Sharing this Pension and Benefits news on behalf of Sylvia Peacock, our Pension Plan Representative!
News from the Pension & Benefits Office (askpb@yorku.ca) August 2023 –
ISSUE 80,
https://retire.info.yorku.ca/files/2023/08/August-2023-PB-Times-1.pdf?x89967
1. CUPE 3903 Pension Plan Eligibility
Members of CUPE 3903 are eligible to join the York University Pension Plan after earning, at a minimum, the Course Director rate in two consecutive years. The Pension and Benefits Office runs a report each September to determine which 3903 members are eligible to join the pension plan at that time. For those who are eligible, we will send a letter in approximately mid-September to the email address on file. To join the Plan, you must fill out the form attached to the email and return it to the Pension & Benefits office. Please be aware that enrollment is not automatically done by our office if you are eligible to join this year.
2. Additional Voluntary Contributions (AVCs)
The York University Pension Plan provides employees the opportunity to contribute Additional Voluntary Contributions (AVCs) to the pension plan if they are eligible from January to September each year. Canada Revenue Agency prescribes limits on how much can be contributed to a pension plan. In 2023 the amount of funds that can be tax-sheltered in a pension account is $31,560. Each December, when the CRA has posted the pension limits for the following year, we calculate how much each pension plan member can contribute to AVCs and post this information on the Retirement Planner. Through the Retirement Planner, you can submit your request to make AVCs, or if you are a new pension plan member/ CUPE 3903 member you can contact our office for your AVC limit. This amount is based on salary information we have at the time. While the option to contribute this year has lapsed the option to contribute in 2024 will be provided to you in December 2023.
3. E-Transfer Payments
A few years ago, our office introduced e-transfers as a payment option for topping up benefit coverage or pension contributions. This change has proven to be quite successful and far more convenient for the York community. As a result, we will no longer be accepting cheques for pension and benefits coverage.