Upcoming Changes
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 |