Each year the Local Authorities Pension Plan (LAPP) reviews the financial health of the plan through an actuarial valuation and, the contribution rates are adjusted from time to time.
LAPP has announced that the Contribution Rates for 2022 will be decreased.
Effective January 1, 2022, LAPP Contribution rates will be as follows:
- Members’ Rate up to YMPE*: 7.45%
- Members’ Rate over YMPE: 11.80%
- Employers’ Rate up to YMPE: 8.45%
- Employers’ Rate over YMPE: 12.80%
*YMPE means the Year’s Maximum Pensionable Earnings level determined by the Canada Pension Plan annually. The YMPE is set for $64,900 for 2022. It is currently set at $61,600 for 2021.
Additional information about LAPP contribution rates can be found on the LAPP website.
From Human Resources – Wellness and Benefits
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