Contributions
Each month, money is remitted on your behalf to the CLAC Pension Administration office. This amount is determined by your collective agreement and is usually either a percentage of your wage or a set amount per hour. All contributions are credited to your account and vest immediately.
Employer contributions
Employer contributions must be at least one percent of gross wages according to Canada Revenue Agency regulations.
Member contributions
Member contributions are funds deducted from your gross pay, before taxes. Not all collective agreements require employees to contribute; however, if member contributions are made, your employer must also contribute a minimum of one percent.
Voluntary contributions
Voluntary contributions are optional contributions you can make in addition to those that may be required by your collective agreement. These contributions are deducted from your gross wages, before taxes, and are recorded separately on the remittance sheet. When utilizing the portability option, all voluntary contributions remain unlocked.
Making voluntary contributions is a great way to save more for your retirement. Check your collective agreement today to see if you are eligible to make voluntary contributions! Contact the CLAC Pension Administration office for application forms.