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SAM 2-5-2
Section: CONTRIBUTIONS
Subsection: CONTRIBUTION RATE -- RETIREMENT COMPENSATION ARRANGEMENT
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RULE 1 |
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Effective December 15, 1994, employees whose annual salary rate is in excess of a maximum salary limit to be determined each year, will contribute to the Public Service Superannuation Act (PSSA) with respect to the portion of their salary below this limit, and to the Retirement Compensation Arrangement (RCA) with respect to the portion of their salary above this limit.
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RULE 2 |
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Effective January 1, 2006, the rates for plan member contributions will increase each year by 0.3% until 2008. |
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The following table sets out the contribution rates that will apply.
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Current |
2006 |
2007 |
2008 |
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Pensionable earnings above the salary threshold |
7.5% |
7.8% |
8.1% |
8.4% |
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NOTE |
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Because the salary threshold is already in excess of the yearly maximum pensionable earnings (YMPE) under the Canada Pension Plan (CPP)/Quebec Pension Plan (QPP), the contributions will be deducted at the same rate (high rate) as those contributions payable under the PSSA.
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TABLE |
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The yearly salary thresholds since 1994 are as follows: |
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YEAR |
SALARY
($) |
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1994 |
98,200 |
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1995 |
98,400 |
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1996 |
98,600 |
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1997 |
98,700 |
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1998 |
99,100 |
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1999 |
99,300 |
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2000 |
99,300 |
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2001 |
99,600 |
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2002 |
99,800 |
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2003 |
100,100 |
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2004 |
105,900 |
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2005 |
114,400 |
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2006 |
120,300 |
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2007 |
126,500 |
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Last Update: November 2006
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