Human Resources
Queen's University2010 Financial Statement
Summary of the Financial Statement of the Pension Trust Fund for the Revised Pension Plan of Queen’s University
Registration No. 0344929
| Market Value of assets at September 1, 2009 | $1,227,459 | |
| Contributions during the year: | ||
| Member required contributions | 13,880 | |
| Member voluntary contributions | 1,560 | |
| Member contributions – past service | 7 | |
| Transfers from other registered plans | 604 | |
| University contributions | 27,480 | |
| Earnings of the fund: | ||
| Investment income and capital gains/losses | 87,956 | |
| Payments during the year: | ||
| Pensions and Lump-sum transfers | (82,836) | |
| Administrative expenses | (5,036) | |
| Market Value of assets at August 31, 2010 | $1,271,074 | |
The financial position of the Plan is reviewed by an independent actuary at least once every three years. The most recent actuarial valuation was completed as at August 31, 2008. This valuation showed that the Plan was not fully funded, and has a funding shortfall of $44.6 million. Queen’s is making special contributions to the Plan to liquidate this funding shortfall as required by the Pension Benefits Act of Ontario.
Treatment of Assets in the Event of Discontinuance of Plan
In the event of discontinuance of the Plan for any reason, the assets of the Plan will first be applied to provide the basic benefits in accordance with the terms of the Plan.
Any remaining assets after the provision of basic benefits will be used to enhance member benefits to the maximum permitted level under the Income Tax Act.
Any assets remaining in the Trust Fund after providing the benefits described above to Plan members will revert to Queen’s.