Human Resources

Human Resources

Human Resources

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Continuing Work on the University Pension Plan

The University Pension Plan (UPP) member consent process wrapped up at the end of June and established solid support from the employees and bargaining groups for a new jointly sponsored pension plan that will cover employees at the University of Guelph, University of Toronto and Queen’s University.

Since then, teams at each university have been working to complete required steps in the conversion process for the existing pension plans, including drafting a sponsors’ agreement, the UPP funding policy and the official plan text.

The conversion of the existing pension plans into the new UPP is subject to approval from the governing bodies at each university. That approval will be sought this fall.

The UPP Joint Sponsors have provided a progress update and have undertaken a search process for the Inaugural Chair of the UPP’s Board of Trustees, which will be the legal administrator of the UPP.

The application for approval to convert the existing plans into the UPP will be submitted to the pension regulator by December 30, 2019. This is expected to allow enough time for the approval process to take place before the anticipated UPP conversion date of July 1, 2021.

After the July 1, 2021 conversion date:

  • benefits earned in the existing pension plans will be transferred to and replicated in the UPP
  • active members will begin contributing to and accruing pension benefits under the terms of the UPP
  • current retirees and former members will have their pension benefits paid from the UPP

For more information on the work being done on the conversion process, visit the UPP website and register for updates.