The Retirees' Newsletter

The Retirees's Association ( Faculty, Librarian, Administrator), University of Windsor, Windsor, Ont. Canada

Vol X , No. 5, December 2000

Minutes of the Fall General Meeting held on October 24th, 2000 at 2.30 p.m. in Hoffman Auditorium, IONA College.

Members Present: JK Bewtra,Robert Billinghurst, Donald Briggs, Bruce Burton, John Callaghan, Kumar Chatterjee, Robert Chandler, Edward Crowley,Stanley Cunningham,Tony Doctor, Mary Lou Drake.Gino Fracas, Wendy Frazer, Jan Gregor, Anna Gupta, Joan Hackett, Peter Halford, Nigel Hedgecock, Frank Holuj, John Huschilt, Robert Howell, Henry Jansen, Ross Johnston, Aranka Kovacs, Jan Laba, John LaGaipa, Louis MacKendrick, Jerry Malone, Malcolm Matthew, Bruce McGarvey,Gerald Monforton, Helen Moore, Richard Moriarty, Phyllis Nolan, Ronold Pazik, Michael Petras, Bill Phillips, Datta Pillay, Kenneth Pryke, Idalia Rappe, Conrad Reitz, Janet Rosenbaum, Cormac Smith,K.alyan Sarkar, Robert Stager, Donald Stewart, Bill Youdelis and Michael Zin.

1. Minutes of the meeting of March 28th, 2000 - On the motion of Kumar Chatterjee, seconded by Richard Moriarty it was resolved that the minutes of the Spring General Meeting, of March 28^th, 2000, be approved as distributed. Carried.

2. Message from Professor Gerald Romsa - Professor Romsa brought greetings from the Faculty Association and welcomed the opportunity speak to the Retirees Association as the Faculty Association (WUFA) president.

He focussed on the joint efforts of the Retirees Association and Faculty Association to improve pension and benefits to all retirees. He briefly touched upon the task of the D7 Committee, which was considering the design structure of the pension plan and benefits package. He conveyed his disappointment in not being able to recruit some pension consultants to conduct studies, since they all turned down the request. With respect to the projected pension surplus, he indicated that Gordon Drake is working on a model. He cautioned however, that any changes to pension plan retroactively will be extremely expensive and wondered who will pay for it.

3. Remarks of Jim Skinner - Mr. Skinner wished to make limited comments since he is involved in D7 committee work and also with the Contract negotiations. Since health benefits costs are rising by at least 10% each year, he has been focusing on providing good retiree benefits. He said some changes to the benefit plan will not hurt anyone.

He explained the Money Purchase and Minimum Guarantee pensions. He stated that all members retire on the Money Purchase plan. Depending upon the contributions (member + University) in their individual accounts and the investment return, if their Money Purchase pension is below the Minimum Guarantee level, then they receive a supplement from the university. He said that pension would increase by 2 percent for MG and 5.3 percent for MP retirees. Members present thanked Mr Skinner for his services and help over the years to all retirees.

He announced that he will retire in January 2001, but continue as a Consultant through the negotiations.

4. Remarks of Ms Aase Cuthbert - Expressed her appreciation for the opportunity to address the retirees.. She said a second opportunity to access funds through the Ontario Student Opportunity Trust Fund presented itself unexpectedly this year, resulting in additional matching funds of approximately $4300 to the Retirees' Bursary Fund.

The total value of the fund (capital and expendable accounts) is currently $57,151. She stated that the scholarship has been provided to 2 students in each of the past two academic years and will support at least a further two awards this year. The university has introduced the concept of having a Growth and Protection Fund for each endowed award. This fund will be built up over time through the assignment of a portion of the interest earned each year. It will ensure that in the event of a serious downturn in market conditions we will still be in a position to offer the same level of student assistance without dipping into the capital account.

- the deadline for students to apply through our General Bursary process is October 31. Awards office will screen them for a pool of suitable candidates to be submitted to WURA committee.

5. Business Arising From The Minutes - None

6. Interim Report of the Treasurer:

Professor Phyllis Nolan presented the Treasurer's

Final Report - October 1, 1999 to September 30, 2000

Opening Balance $ 477.03

Income

Membership Fees $ 4,048.64

Expenditures

Printing $ 950.59

Postage Stamps $ 867.95

Extra Mailings $ 275.00

Supplies $ 192.53

Computer Supplies $ 120.00

Phone $ 7. 00

Contingencies $ 256.17

Miscellaneous $ 142 00

Bursaries - Memorial $ 200.00

Total Expenditures $ 3,011.23

Balance on hand $ 1,514.44

*Memberships

172 Paid 1999-2000 $ 3,440.00

26 Paid 2000-2001 $ 520.00

1 Paid past dues $ 80.00

1 US Exchange $ 8.64

Total $ 4,048 .64

On the motion of Phyllis Nolan seconded by Kumar Chatterjee, the Treasurer's report was approved as presented.