McMaster University Retirees Association
(MURA)




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REPORTS FROM THE MURA STANDING COMMITTEE ON PENSIONS & BENEFITS

2014-2015 Committee Members
Betty Ann Levy (Chair)
Helen Barton
Brian Beckberger
For Mary Johnston
Cliff Andrews (Consultant)
Bob West (Consultant)
Mike Hedden (Member at Large)
Les Robb (Member at Large)


For more recent reports, please see our MURAnews archives for articles relating to pensions by pressing here.
   
November 2009

Report from Pension & Benefits Committee

The Committee strives to keep informed of changes and areas of concern regarding pensions and benefits so that MURA members can be kept informed.

If you have questions or concerns, please email our committee chair or the entire  pensions and benefits committee.  Also if you have any expertise to share with us on pensions and benefits, please contact us as well.

Pension Formula for Indexing

Hourly Plan:
For any current year, the pension increase calculation is based on:
a) the last 5 years' annual average rate of return (net of investment costs) that exceeds 6.0%, and
b) the Consumer Price Index (CPI).

The annual increase is whichever of a) and b) is the least. The calculations are based on pension fund performance and CPI as of June 30 in the relevant previous years.

Salaried Plan:
Same as the hourly plan except that 5 year annual average returns in excess of 4.5% are available for consideration in the formula.  If the amount available from fund returns in the previous 5 years has not been used to give increases in previous years, the formula also allows for a possible "catch up" amount.


Parking

The McMaster Campus has an automated parking system.  Hence, as a retiree parker, you’ll need a“transponder” to park on campus which you attach to your car’s front window for use.   These automated lots are currently programmed for “summer hours” until further notice, so retirees with transponders will get free parking in these lots even before 12:30 pm on weekdays. Please be aware, however, that this can change to free parking only after 12:30PM on weekdays at any time for the fall and winter.

For more information, please contact the Parking Office at parking@mcmaster.ca, or by calling (905) 525-9140, Extension 24232.


Recreational Facilities

Anyone who retired prior to 1999 will continue to receive free membership at the IvorWynne Centre. Those who retired in 1999 may apply for membership at one-half of the regular fee. All retirees after 1999 are eligible for membership in the IvorWynne Centre at a rate that will be prescribed annually and approved by the Board of Governors.   This retiree membership rate is approximately one half the active faculty/staff rates.