The following plan rule amendments have been approved by the LAPP Sponsor Board. For more information on the plan rule amendment process, please visit the Plan Rule Amendment Process page.
|Plan Rule Amendment||Details||Effective Date||Date of Posting|
|Removal of Coordination||Coordination will no longer be available to members who start their pension on or after January 1, 2021.||January 1, 2021||October 22, 2020|
|Maximum Employee Cost||There is no longer a 50% funding cap on member contributions. A member can now fund up to 100% of their benefit. This change is a result of government passing Bill 22.||January 1, 2022||December 15, 2020|
|Contribution Interest Rate||
The interest rate on contributions is changing, and will be as follows:
|January 1, 2022||December 15, 2020|
|Immediate Vesting||All entrants will be immediately vested in the Plan. A vested member is eligible for a lifetime LAPP pension at retirement.||January 1, 2022 or the first payroll period encompassing that date.||December 15, 2020|