post-retirement benefits. 

  • Employees retiring on or after January 1, 2017 will be required to have 10 years of consecutive full-time service immediately prior to retirement to be eligible for post-retirement benefits.  This change is not intended to negatively impact current employees.  Any employee hired before July 1, 2014 will be required to have more than 5 years of consecutive full-time service immediately prior to retirement to be eligible for full-time benefits.

Premium Sharing

  • Employees retiring on or after January 1, 2017 will be required to pay 15% of the annual premium cost.  The University will pay 85% of annual premium cost.

As an offset to the above pension and post-retirement benefit changes, employees will be provided with an additional in-base salary increase of 0.5% on each of January 1st 2015, 2016 and 2017.

ACTIVE BENEFIT CHANGES

Effective July 1, 2014, the following cost neutral changes have been made to the active benefits plans:

  • Vision Coverage will increase from $350 to $450 every 24 month
  • Paramedical Coverage will increase from $500 to $600 per service per calendar year. P
  • Orthotics and Orthopedic Shoes: will increase from $450 to $600 per calendar year.
  • Introduction of the Enhanced Generic Substitution program for prescription drugs: 

For more information please refer to the Frequently Asked Questions on the Human Resources website.

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