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