Amendment Number 18, effective January 1, 2023, to the Canadian Pacific Railway Company Pension Plan (Pension Plan Rules) consolidated as at January 1, 2009
EX-10.77 3 exhibit107710-k2022.htm EX-10.77 Document
Exhibit 10.77
AMENDMENT NUMBER 18
TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN
CONSOLIDATED AS AT JANUARY 1, 2009
AMENDMENTS EFFECTIVE JANUARY 1, 2023
1.Delete paragraph 2.27.1 and replace it with the following:
“2.27.1 Indexing Percentage
“Indexing Percentage” means:
(a)In respect of the USW Service of a Member:
(i)whose Last Date of Hire is prior to January 1, 2021, and
(ii)whose Date of Cessation of Membership is on or after January 1, 2021 and prior to January 1, 2023,
60%;
(b)In respect of the USW Service of a Member:
(i)whose Last Date of Hire is on or after January 1, 2021 and prior to January 1, 2022, and
(ii)whose Date of Cessation of Membership is on or after January 1, 2022 and prior to January 1, 2023,
60%;
(c)In respect of the USW Service of a Member:
(i)whose Last Date of Hire is prior to January 1, 2023, and
(ii)whose Date of Cessation of Membership is on or after January 1, 2023,
70%; and
(d)In respect of all other periods of Pensionable Service, 50%.
2.Delete subparagraph 5.01(a) and replace it with the following:
"(a) Every Member:
(i)who is a Canadian Employee;
(ii)whose Last Date of Hire is prior to the Pension Limit Date applicable to the Union Service or Management Service they are currently accruing; and
(iii)who is accruing Pensionable Service,
shall contribute to the Fund in accordance with the percentages set out in the table below:
| Periods of Pensionable Service: | Earnings that Do Not Exceed the Year’s Maximum Pensionable Earnings: | Earnings that Exceed the Year’s Maximum Pensionable Earnings: | ||||||
| TCRC-MWED | 5.45% | 7.03% | ||||||
| CPPA | 5.67% | 7.25% | ||||||
| USW | 5.67% | 7.25% | ||||||
| IBEW | 5.67% | 7.25% | ||||||
| Unifor | 5.48% | 6.98% | ||||||
| TCRC-RTE | 6.94% | 7.23% | ||||||
| RCTC | 5.48% | 6.98% | ||||||
| Management | 3.50% | 5.50% | ||||||
3.Clause 8.01(b)(iii) is deleted and replaced with the following:
“(iii) multiplied by the applicable percentage determined from the following table:
Period of Pensionable Service | If Member’s last date of hire was before: | then the following percentage is used: | If Member’s last date of hire is on or after: | then the following percentage is used: | ||||||||||
| TCRC-MWED Service | June 1, 2013 | 1.80% | June 1, 2013 | 1.70% | ||||||||||
| CPPA | June 1, 2013 | 1.80% | June 1, 2013 | 1.70% | ||||||||||
| USW Service | January 1, 2023 | 1.90% | January 1, 2023 | 1.70% | ||||||||||
| IBEW Service | January 1, 2023 | 1.80% | January 1, 2023 | 1.70% | ||||||||||
| Unifor Service | May 1, 2015 | 1.80% | May 1, 2015 | 1.70% | ||||||||||
| TCRC-RTE Service | January 1, 2023 | 1.80% | January 1, 2023 | 1.70% | ||||||||||
| RCTC Service | June 1, 2013 | 1.80% | June 1, 2013 | 1.70% | ||||||||||
| Management Service | June 1, 2013 | 1.30% | June 1, 2013 | 1.30% | ||||||||||
4.Delete subparagraph 8.08(a) and replace it with the following:
"(a) Pension Limit Date, Prior Pension Limit, and Future Pension Limit are the dates and amounts, as applicable, set out in the table below:
| 1 | 2 | 3 | |||||||||
| Period of Pensionable Service | Pension Limit Date | Prior Pension Limit | Future Pension Limit | ||||||||
| TCRC-MWED Service | June 1, 2013 | $1,975 | $1,715 | ||||||||
| CPPA Service | June 1, 2013 | $1,975 | $1,715 | ||||||||
| USW Service | January 1, 2023 | $1,975 | $1,715 | ||||||||
| IBEW Service | January 1, 2023 | $2,175 | $1,715 | ||||||||
| Unifor Service | May 1, 2015 | $2,050 | $1,715 | ||||||||
| TCRC-RTE Service | January 1, 2023 | $2,250 | $1,715 | ||||||||
| RCTC Service | June 1, 2013 | $2,200 | $1,715 | ||||||||
| Management Service | June 1, 2013 | $1,975 | $1,715 | ||||||||
