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E a s t e r n   U p d a t e - Monday, December 04, 2006

PENSION NEWS

As a follow-up to the information provided at the General Meeting on pension contribution increases January 1, 2006, I am attaching a print-out from OECTA Provincial. It gives more background information on the reasons for the increases in the next three years and gives reassurances that OTF will continue to monitor the pension fund, along with their pension partner, the Provincial government.

January 1, 2007, besides pension deductions, EI and CPP deductions will begin once again for teachers who reached the yearly maximum for both during July 2006, or later. Reaching the yearly maximum means no deductions of EI or CPP premiums for the remainder of the year once the maximum is reached. (This occurs yearly.) Page 1, paragraph 2 on the OECTA information sheets refers to these two deductions.

On the OECTA handout calculations show gross salary and deductions as of December 2006, then as of January and September 2007 for CPP, EI and TPP at three salary levels - $43 000, $60 000, and $80 000. There will also be the $104 OCT fee in January; however the Board assists us with this payment by splitting it over the two January pays.

OTF has produced a CD with handbook to help explain the details of our pension plan and the background on the contribution increases over the next three years. These have been ordered and will be sent to your school as soon as they are received at the Unit Office. Please call us with questions that may have been raised on your staff.

Reminder: Check your pay stub regularly to ensure deductions are correct for benefits (extended health, dental, life insurance, LTD, and CS Bonds if you are on this plan).

 
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