UNIFOR LTD Contribution Rate - Minor Reduction From 2.6% To 2.4%

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Please be advised that at the meeting of the Board of Trustees of the Transit Employees’ Health & Benefit Trust, held on May 15, 2024, the Trustees determined to reduce the “contribution rate” for the members of the Unifor/CMBC LTD Plan, as per above, effective June 24, 2024.

The decision of the Trustees was based on the December 31, 2023 “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 reduction in contribution rate to 2.4% of Gross Basic Pay can largely be attributed to the strong financial position of the Unifor LTD Plan being in a surplus position. The Assets held in Unifor LTD reserve are approximately $32.55 million and the Liabilities amount to approximately $23.69 million.

Although this is a relatively small decrease in the contribution rate, it is always good news for our members to know that the LTD Plan Funding is in very good shape.

A copy of the complete Actuarial Valuation Report is available at the Union office or from your property representatives.