Public Service Pension Plan contribution rates to increase in 2010
EDMONTON – The Public Service Pension Plan Board has made the decision, based on the recommendation of their actuary, to increase contribution rates for members and employers in an effort to handle increased liabilities and offset investment losses that occurred in worldwide markets last year.
PSPP contribution rates will be increased from 6.69 to 9.1 per cent on salary up to the Year’s Maximum Pensionable Earnings and from 9.55 to 13 per cent on salary above the YMPE. The increase will take place effective Jan. 1, 2010.
The YMPE for 2009 is $46,300. The 2010 YMPE figure will be available this fall.
The PSPP Board decided to deal with the full contribution rate increase in a single adjustment. The contribution rate increase will ensure that the pension plan is able to meet members’ needs when they retire. The PSPP Board includes trustees representing both the Government of Alberta and AUPE.
Please click on the link below to access detailed documents on the rate increases, including tables with the new rates. The information at the link below is provided by the PSPP Website.