The College Pension Plan Board has announced a change to the contribution rates that is material and relevant to all pension members. You can find the communique by searching the news section of the College Pension Plan website.
The opening paragraph of the communique is as follows:
Pension contribution rates to increase September 1, 2013
Members and employers will pay more into the College Pension Plan (plan) effective September 1, 2013. This increase is the result of the recent actuarial valuation of the plan.
Member and employer contributions will each be increased by 0.66 per cent of salary.
The plan remains financially strong, and a contribution rate increase is just one of the many proactive steps the College Pension Board of Trustees (board) takes to ensure the plan remains fiscally sustainable and that the pension promise stays secure for all members.