Required Change in Adjusted Credited Participating Service

The Canada Revenue Agency requires a change in the method used to calculate Adjusted Credited Participating Service.
The Canada Revenue Agency has ruled that the amount of Adjusted Credited Participating Service earned in any twelve-month period not be greater than 1 year.  Currently participants in the 4% Plan earn 1.33 years in a twelve-month period. To comply with the Canada Revenue Agency, the Plan has been amended to:

  • Change the annual allocation to the Adjusted Credited Participating Service under the 4% plan from 1.33 years to 1.0 years, under the 3% plan from 1.0 years to 0.75 years and under the 2% plan from 0.67 years to 0.5 years.

    • Full Issue: No. 161 - December 2006

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