Plan Formula. Effective October 1, 2001 there will be a Reduction of CPP integration adjustment factor from .625% to .500%. The employee’s contributions will increase by .5% if and when the assets fall below 106% of the liabilities based upon a solvency valuation.
Plan Formula a) Effective January 1, 2003 the rules of the DB Pension Plan shall be amended to provide for the reduction of the CPP integration factor from .625% to .500%. This change in the CPP integration factor will apply to all of the established service of a Society-represented member who retires after the effective date provided that some portion of such Society-represented established service occurred after the effective date of the change in the CPP integration factor.
b) The parties will agree upon a trigger point for an increase in employee’s contributions by .5%.
Plan Formula. (This Sub-section does not apply to regular employees hired on or after November 17, 2005). Effective January 1, 2004, the CPP integration adjustment factor shall be reduced from .625% to .500%. Employees’ contributions shall increase by .5% if and when the assets fall below 106% of the liabilities based upon a solvency valuation and shall continue until the assets are at or above 106% based upon a solvency valuation, and shall thereafter be in place or not based upon whether the assets are below, or at or above, 106% of the liabilities based upon a solvency valuation. Clarity Note #1: Hydro One may trigger the provision for increasing employee contributions as described above (“provision”) by filing a valuation with the Financial Services Commission of Ontario (FSCO). Where it does so, it is not required to exceed the frequency of filing required by law. Hydro One is not obligated to trigger the provision by a FSCO filing only, and, instead, may do so by an internal valuation. Where Hydro One elects to proceed by an internal valuation, it must do so annually and must share any valuation with the Society for comment if it is relying upon the valuation to cause employee contributions to change. If the Society believes the valuation to be in material error and Hydro One disagrees, the Society may cause a review of the valuation by an independent actuary whose opinion on that complaint shall be final and binding. The independent actuary mutually selected by the parties, or if in disagreement, appointed by a rights arbitrator under the collective agreement, may conduct his/her review in any manner he/she considers appropriate of his/her sole discretion. Hydro One shall pay the actuary’s fees and disbursements. However, if the independent actuary concludes, in his/her sole discretion, that the Society’s objections were unreasonable, the actuary may direct the Society to reimburse Hydro One for all or a portion of the fees and disbursements invoiced by the actuary. Clarity Note #2: The change in the CPP integration factor will apply to all of the established service of a Society-represented member who retires after the effective date provided that some portion of such Society-represented established service occurred after the effective date of the change in the CPP integration factor.
Plan Formula. Effective January 1, 2006 the employee’s contributions will be increased to 7% below and above the YMPE.
Plan Formula. Effective January 1, 2006 the employee’s contributions will be increased to 7% below and above the YMPE. Effective July 1, 2016 contributions by Society represented employees shall increase by 0.67 percent to 7.67 percent of Base Annual Earnings subject to the following two conditions:
1. Society represented employees will only be required to make the increased contributions, to 7.67 percent of Base Annual Earnings, if the Management Group make increased contributions of at least 0.67 percent of Base Annual Earnings and PWU groups make increased contributions of at least 0.67 percent of Base Earnings (below and above YMPE) by July 1, 2016. If the increases for one or both of these groups takes place in 2016 but on a date later than July 1, 2016 but on or prior to December 31, 2016 resulting in both groups having increased their contributions by at least 0.67 percent (below and above YMPE), then the increase for Society represented employees will take effect on the later of those dates.
2. The increased contributions by the management and PWU groups must not be subject to any conditions.
Plan Formula. Effective January 1, 2008 employee contributions to the pension plan will increase to 6.5% of base annual pensionable earnings.
Plan Formula. Effective January 1, 2011 employee contributions to the pension plan will increase from 6.5% to 7% of base annual pensionable earnings. For purposes of renewal bargaining, status quo for the employee contribution rate for the January 1, 2011 – December 31, 2013 collective agreement shall be deemed to be 6.5% of base annual pensionable earnings. Kinectrics reserves the right to try to negotiate an increase in employee contributions in subsequent collective agreements if the pension plan remains in a deficit. The Society reserves the right to try to negotiate a decrease in employee contributions in subsequent collective agreements if the funding position of the pension plan improves.
Plan Formula. Effective January 1, 2014 employee contributions to the pension plan will increase from 7% to 9.5% of base annual pensionable earnings. This increase is in effect only as long as the solvency ratio of the pension plan is less than 1.0. Should this ratio reach 1.0 or higher (to be determined annually), the pension contribution percentage will revert back to 7%. For clarity, inflation-related indexation benefits will be excluded from the solvency ratio calculation.
Plan Formula. Effective January 1, 2016 the employee’s contributions will be increased to
Plan Formula. Effective January 1, 2016 the employee’s contributions will be increased to 8% below and above the YMPE. Effective January 1, 2017 the employee’s contribution will be increased to 9% below and above the YMPE.
