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. | 
