RETIREES' NEWSLETTER
Nov/Dec, 1992

FURTHER ON OUR REPRESENTATIONS TO THE FACULTY ASSOCIATION BARGAINING COMMITTEE

(See story, page 1)

Several months ago the Executive of the Retirees' Assn (Shklov and Phillips) invited eight members of the Assn to study the Pension Plan in some depth. The purpose of such study was partly to see if any suggestions for modifications should be made when the plan comes up for review in future bargaining. Such study has been continuing intermittently over several months.

At the Fall General Meeting, Chm. Shklov reminded members that any such suggestions must be made soon, as bargaining is now, or will shortly be, under way. As stated on page one '. he invited all who were interested, to participate in a meeting which he would announce a bit later. A number of members, in addition to those already involved, indicated they would like to join those discussions.

This group was then asked by the Association's President to attend a special meeting to prepare specific suggestions. That meeting took place at the University on Thursday, 29th Oct,'92. Present were: Shklov (Chm), Phillips (Secty), Bunt, Galasso, Habowsky, LaGaipa, Libby, Querbach, Romanow.

Two principal questions were discussed; 1) how to provide an equitable annual adjustment of pension payments which would reflect changes in the cost of living, and 2) the related question of pension fund earnings, and, in particular, the purpose and the actual use of the 6% portion of those earnings that is taken off the top. The Retirees' Association does not yet have a clear picture of what happens to this 6 per cent portion of the Fund's earnings.

On the first question, the consensus reached was that increases in the cost of living (Consumer Price Index) up to 3% should be added to the minimum guarantee, and at least 50% of such increases beyond 3%. On the second question, it was agreed that President Norm Shklov and Pat Galasso, two members of the executive, would ask for a meeting with Mr. Jim Butler, VP, Human Resources, to discuss in particular the 6%, not only the "intent" for which it is to be used, but how in fact it has been used in past years.

There seems to be every reason to expect that such a meeting will be successful and productive. The University has shown itself, particularly in the two meetings which have taken place between the University's representatives and Retirees' Assoc'n representatives, to be genuinely interested in the concerns of the retirees, and has stated unequivocally that there are no data in connection with the pension fund or its operation to which the Association cannot have access.

From the retirees' point of view, the pension is our livelihood and we would not anticipate any disagreement of any kind between the Retirees' Association and the University, that every aspect of the Pension Fund and every aspect of its operation are matters of the most vital and legitimate interest to the retirees.

These are matters of greatest interest to every retiree and we will try to keep you informed as these matters progress.

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