We are aware there is some misinformation circulating about the proposed changes and what they mean for certain groups in the plan. In response to this, we want to share with you that:
- all unions and employers in the plan were represented in the discussions that culminated in the set of options for plan design that we are now proposing;
- with the proposed flat accrual rate and single contribution rate, all members across all groups (excluding public safety occupations as they have separate benefit provisions) will be earning the same proportional benefit for the same proportional contribution;
- the vast majority of members, across all groups, will see an increase in their lifetime pension;
- the removal of subsidies on future service for early retirement will impact all members who plan on retiring early in the same way, whether you work in a municipal office, a school, a hospital, or in the community. The transfer of value of early retirement benefits, that only some access, to achieve a higher lifetime benefit for the vast majority of the membership makes the plan more equitable.
- All changes are prospective only which means the proposed changes would apply to service after January 1, 2022. Pension bridge amounts and early retirement calculations earned before this date do not change.
Plan partners encourage everyone to explore this website to learn more about the proposed changes and what they mean for you.