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A plan to move pension administration for CUPE 561 members to the BC Municipal Pension Plan (MPP) is moving ahead after getting a strong endorsement from employees.
The plan is to transfer active employees in the SD43 Non-Teaching Pension Plan (NTPP) to the MPP. Members voted 97 per cent in favour, with current retirees remaining in the NTPP.
CUPE 561 members work hard every day to provide support services in Coquitlam schools and like all workers, they should have a pension and benefits they can count on,” CUPE 561 President Dave Ginter is quoted saying. “Our negotiating team persevered so that we could reach a deal that’s good for all of our members.”
The transfer terms include a four “per cent wage increase to cover the pension contribution difference between the two plans; full recognition in the MPP of all past service in the NTPP; and a “no worse off” guarantee for members who retire within five years of transferring to the MPP,” reports CUPE in a press release.
More: Transfer date set for June.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapension

 

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