There is good news for Alberta Union of Provincial Employees members from the Public Service Pension (PSP) Board.
For the first time since 2006, the Public Service Pension Plan (PSPP) is fully funded, meaning the assets of the plan have reached a high enough level to provide AUPE members their pension benefits earned under the PSPP.
We are also pleased to inform you that the PSP Board has approved an assessment report that reveals a much-improved funded position of the PSPP, and has approved a variable rate reduction between 1.4 and 1.9 per cent, based on an annual income threshold of $55,300, which means more money in your pocket.
While the PSP Board sets contribution rates, there are a number of steps required to change those rates:
• The initial step is the PSP Board will inform Alberta Pension Services and request draft regulations are prepared.
• Then, the draft regulations will be submitted to Alberta Justice to finalize the actual regulatory change.
AUPE looks forward to receiving confirmation that Alberta Treasury Board and Finance has facilitated the regulatory changes needed to implement the PSP Board direction.
AUPE wishes to express its appreciation for the work and efforts of the PSP Board.