The Retirees' Newsletter
The Retirees's Association ( Faculty, Librarian, Administrator), University of Windsor, Windsor, Ont. Canada
Vol X , No. 4, October 2000
From: WUFA Pension and Benefits Committee
To: Faculty Association Executive Committee
Subject: Recommendations to the Contract Committee on Pension and Benefits
The recommendations are in two parts. Part A - Active Faculty and Part B - Retirees
Part A - Active Faculty:
Part B - Retirees - Priority One:
(a) • It is recommended, that all retirees ( MG and MP) at the University of Windsor, receive the same rate of increase from the pension investment funds. Further, WURA is committed to this principle, even if such a policy results in a progressive phasing in.
• Immediate consideration is to be given to those retirees who have been seriously disadvantaged by a long-term MG status. Numbers and data should be provided by the administration to WUFA and redress be achieved in the next contract, 2001.
• The remaining surplus amount (approximately $ 1.509,609) of the excess funding as at July 1, 1998 shall be used to establish a Contingency Reserve in the Minimum Guarantee Fund - as per agreement between Dr. W.C. Miller - WUFA and Ms Gwen Ebbett for the University dated October 14, 1999. This reserve should be used for addressing the concerns of MG retirees.
(b)
• Provide full coverage of health benefits for all retirees and equivalent (canadian dollar value) for those who reside out of country.
(c)
Effectively with the next two contracts (2001 and 2004) the pension holiday concept should be phased out.
Priority Two:
(d) • To improve the indexation of pension, increase MG formula to 1.4 or 1.5 retroactively (possibly from the escrow surplus agreement). Alternatively, this could be done in one of two ways 1. Increase 0.5% for those retirees, who retired at 1.25%, 1.3%,1.35%. Or 2. Bring all retirees to 1.4% retroactively.
NOTE: We need to seek the advice of an Actuary for the above.Priority Three:
(e)• Encourage a four-year moving average for determining the retirees' MPC pension. (To even out MPC yearly income)
(f)• Investigate setting up a reserve, to ensure that MPC pensions will not declineAppendix:
Information Questions:
a) What are the "legal constraints" and the "Plan reconfiguration" entailed by a new system of parity rates?
b) Investigate the establishment of a supplemental fund (external to the pension plan), to distribute a percentage of future pension surplus to retirees.
c) What are the implications and the feasibility of creating an independent Board (Committee) with appropriate representation that is external to the contract. One such model is that of Queen's University. This would eliminate the various five or six committees that now officially exist.
The Newsletter
The Retirees' Newsletter is put out by the Faculty, Librarian Administrator Retirees' Association of the University of Windsor, five times per year: -- in February, April, June, October and December. Its main purpose is to inform our retirees on matters of direct interest to them - such as their pensions, benefits, association activities, etc. and, equally, to provide a channel for retirees to keep in touch with each other and with outside groups, including the Faculty Association and the University. The Newsletter welcomes from readers their comments, arguments, contributions and creative work. Editor Datta Pillay Send items for inclusion, to Datta Pillay, OR: Use his email address: |
Page one (Issue index)
Next page