Pension

Memorial’s defined benefit (DB) pension plan is a central component of the benefits package and provides members of the plan with retirement pensions based on a pre-determined formula utilizing an employee’s best five year average salary, years of pensionable service and a 2 per cent accrual factor. The university’s DB plan is mandatory for full-time permanent employees and for contractual employees who have been appointed for a period of six months or greater and work at least 20 hours per week.