[OnTheIce]

EyeBrock EyeBrock:

Some of us pay 12% into our pension OTI.

But we're not discussing what we put into our own pensions.

[EyeBrock]

That's an employee pension scheme, 12% for my big fat public sector pension. 30 years at 12%.

[BeaverFever]

so your employer contributes nothing?

[EyeBrock]

BeaverFever BeaverFever:

so your employer contributes nothing?

I'm sure they do but I certainly pay my whack.

[DrRosen]

BeaverFever BeaverFever:

so your employer contributes nothing?

Is that relevant if the employers contribution is negotiated collectively? If so its none of anybody else's damn business.

[andyt]

DrRosen DrRosen:

BeaverFever BeaverFever:

so your employer contributes nothing?

Is that relevant if the employers contribution is negotiated collectively? If so its none of anybody else's damn business.

Public employees wages are nobody else's business? That's a new one, I don't think even the NDP comes out with that one.

Brock's employer pays an equal amount as Brock. So on top of his salary, Brock gets 12% pension benefit, plus whatever else, extended medical etc, likely comes to 20% in benefits or so. Funny, Brock, I would think you would know what your benefits are.

[andyt]

Here's the whole package:

Summary of Benefits

New recruits who are posted to a detachment that is identified as a duration location will receive a one-time payment of $2000.00 (to offset travel expense).
The OPP is the only Police Service in Ontario to offer 50/30 Pension
Life insurance based on Salary - Not Age
Paid sick Leave - 6 days @ full pay and additional 124 days at 75% pay
Paid Vacation Leave
Drug Card for Prescription Drugs
Dental/Vision/Hearing Coverage
Coverage for Dependant Children 26 Years
Most Benefits are retained on retirement and/or Beyond the age of 65
Spouses of Employees with 10+ years of service have option of benefit/pension coverage.

And here are the wages:

Table 1: OPP Salary Grid


Recruit Constable(5th Class) From the first day of training $45,833.00

Probationary Constable (4th Class) After graduation from training $ 58,437.00
Constable (3rd Class) $ 66,790.00
Constable (2nd Class) $ 74,304.00

Constable (1st Class) After 36 months $ 83,483.00

[EyeBrock]

I know what portion of my wage I pay out andy.

[andyt]

EyeBrock EyeBrock:

I know what portion of my wage I pay out andy.

I know, you keep telling us. But you really have no idea what your employer contributes? You were never the least bit curious? It's easy to find out, as I did - just google it if your union rep won't tell you. (But I'm sure s/he would.)

[EyeBrock]

I'll check it out.....!

[BeaverFever]

So it sounds like you have a DB Registered Pensoin Plan. The Income Tax Act requires that for plans that allow or require employee contributions, the employee's contributions can not pay for more than 50% of the plans' stated retirement benefit.

Mandatory DB RPP contributions can not exceed the lesser of 9% of pay or the year's annual limit ($16,659 for 2011).

If you are paying more than that, you may be paying for optional or anciliary benefits, such as inflation adjustment to your pension benefit, an early retirement bridge benefit (until you become eligible for OAS/CPP) or a money-purchase add-on.

Sadly, I do alot of work with employer-sponser pensoin plans and most plan members have no idea what they have or why they have it.

[BeaverFever]

Also, you should note that any contributions you are making toyour pension are pre-tax dollars and also reduce your taxable income.

[DrRosen]

andyt andyt:

DrRosen DrRosen:

BeaverFever BeaverFever:

so your employer contributes nothing?

Is that relevant if the employers contribution is negotiated collectively? If so its none of anybody else's damn business.

Public employees wages are nobody else's business? That's a new one, I don't think even the NDP comes out with that one.

During the negotiation process, sure. After the bargaining process is over, absolutely not.

[romanP]

Don't worry about it, there'll be a nice $9B prison you can inhabit once you're homeless.

[PublicAnimalNo9]

romanP romanP:

Don't worry about it, there'll be a nice $9B prison you can inhabit once you're homeless.

Yeah ok. If yer in such a position that $142 a year means the difference between having a roof and being homeless, EI premiums are the least of your problems.