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The Retirees' Newsletter
The Retirees' Association, (Faculty, Librarian, Administrator), University of Windsor, Windsor, Canada
Vol. VII , No. 5, December, 1997
NORM SHKLOV'S CONTINUING SERIES ON PENSIONS
HOW DOES THE CANADA PENSION PLAN AFFECT ME?
All employees of the University are, by law, required to contribute to the Canada Pension Plan. Upon retirement, they receive a pension from this Plan.
This is in addition to the University pension, which comes from the University Plan.
Now the Canada Pension Plan was not designed to provide full and adequate pensions for people in the middle and upper income brackets. Rather, it was designed to ensure that every employed person would receive at least a minimum pension upon retirement.
Thus, there is a maximum portion of one's salary, called the "Year's Maximum Pensionable Earnings (Y.M.P.E.)", upon which one is permitted to contribute to the Canada Pension Plan. For example, if one's salary is $50,000, the maximum earnings upon which contributions may be made might be $30,000. This amount is set each year by the Canada Pension Plan and could vary from year to year.
Also, the rate of contribution may vary. It usually is around 1 1/2 per cent. Thus, in the above example, the annual contribution on a salary of $50,000 would be .015 x $30,000 = $450.
In return for these annual contributions to the Canada Pension Plan, one receives, upon retirement, a monthly pension. The exact amount of this pension is based on the amount of the person's contributions and age at retirement. Usually, it is in the range of $300- $600 per month.
The University Pension Plan and the Canada Pension Plan are two separate entities. Contributions from one's paycheque are sent separately to these, and separate pension cheques come to the retiree from these two sources.
FASHION AND THEN SOME--ON A 5TH AVENUE BUS
By Joan Hackett
WE RUMBLED ALONG IN SILENCE until a mousy little lady offered some candy to the woman beside her. "No" the other said, "Can't have candy. Had a heart attack a while back. Been on a diet ever since. Lost an awful lot of weight. Why the skin on my behind is hangin' so loose. ... . goin' to ask the doctor 'bout plastic surgery. Git it tightened up! See these shoes (sticking her feet out in front of her). New Balance, on sale for $29.95. Doctor told me to git these. Can't wear dressy shoes no more. Lost my toe. I do like to look nice particular about what I wear. I go to rummage sales at the Jewish centers real quality great bargains! I got this at one of them sales".
SHE MODELED HER "CHIC" ENSEMBLE: black dress glittering with gold spangles, a matching pill-box hat and black stockings--a sensational contrast to her new white running shoes.
HER "FASHION SHOW" WAS IMMEDIATELY UPSTAGED by a bevy of shapely young ladies who came aboard wearing tight yellow body suits speckled with large black dots, diaphanous wing-like capes and bizarre headdresses sprouting sinuous antennae. "We're the Ragolin Butterflies," they announced in unison and fluttered around the bus dispensing small white parcels and pink carnations to each of the passengers and flew away.
"What is Ragolin?" the mousy lady asked. Our fashion expert exploded, "Don't you touch that stuff! Supposed to be for allergies. Don't touch it 'til you see a doctor. I'm a nurse, I know that stuff is dangerous!" Her stop came up. On her way out she warned us once more, "You mind! That stuff is wicked! Wicked!"
THE SHOW WAS OVER. Once again we sat in silence--at least for the time being.
Joan Hackett taught and directed in the School of Dramatic Art
TREASURER'S FINANCIAL SLOGAN HASN'T CHANGED:
IT'S STILL "PARSIMONY AT ALL COSTS"
When a group like ours can offer members: (inter alia):
and still charge a fee of $10, (cut from $15.), then, hey, that crowd's got to be doing sumpin' rite!
NO QUESTION: OUR BURSARY FUND BESPEAKS GOOD FAITH LIKE NOTHING ELSE COULD
Look at it this way:
Over a period of three years, our group of retirees, whose number averaged less than a hundred, built up a bursary fund for students at our University -- from zilch to $33,000.00 plus!
W.C. FIELDS WOULD SURELY HAVE SAID: "ANY BUNCH OF OLD FOLKS THAT CAN DO THAT, JUST CAN'T BE ALL BAD !!
CAN THEY? NO WAY!