The McGill University Simplified Pension Plan for Temporary Employees (SPP) allows Temporary Employees and Course Lecturers to save towards their retirement by offering similar advantages to those of the McGill University Pension Plan.
Eligible employees will make monthly contributions via payroll deduction together with University contributions which accumulate along with the investment income they generate, in order to provide an amount at retirement which can be converted into a pension.
Temporary Employees whose employment is similar or identical to regular Full-time Employees and Regular Part-time Employees participating in the McGill University Pension Plan may apply for membership in the SPP during the calendar year following the one in which they met one of the following conditions:
- Received remuneration equal to or greater than 35% of the Quebec Pension Plan’s earnings limit ($20,090 in 2019 to be eligible in 2020; $20,545 in 2020 to be eligible in 2021), or
- Completed at least 700 hours of employment.
Each year, all employees who meet the criteria to join the Simplified Pension Plan will be invited to enroll via the Industrial Alliance website (investment allocation, beneficiary designation etc...)
In all cases, participation in the plan is your choice; it’s entirely optional.
McGill contributes at least as much as you do!