#labradour

Clinging to a scheme - The Radio Dept. (Labradour, 2010)

I’ve missed you Tumblr. 

"It took two years of wrangling -- and over a decade to get to the wrangling stage -- but on September 2, 2014, the government of Newfoundland and Labrador announced that it had reached an agreement on pension reform with five of its employees' labour unions."

"In an era of increasingly hostile labour relations, the NL government and its unions managed to negotiate an agreement. Unions now have equal say in the new corporation that is to be established to administer the revised plan."

Rabble, October 16, 2014: "UP! How the NL government and its unions solved their pension problem," by Hans Rollman

Highlights of the new agreement include:

Maintaining a defined benefit plan;

The Provincial Government and plan members will share equally in the future responsibility of the PSPP;

Five year transition period will be in effect for changes to early retirement benefits;

Future service benefits based on the best average six years instead of the current five years. Employees can have past service calculated at the higher of the best average six years of earnings or frozen best five years of earnings. Indexing will also be frozen on past service. Indexing on future service will be suspended;

Employee contribution rate increases of 2.15 per cent on earnings up to the Year’s Maximum Pension Earnings (YMPE) and 3.25 per cent on earnings above the YMPE; and,

Changes will come into effect January 1, 2015.

PSPP Reform Agreement (10 pages, PDF)

News Release

Pension Estimator

Contribution Calculator