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The Retirees' Newsletter
The Retirees's Association ( Faculty, Librarian, Administrator), University of Windsor, Windsor, Ont. Canada
Vol X , No. 2, April 2000
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Association News |
Comparison of Queens, Carleton Pension Plans and Windsor Faculty Plan
(From Faculty Association Pension & Benefits Committee)
| Queens | Carleton | Windsor | |
| Employee Contributions (MPP) | 4.5% up to YMPE 6% above YMPE |
Slightly less | Same |
| Employer Contributions (MPP) | 6% up to YMPE (Maximum combined contribution $13,500) |
Matches contributions | Matches employee
contributions (maximum combined contribution $ 13,500) |
| Actuarial Surplus | Discretion of Univ- currently being used to reduce University contributions | Not specified Currently being used to partially reduce employee contributions |
Joint Discretion |
| Minimum Guarantee Formula | 1.35% up to 4 yr avg YMPE for service prior to 8/31/97 and 1/4% for service after 8/31/97 and 1.8% x 4 yr avg best earnings above YMPE x yrs of service | Formula slighty different resulting in slightly more than Queens | 1.45% for earnings up to 4 yr avg YMPE and 2% x 4 yr avg best earnings above YMPE x yrs of service |
| Early Retirement | MGP reduced by 2% for first 5 yrs before normal retirement date and 6% for each additional yr. No VER shown | MGP reduced by 3%yr. Has bridge benefit. | VER or 4% reduction for those not eligible for VER |
| Normal Annuity Form | Guarantees pension for 10 yers | Guarantees pension for 5 years | Guarantees pension for 5 years |
| Inflation Protection for MGP | Excess earnings. If fund earns more that 6% the excess is used to increase MG pensions. Not sure if there is a CPI cap. Uses 4 yr avg and has no reduction. | Excess earnings. If fund earns more than 6%, the excess is used to increase MGP. There is a CPI cap under the Income Tax Act. Uses 4 yr avg and has no reduction | Matches CPI increase up to 2%. No additional increase for CPI change between 2% and 4%. 50% of CPI change up to 8% increase in CPI index (max. Increase would be 4% in any year) |
| Inflation Protection for MPP | Investment return above 6% increases pension provided there is no loss carryover from previous yrs. Uses 4 yr avg return period | Same as Queens | Investment return above 6% increses pension. Below 6% reduces pension. |
| Reserve for Non-reduction | Ensures that pension will not decrease after retirment | No shown | Actuary stated that this was illegal |
| Retirement Committee | Includes 4 active members of the plan (2 are appointed by the Board). Also has 2 retirees on the committee. Also on the committee are VP Finance and Director of Pensions. (Neither of thesse 2 members have a vote). Oversees fund managers. | 2 members appointed by Faclulty Association. 2 from specific unions and one form non-academic staff. Director of Pension Fund and Director of Personnel are ex-officio members. Oversees investment managers. No mention of retirees. | 5 voting members on the Committee. Three appointed by the University and 2 by Faculty association. The Chair is VP Finance. |