University Pension Plan Ontario (UPP)

September 12, 2019

Non-Union Employee Pension Plan Representation

Link to: Terms of Reference and Nomination Form

With the successful completion of the formal member consent process at the beginning of the summer, the University Pension Plan (UPP) is moving towards its anticipated July 1, 2021 operating date. Between now and then much still needs to be done, including finalizing the legal requirements, submission of an application to the Financial Services Regulatory Authority of Ontario (FSRA) and the recruitment and appointment of an Inaugural Chair and other Trustees to the Board of Trustees (BoT), which will be the legal Administrator of the UPP.
NEXT STEPS
For us, as non-unionized employees, the next step in the process is to select our Nominee for the UPP BoT. We have a vital role to play, in how that Trustee is selected and how we ensure the common interests of non-unionized employees continue to be represented. Through the appointment of one of the Trustees on the BoT, OANUE has secured a ‘voice’ for non-unionized employees in the governance of the UPP. This is articulated in the UPP’s Milestones Agreement and requires an election be held at each of the participating institutions, the University of Toronto, the University of Guelph and Queen’s University.  The details of the process for non-unionized employees to nominate a Trustee are set out in the Terms of Reference, attached.  In summary, there are two steps:
1.    ELECTION TO BE HELD FOR EACH UNIVERITY’S NON-UNIONIZED REPRESENTATIVE
Through an election the non-unionized employees at each University will select a Representative.  The election will be run by each of the three Universities’ Secretariats. At the University of Guelph the election will be administered by the University Secretariat and will be held between September 16 and October 11, 2019.  
There will be a separate communication from the University on or before September 16 that will outline the details of that process.
2.    ELECTED REPRESENTATIVES SELECT THE NOMINEE TO THE BOARD OF TRUSTEES
After the election the three elected Representatives will select the non-unionized Nominee to the Board of Trustees.
The BoT is the legal administrator of the UPP with fiduciary obligations for the overall operation of the Plan.  The roles of the BoT, of the elected Representatives, and Trustee are outlined in the full Terms of Reference document.  They are also reproduced below:
“The role of the Board of Trustees will be to oversee the administration of pension benefits (e.g. calculation of pension benefits and payment of pensions), the investments of all of the UPP assets and the valuation of the UPP liabilities.  The Representatives will be responsible for selecting a Trustee who possesses the personal characteristics, skills, knowledge, expertise, and competencies needed on the Board of Trustees, which may include experience related to investments, pension administration, human resources, financial accounting, and other matters.  The Representatives will take into account and be guided by an Attributes, Skills and Competencies Framework developed by the Joint Sponsors of the UPP as they consider possible candidates for the Trustee position.”

July 4, 2019

 

The PSA Executive would like to thank all P&M staff who participated in the consent process. Please see the link below for the official news release on the results. The University of Guelph Professional Pension Plan had a high degree of member participation and the lowest rate of 'non-consent votes'.  While we are almost two years away from accruing service under the UPP, this is a key milestone that we should all celebrate. We are well on our way to a sustainable pension plan that will benefit tens of thousands of University employees in Ontario.

 

Link to University Pension Plan Ontario homepage Important Update: http://www.universitypension.ca/

 

Background:

The UPP initiative involves the University of Toronto, Queen's University and the University of Guelph. A website has been set up for this jointly sponsored multi-employer pension plan: www.universitypension.ca

While the University has an obligation and role to fulfill to ensure that all retirees and pension plan members are adequately informed, the PSA will ensure that P&M employees are represented in ongoing discussion and will be there to provide an independent source of information as well as our views and opinions based on our research.

The PSA is a founding member of the Ontario Association of Non-Unionized Employee (OANUE) with Dr. Marcus Litman, Past Chair of the PSA, acting as a Director and our representative. OANUE is the strongest voice for non-unionized employees at the three Universities.

It is fair to say that pension plans are complicated vehicles that are not always easily understood. The transformation from a Single Employer Pension Plan (SEPP), such that we have here at the University of Guelph, to a Multi Employer Pension Plan (MEPP) or what is more commonly refereed to as a Jointly Sponsored Pension Plan (JSPP) is highly complex.

As your pension plan is a critical component of your overall compensation plan it is important that you enhance your knowledge and understanding of the issues so that you may have an informed voice in this process.

On your behalf, the PSA is investing significant time and energy to ensure that we understand the issues and bring forward a voice for our members. I encourage you to read all materials that are available on this project and to attend information events that we plan to host over the coming months.
 

Resources:

Sept 19, 2019 Moving Forward with the UPP

May 14, 2019 UPP Consent Townhall Meeting

March 25, 2019 Consent Package Information

Feb 27, 2019 Ratification Meeting PowerPoint presentation

FOR RATIFICATION FEB 27, 2019: UG-PSA MOA FEB 14, 2019

Feb 27, 2019 Ratification Meeting Details

UPP Video

The UPP Consent Process - What does it mean to you?

PSA-UPP Meeting Dec 14

Summary of Key Features of the Proposed UPP - Oct 5 2018

UPP Update Oct 6 2018 - Notice of Agreements to date

UPP Update Oct 1 2018

Recording of the UPP Townhall May 15 2018

PSA Update April 13 2018

UPP Joint Communication Feb 2018

PSA Update on UPP May 2017

www.universitypension.ca