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Category Archives: Queen’s Pension Plan
One of the most-discussed topics among faculty and staff right now is the status of the Queen’s Pension Plan and the effects various adjustments might have on employee benefits. In an effort to help answer some of those questions, we … Continue reading
One of the most-discussed topics among faculty and staff right now is the status of the Queen’s Pension Plan (QPP) and the effects various adjustments might have on employee benefits. In an effort to help answer some of those questions, … Continue reading
The Queen’s Pension Plan (QPP) will likely qualify for the Ontario government’s first-stage solvency relief. Don’t we then have until 2014 to develop a well-thought-out plan to qualify for second-stage solvency relief?
The QPP is in bad financial shape and the plan will continue to deteriorate, the longer it takes to reach agreements on required changes. The university and employee groups have a shared goal: to ensure the long-term sustainability of the … Continue reading
With contract talks continuing between the university’s administration and representatives of employees who belong to the Canadian Union of Public Employees (CUPE) and the Queen’s University Faculty Association (QUFA), many questions are circulating about one of the key issues at … Continue reading
Short of reducing the minimum guarantee formula, this is the only option that would reach the savings targets required under the province’s solvency relief plan. That being said, the Queen’s Pension Plan (QPP) is primarily a money purchase plan, so … Continue reading
The increases would be phased in gradually over several years, with each contribution increase being less than 1% of gross salary. The impact on take-home pay would actually be less, since the income tax deduction is factored in by payroll: … Continue reading
Increasing employee contributions appears to be the option of choice for other university plans facing similar significant funding shortfalls: Guelph’s CUPE 1334 local recently negotiated changes that will see contributions increase to 7.6%, up to the Year’s Maximum Pensionable Earnings … Continue reading
I have heard that the Queen’s Pension Plan (QPP) had a significant surplus in the 1990s. What happened to that surplus? Did the administration use the money for something other than pensions?
In the early 1990s, the QPP, like many pension plans at that time, had an actuarial surplus on its defined benefit (minimum guarantee) side of the plan: $24.7 million at the time of the August 31, 1991 valuation. But new … Continue reading
What is the rush? Why does the university seem to be in such a hurry to implement changes to the QPP?
Quick action is required to reverse the underfunding of the plan and make the most of the solvency relief options that have been put forward by the Ontario government. The plan’s actuaries have confirmed that the university needs to have … Continue reading