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06/16/2022
Re: UNIFOR LTD Current Contribution Rate Will Be Maintained at 2.6%
Please be advised that at the meeting of the Board of Trustees of the Transit Employees’ Health & Benefit Trust, held on May 19, 2022, the Trustees determined to maintain the current contribution rate for the members of the Unifor/CMBC LTD Plan, as per above, effective since June 18, 2021.
The decision of the Trustees was based on the December 31, 2021, Actuarial Valuation Report of the LTD Plan and the recommendation of the Mercers (Canada) Limited (the Actuaries), retained by the Trustees to conduct the report.
The contribution rate remaining unchanged at 2.6% of Gross Basic Pay, as recommended by the actuaries, is a result of the Unifor LTD Plan being in a surplus position and is good news for our members to know that the LTD Plan Funding is in good shape. The Assets held in Unifor LTD reserve are $30.39 million (approx.) and the Liabilities amount to approximately $24.54 million (approx.).
A copy of the complete Actuarial Valuation Report is available at the Union office or from your property representatives.
In Solidarity,
Mike Smith
President, Unifor Local 2200