SMS Pension Update – Action Required
Dear PEA members,
The union is aware of two significant and serious pension contribution issues that require your immediate attention:
Pension enrolment
You may not be enrolled in the pension program, even if your pay statement indicates deductions. This is an employer error that was discovered last week by the union. Due to the employer’s lack of awareness and oversight, we are encouraging all members who began work at SMS between November 2023 to present day to contact iAFinancial Group to confirm enrolment in the SMS pension plan (even if your pay statement indicates pension deductions). We have discovered the deductions were being taken by the employer but not contributed to the plan.
Age fifty contribution rate increase
Pension contribution rates increase after a member’s 50th birthday. The school is to contribute 7% up from 5%, and the member is to contribute 6% up from 4%. Due to an employer error, these rates have not been adjusted. We are encouraging all members who turned 50 years old between November 2023 and present day to contact Phil Graham pgraham@stmarg.ca and cc Rhiannon Bray to confirm your pension rates were adjusted to the increased rate after your 50th birthday.
The union understands that these errors are very concerning. This matter is very serious, and we will be taking action to ensure all our members are made whole. Please contact me directly if either of these errors have impacted you.
In solidarity,
Rhiannon Bray
Labour Relations Officer
