Impact on value of Contributions Already Paid
If you are wondering what is the impact on the contributions you have already paid, then, to put it simply, the cash value of all of those contributions is adjusted to the present day value.
For example, contributions paid in Class VIII in 1972 were worth $7.35 then. Based on the current Actuarial Review those contribution now relate to the new earnings Class I which is valued at $18.24 in 2012, when the final contribution rate adjustment will take place.
A broad look at how the Earnings Classes have been converted can be seen below:
|After Jan 7, 2008||Earnings Class Prior to Aug 11, 1980||Earnings Class from Aug 11, 1980 to May 2, 1999||Earnings Class from May 3, 1999 to after Jan 04, 2010||(Joint Weekly) Contribution Value After Jan 7, 2008||(Joint Weekly) Contribution Value After Jan 4, 2010||(Joint Weekly) Contribution Value After Jan 2, 2012|
|Class I||Classes I - VI||Classes I - VI||Class I||16.80||17.28||18.24|
|Class II||Class VII||Class V||Class II||24.68||25.38||26.79|
|Class III||Class VIII||Class VI||Class III||33.08||34.02||35.91|
|Class IV||Class VII||Class IV||42.53||43.74||46.17|
|Class V||Class VIII||Class V||52.50||54.00||57.00|
|Class VI||Class VI||63.53||65.34||68.97|
|Class VII||Class VII||75.08||77.22||81.51|
|Class VIII||Class VIII||86.53||89.10||94.05|
|Class IX||Class IX||99.23||102.06||107.73|
|Class X||Class X||112.35||115.56||121.98|
|Class XI||Class XI||125.48||129.06||136.23|