PENSION PLAN:
THE UNIVERSITY OF WINDSOR RETIREMENT PLAN FOR FACULTY AND CERTAIN OTHERS
(see the icon below on 'How to read your Annual Pension Statement)

All full time faculty and librarians contribute to the pension plan while they work at the University. Limited Term Appointments have the option to join the pension plan. Sessional Instructors may join the Pension Plan, pursuant to eligibility requirements of the Pension Benefits Act of Ontario and will be notified in writing of their right by the University.

Pension deductions are taken from the member’s pay cheques (6%) and matched by the University (6%). This money, together with the money in the accounts of the other members of the pension plan, is invested by plan managers who are not University employees. Their firms are hired (and, if they don’t perform well, may be fired) by a committee that includes Faculty Association representation. Normally the pension fund managers hold a presentation for plan members once a year in November to report on the fund performance over the past year.

The Pension Plan at the University of Windsor is called a Hybrid Plan. It includes both a Minimum Guarantee and a Money Purchase element. When you retire, both amounts will be calculated annually based on your years of service and you will receive the larger of the Minimum Guarantee amount or the Money Purchase amount for your pension payment.

With the abolition of mandatory retirement on December 12, 2006, faculty and librarians are able to continue working past age 65 years. WUFA has not been informed of any changes in pension contributions or coverage for those staying past age 65. WUFA has attempted to open the Collective Agreement and negotiate terms surrounding the abolition of mandatory retirement but the Administration has not agreed to come to the bargaining table.

In past years, a person applied to receive their pension by notifying their Department Head of their retirement date. In turn, the Department Head notified Human Resources and they contacted the person, normally 4 - 6 months before retiring, to attend a meeting with an HR rep concerning pension application. WUFA is advising all people who are considering retirement to refrain from advising their departments until further details are known about retirement options.

To see a brief overview of the pension plan, click on the icon below.



To see a copy of a proposed 'Best Practices for Pension Plan Governance' document presented to the Board of Governors Pension Committee in 2006 by Dr. W.C. Miller (retiree), click on the icon below.


To see the COMPLETE TEXT of the Pension Plan, arrange to visit the Faculty Association by calling (519) 253-3000 ext. 3366 OR borrow a copy from the Leddy Library Course Reserves (call number ZPR000.B088)

To see a presentation that was given by Ms. Cheryl Paglione, Associate Director, Pensions, Benefits & HR Systems, Human Resources in April 2007 at one of the Faculty Association's "Brown Bag Luncheon" sessions, entitled "How to Read your Pension Statement" click on the icon below.



Abolition of Mandatory Retirement (Last updated: October 15, 2008)
Status: The abolition of mandatory retirement came into effect December 12, 2006. An email was received from Administration at WUFA stating that 'all benefits will continue as in the current Collective Agreement.' LTD coverage will expire at age 65, and life insurance coverage past one's normal retirement date at age 65 will be continued. Language has been introduced in the 2008-2011 Collective Agreement which explains the dates that notice that must be given for retirement. WUFA was not successful in negotiating any terms around phased retirement in the recent round of negotiations.

LINKS
THE CHOICE ABOUT WHEN TO RETIRE IS NOW YOURS! DEC.12, 2006 MARKED THE END OF MANDATORY RETIREMENT IN ONTARIO
For more information about how the act will affect you click here www.ontario.ca/mandatoryretirement

Denial of partial De-Designation from Ontario Teachers Pension Plan (OTPP) (last updated August 10, 2009)
The University requested partial de-designation from the Ontario Teachers Pension Plan (for those who work in the Faculty of Education and continue to contribute to the OTPP). The University submitted their request to the 'Partners Committee" meeting in mid-October 2008. In July 2009 the request was denied. There is no change for those members who currently work full time at the University and continue to contribute to the OTPP Plan. The denial, however, will affect the number of hours that retired OTPP members can teach on a sessional basis.

There is a great deal of very clear information about the hours those with OTPP pensions can teach on the OTPP website under 're-employment and teaching after retirement.' The information is individual specific: a person can teach up to 95 days for up to three years following retirement, then only 20 service credit days per year there after without penalty. Currently, the University has determined a sessional course compensated at $5,500 consists of 14.50 service credit teaching days... so under the 95 day rule one could teach 6.5526 courses, and under the 20 day rule one could teach 1.3795 sessional courses. Please go to the OTPP website for full details or contact Human Resources at ext. 2048 for more information.

HELPFUL LINKS
These links will take you to the websites of the University of Windsor Pension Fund Managers

University of Windsor pension webpage
website also includes information on OTTP

Foyston, Gordon and Payne

McLean Budden

Phillips Hager and North

State Street GlobalAdvisors

New Star

Expert Commission on Pension


OTHER LINKS
Retirement Calculator
http://www.hrsdc.gc.ca/eng/isp/common/cricinfo.shtml
Visit Service Canada's online calculator (listed above) It will take you approximately 30 minutes to use the calculator to determine a projected retirement income based on your current holdings. Make sure you have as many of the follwing up-to-date records as possible: CPP statement of contributions; Financial information about your employer pension; recent RRSP statements (if applicable); and statements for other savings that will provide ongoing monthly retirement income.

Pension Rights
The following is an information bulletin provided by Financial Services Commission of Ontario.


Last updated: June 9, 2009