Local Authorities Pension Plan (LAPP) 2020 contribution rates
Each year the Local Authorities Pension Plan (LAPP) reviews the financial health of the plan through an actuarial valuation. Depending on market conditions and other components of the actuarial valuation, member and employer contribution rates are adjusted from time to time.
LAPP has announced that the contribution rates will remain the same for January 1, 2020.
Contribution rates will be the following for 2020:
- Members’ Rate up to YMPE*: 8.39%
- Members’ Rate over YMPE: 12.84%
- Employers’ Rate up to YMPE : 9.39%
- Employers’ Rate over YMPE: 13.84%
*YMPE means the Year’s Maximum Pensionable Earnings level determined by the Canada Pension Plan annually. The 2020 YMPE is $58,700.
Additional information about LAPP contribution rates can be found on the LAPP website.