University Contributions
The University makes a monthly contribution to your University Contribution Account equal to 7.74% of your "basic salary". Basic salary shall mean gross earnings excluding overtime or other payments listed in the collective agreement.
Additional Voluntary Contributions (member)
You are not required to make contributions to the Plan. However, if you wish, you can make Additional Voluntary Contributions up to the eligible overall limit (10.26%) and receive an immediate tax relief at source. These contributions are deducted from your gross pay and are deposited monthly to a Additional Voluntary Contribution Account in your name with Sun Life.
How do I elect or make changes to my AVCs?
As of August 4, 2020, you will be able to make AVCs through McGill's Workday platform.
- Open the Benefits application on your Workday dashboard.
- Click Benefits.
- Select the Benefit Event Type "Pension - Additional Voluntary Contribution Opt-In/Opt-Out".
- Enter the Benefit Event Date (represents the effective date of your benefit election change).
- Review the Submit Elections By date.
- Review the Enrollment Offering Types (represent the benefit plans that you are permitted to change. If your enrollment offering types appear empty, you are not eligible to make any changes to your benefit elections, e.g. if you are under age 65).
- Click Submit.
- Click Open to access your Benefit Change task in your Workday inbox.
- Click Elect/Waive and Enter an Amount (Biweekly) in the employee contribution column.
- Click Continue.
- Review all information on the Benefit Elections Review page.
- Review the Electronic Signature statement.
- Click the I Agree checkbox.
- Click Submit.
- Review the Submit Elections Confirmation page.
- Click Print > Click to Download if you want to save a copy of your changes.
- Click Done.
Subject to payroll processing deadlines, the change in your AVCs will take place as of the next pay period.
