Monday, February, 4th, 2013 by koadmin
Teachers’ Pension Plan Amendment for Sick Leave Beyond 10 Days
Contributors to the Ontario Teachers’ Pension Plan (OTPP) were told by the Plan in the Fall of 2012 that for those days during which they received less than 100% of salary (66.67% or 90%) they would receive full service credit, regardless of the salary rate, but that pensionable salary (best five average) and actual contributions would be reduced.
A recent Teachers’ Plan amendment, retroactive to September 1, 2012, now requires that full pensionable salary be reported, even for those days paid at less than 100% of salary under short term disability plan imposed by the Government of Ontario. That means that even when salary falls below 100%, deductions by the employer will continue at full salary.
For members whose salaries were reduced before this Plan amendment came into effect and whose contributions to the Plan do not reflect a deduction made on full salary, adjustments to contributions (i.e., additional contributions) will be made through employer payroll mechanisms before the end of the 2012-2013 school year.
Contact the Bargaining Unit Office if you have questions or concerns.
* Those PSSP members who have teaching qualifications are required by legislation to be under OTPP, not OMERS.