|Date||October 22, 2018|
|To:||Participants in the University of Toronto Pension Plan|
|From:||Angela Hildyard, Special Advisor to the President & Provost, University of Toronto|
The University of Toronto, University of Guelph and Queen’s University, together with their faculty associations, the United Steelworkers (USW) and representatives of the non-unionized employees at the three universities (through the Ontario Association of Non-Unionized University Employees) – are working diligently to develop a new pension plan that would cover employees at all three universities, The University Pension Plan Ontario (UPP).
This new pension plan, which would be a jointly sponsored multi-employer pension plan (JSPP), is a type of defined benefit (DB) plan, and it represents a unique opportunity to reshape and sustain the retirement income system in the Ontario university sector. It is the same model used by other notable pension plans such as the Ontario Teachers’ Pension Plan, OMERS (municipal employees) and CAAT (colleges). Once it is up and running, it will be available to other Ontario universities as well.
Benefits that are already earned under existing plans will not change. The pension benefits of retired members also will not change.
The University of Toronto is holding a series of information sessions for all employees on the pension plan proposal. Members will be part of a consent process that is expected to begin in early 2019.
|St. George||November 2||Faculty||10 am – 12 pm||OISE G162|
|All||2 pm – 4 pm||MSB 3154|
|November 5||All||2 pm – 4 pm||OISE G162|
|UTM||November 12||Faculty||10 am -12 pm||UTM Room, William G. Davis Building|
|All||2 pm – 4 pm||UTM Room, William G. Davis Building|
|November 14||Retirees||10 am – 11:30 am||UTM Room, William G. Davis Building|
|UTSC||November 26||Faculty||10 am -12 pm||EV 152|
|All||2 pm – 4 pm||EV 152|
|November 27||Retirees||2 pm – 4 pm||HW 305|
Information about the proposed pension plan is available on the UPP website at www.universitypension.ca, where you can sign up to receive updates. You also can find information at pension.hrandequity.utoronto.ca/upp/
If you have not already done so, we encourage you to visit these sites and participate in the ongoing discussions.