YUFA
Retirement
Pension Update
by Arthur Hilliker, President YUFA
18 Jan 12 - YUFA and the other York University employee groups are meeting with the Employer to negotiate any changes to the Pension Plan under solvency relief. (Click here for the previously provided solvency relief submission made by York University. Click here for the December 2010 actuarial valuation, which includes all Plan members, active and retired.)
The YUFA Pension Group (Arthur Hilliker, Brenda Spotton Visano, and Walter Whiteley) met with representatives of CUPE 1356, CUPE 3903, YUSA, and our pension legal counsel, Darrell Brown, and actuary, Anthony Benjamin, on 21 December 2011. The YUFA Pension Group reports to the Executive Committee, who in turn reports to the YUFA membership. (Al Stauffer, President of the Association of Retired Faculty and Librarians and YUFA Executive member, has since joined the Pension Group.)
At the meeting, it was agreed that the union groups should work together and share legal and actuarial costs. So far, YUSA, YUFA, and CUPE 1356 are on board; CUPE 3903 is considering it. As well, other union groups will be invited. The details of costing will be worked out later.
We provide here a link to a Pension Primer, prepared by Al Stauffer with input from Walter Whiteley. This Primer links to our earlier communication regarding Pension Plan deficits.
The issue of low projected pension was discussed, including buyback of unpensioned service and transfer of RRSPs into the Plan. As we informed you earlier, Darrell Brown (legal counsel) has been looking into possible remedies for low projected pensions and Anthony Benjamin (actuary) will explore this as well. Darrell and Anthony will also look into the issue affecting women whose salaries were upgraded in the pay equity exercise a decade ago. The issue involves examining the status for upgraded pension contributions for the years these women were underpaid.
It was agreed that, with assistance of legal counsel and actuary, we should prepare our own possible proposals for Plan changes for solvency relief. We are currently working on this. (At YUFA’s instruction, the YUFA actuary prepared a list of possible Pension Plan change options with commentary.)
It is the position of the YUFA Executive that the Pension Plan should retain current pension benefits, including the hybrid nature of the Plan.