'The PSPP is invested conservatively and has weathered the global economic downturn in reasonably good shape.'
Victoria (30 Jan. 2009) - The B.C. Public Service Pension Plan (PSPP) has announced that effective April 1 contribution rates will increase by 0.15% for employees and employers.
For members of thee British Columbia Government and Service Employees' Union (BCGEU/NUPGE) who are covered by the plan this will mean an increase from 7.63% of pensionable salary to 7.78%.
The change will increase contributions by a few dollars each pay period.
The PSPP is invested conservatively and has weathered the global economic downturn in reasonably good shape. The increase was implemented to keep the fund in the best possible position and to comply with provincial pension funding standards.
Trustees of the plan, which includes BCGEU representatives, are monitoring the investment situation closely.
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