There is good news for Alberta Union of Provincial Employees members from the Public Service Pension (PSP) Board. These Changes should take place on January 12 /2018 Pay cheque.
Starting Jan. 1, members and employers contributing to the Local Authorities Pension Plan (LAPP) and Public Service Pension Plan (PSPP) will see their contribution rates reduced.
LAPP reduced their rates by one per cent, while PSPP reduced the rates between 1.23 per cent and 1.77 per cent depending on annual salary.
Click here for LAPP contribution rates or here for PSPP contribution rates.
The change will mean more money in the pockets of plan members. For example, a LAPP member with an annual salary of $60,000 will pay $600 less in pension contributions each year.
The boards of the two plans, which include AUPE representatives, voted for the reductions because the financial health of the plans has improved significantly over the past few years.
This is the first contribution rate reduction for both plans in over twenty years.
LAPP and PSPP plans include employees within government, boards and agencies, health care, municipalities and education.
Click for LAPP employers
Click for PSPP employers
Posted on Wed, December 6, 2017
by Cory Kanderka