Greetings fellow MURA members,
Annual Pension adjustments (if any), effective January 1, 2024, calculated in accordance with the provisions of the Pension Plans, will be as follows:
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, the increase will be 0.35% since the 5 year average rate of return was 5.35%. This is above the 5% required to receive an increase.
- for other retirees of the Salaried Pension Plans, the increase is 0.85% since the 5 year average rate of return was 5.35%. This is above the 4.5% required to receive an increase.
- Details can be found at: https://hr.mcmaster.ca/pensioner-increase-calculation-salaried-pension-plans.
For retirees of the Hourly Pension Plan
The increases are calculated based on the Annual Pension Increase provisions of the Pension Plans. The calculations are validated by an external auditor, KPMG, and approved by the Board of Governors.
Your MURA Council
