In the new year of 2016, the Pension Committee of the Hourly Pension Plan is able to announce the increase that you may have noticed on your first pension cheques of the year. The increases were approved by the Board of Governors as its final step.
The increase will be a maximum of 1.49% related to the Consumer Price Index (CPI) assessed rate of inflation for the past year, plus a supplementary pension increase for the many years that the plan did not keep up. This supplementary increase will be to a maximum of 1.013%, giving a maximum total increase of 2.518%. This is the amount that retirees with a pension as of July 2011 will receive. If you retired after July 2011, there is a table giving a month by month reduction, down to retirement in June 2015 at which point an increase of 0.124 will apply (see McMaster Hourly Pension Plan - Supplementary Increase Calculated for 2014/2015 Plan Year or call HR at 905-525- 9140 ext. 22247 for more information). While increases may seem small they are limited by the Plan’s Governance and the interest rates earned by investments, which at this time are less than stellar. Your Pension Plan Committee works hard to obtain the best results possible. Thus we must give them thanks for their efforts.
While hopefully having the attention of hourly retirees, I/we would like to invite your participation, as retirees, in the activities of MURA, amongst which will be the upcoming AGM in early June. Notice for booking for this event will be included in the Spring issue of MURAnews.
Yours, Cliff Andrews
