THE RETIREES' NEWSLETTER
Fifth Issue Nov\Dec 1993 Page 6
MEETINGS WITH THE UNIVERSITY
FOUR MAIN ITEMS DISCUSSED DURING ANNUAL MEETING OF THE RETIRED MEMBERS PENSION CTEE
he annual meeting of the above committee (which is provided for in the contract) took place on Oct.1, 1993. Norm Shklov, Bill Phillips, Pat
Galasso, and Ed Habib, were present on behalf of retirees, and Jim Butler, Jim Skinner, V.P. Terry Parkinson and V.P. Bill Jones on behalf
of the University.
our main items were raised on behalf of retirees. First was possible improvements in the pension plan. Two main courses of action were put
forth as top priority. First, removing the ban on investing Pension funds in companies doing business in South Africa; and second, revising
the annual increment in the minimum guaranteed pension to more accurately reflect inflation.
The second item concerned an update of premiums and benefits of the Health Plan of retirees. Administration representatives said changes in the premium schedules would soon be announced by Green Shield, the carrier of the Health Plan. A further discussion took place concerning the eligibility for enrolment in the Plan by retirees and former employees.
The third item concerned the request, put forth by retirees a year earlier by Walter Romanow, concerning the provision of various facilities and encouragement to retired faculty who wished to continue research already begun while with the University. V.P. Jones said that he would study these points. Bill Phillips brought up a proposal for formal access by retirees to the University"s computing system, which is reported in this issue (see p. 1).
The fourth item was a review of the facilities of the University presently available to retirees. These have consistently been found satisfactory, including, as they do, access to the Library, the Human Kinetics facilities (get the required documentation from Denis Hastings at the H.K. Building). Subsidised parking is provided through the Campus Police Services. Copies of Newsline are made available to retirees. Generally speaking, retirees are welcomed and encouraged to use the University facilities.
he remaining item at this time is the position of the University with respect to faculty members with a demonstrated record of research, who wish to
continue such research after retirement. The position of the Association is that individual arrangements are fine, but that in addition, a known set of
rules and approved practices available to all retirees with the ability and the desire to continue their research, would be greatly welcomed.
MEETING WITH REPS OF THE FIRMS THAT INVEST THE PENSION FUNDS
riday, Oct. 15th saw the Annual Mtg of the Faculty and Staff Pension Fund Review. Reps from Gryphon and Jarislowsky Fraser gave reports on
fund performance as well as on their investing philosophies. Also present was Harold Nudelman from Mercer & Co., the University's actuary.
The funds earned 15.57% in the year July 1,'92 to June 30,'93, compared to 11.37% the previous year.
Norm Shklov, Retirees' Assoc'n Pres., attended. He asked a number of questions about the investment philosophy, including the matter of South Africa.
He pointed out that Nelson Mandela, ANC leader, has asked for a lifting of sanctions against South Africa. This would indicate that it was time for the U of W to remove restrictions on the two investing firms from investing funds in the Pension Plan in firms that do business in South Africa. He asked whether, "if these restrictions were removed, and investments in such companies were allowed", the earnings of the pension fund would increase. The answer was an unequivocal "yes". The representative of Jarislowski, Fraser, one of the two investing firms, stated that it was almost imperative that his firm be allowed to invest in such companies because, since interest rates are extremely low, the
investments in the portfolio must be switched from fixed interest investments to include a much greater number of Canadian equity (stock) investments. Many of these companies have only minor investments in South Africa but, under the current restriction, acquisition of stock in these companies is prevented. In view of this, the Retirees' Association is in favour of immediately lifting the restriction.
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