Fact 2: Credit is given for actual time worked
Credit is the actual time you contribute to the pension plan. When you work less than full time, you receive credit for only the time you work and contribute to the plan. For example, if you work only 11 days during the school year, you'll receive only 11 days of credit for that year. If you work half days, you'll receive 0.5 days of credit for every day you work.
Credit is important because it, together with your average salary, is used to calculate the amount of your pension.
Your collective agreement specifies such things as required work days in a year, rates of pay by job and normal hours of work that can determine how much credit you get.
If you receive an hourly rate of pay or a predetermined lump-sum payment for completing a task or assignment, contact us to determine how it could affect your pension.