At the end of June, the University Pension Plan (UPP) member consent process concluded. Employees and bargaining groups registered solid support for a new jointly sponsored pension plan that will cover employees at the University of Guelph, University of Toronto and Queen’s University.
Over the summer, teams at each university have been working to complete the required steps in the conversion process for the five existing pension plans.
The conversion of the existing pension plans into the new UPP is subject to approval from the governing bodies at each university. That approval will be sought this fall.
The UPP Joint Sponsors have provided a progress update and have undertaken a search process for the Inaugural Chair of the UPP’s Board of Trustees, which will be the legal administrator of the UPP.
The application for approval to convert the existing plans into the UPP will be submitted to the pension regulator by December 30, 2019. This is expected to allow enough time for the approval process to take place before the anticipated UPP conversion date of July 1, 2021.
After the July 1, 2021 conversion date:
- benefits earned in the existing pension plans will be transferred to and replicated in the UPP
- active members will begin contributing to and accruing pension benefits under the terms of the UPP
- current retirees and former members will have their pension benefits paid from the UPP