AMOUNT OF PENSION / INDEXING
ACCRUAL RATES
The amounts of pension available from the fund depend in the long run on many factors. For example, the following factors have to be considered:
- The level of future employer contributions;
- The investment earnings on the fund;
- The number of hours worked each year;
- The average age at which members decide to retire; and
- The length of time they will draw pensions.
The Trustees have the responsibility to revise the accrual rate from time to time as necessary in light of the Plan’s experience.
On the basis of assumptions approved by the Trustees, as of the June 2025 valuation, the Fund Actuaries have determined that the assets of the plan, and the present rate of employer contributions, can support pensions at $110.00 / full year of service from January 1, 2026 onward.
In addition, accrual rates for past service timeframes will be increasing by 25% for Active, Deferred vested and Limited members’ past service as of January 1, 2026. Past service between 2023 to present will increase to the $110.00 accrual rate which represents a 37.5% increase.
Please read the special notice about this plan design change here.
The new accrual rates effective January 1, 2026 and historical accrual rates are summarized below:
*A full year of service is 1200 hours. For partial years of pension service, 1/10th of the accrual rate will be credited for each completed 120 hours.