Contributions
2008 Contribution tables
2008 Retirement Compensation Arrangement (RCA) contribution tables
Previous contribution tables
Contributions from members and employers, together with OMERS investment returns, fund the pensions that members receive.
Current contribution rates became effective with the first full pay period in January 2006.
|
Contribution rates |
Normal retirement age 65 |
Normal retirement age 60 |
|
Up to CPP earnings limit* |
6.5% |
7.9% |
|
Above CPP earnings limit |
9.6% |
10.7% |
*The YMPE for 2008 is $44,900 (year’s maximum pensionable earnings). This is the earnings limit up to which members also contribute to the Canada Pension Plan.
Pay period deductions/Extra pay period
You must deduct contributions from members' contributory earnings in each pay period.
In a year when a weekly or biweekly payroll has an extra (53rd or 27th) pay period, you can:
- divide the YMPE by 53 or 27 to get the correct YMPE per pay period; or
- divide the amount of contributions shown in the 1-pay-period-per-year table by 53 or 27. The variance is within the normal range and will pass our audit tests.