The Board of Governors has approved there will be NO increase to pensions effective January 1, 2023.

For retirees of the Salaried Pension Plans:

• for those retirees of the Salaried pension plan who are members of Unifor hired on or after May 1, 2010 there is no increase since the 5 year average rate of return was 4.47%.  This is below the 5.0% required to get an increase.

• for other retirees of the Salaried pension plans, there is no increase since the 5 year average rate of return was 4.47%.  This is below the 4.5% required to get an increase.

Details can be found at: https://hr.mcmaster.ca/pensioner-increase-calculation-salaried-pension-plans

For retirees of the Hourly Pension Plan:

• for retirees of the Hourly pension plan, there is no increase since the 5 year average rate of return was 3.31%.  This is below the 6.0% required to get an increase.

Details can be found at: https://hr.mcmaster.ca/pensioner-increase-hourly-pension-plan