Common use of Academic Pension Plan Clause in Contracts

Academic Pension Plan. Employer contributions: 8.5% of Pensionable Earnings, except for: Full-Time Members with 20 or more years of Full-Time service who are contributing 5.5% of Pensionable Earnings, in which case the Employer contribution shall be 9.0%. Employee contributions: 5.5% of Pensionable Earnings or 1.5% if the Member elected to make contributions at 1.5% by June 30, 2011. Members in the Plan at the time of ratification of this 2014 Collective Agreement, and who are currently making contributions at 1.5% may elect at any time to increase contributions to 5.5% of Pensionable Earnings. Such an election shall be irrevocable.