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Queen's University
 

2013 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, 2012 $1,358,102
Contributions during the year:
Member required contributions 18,689
Member voluntary contributions 1,462
Member contributions-past service 10
Transfers from other registered plans 1,129
University contributions 37,583
Earnings of the fund:
Investment income and capital gains/losses 202,603
Payments during the year:
Pensions and Lump-sum transfers (85,531)
Administrative expenses (6,474)
Market Value of assets at August 31, 2013 $1,527,573

The financial position of the Plan is reviewed by an independent actuary at least once every three years. The next required valuation is due as of August 31, 2014. The Plan transfer ratio reported in the two most recently filed actuarial valuations was 95% as at August 31, 2008 and 80% as at August 31, 2011. The transfer ratio measures the Plan’s funded status on a solvency basis. A transfer ratio of 100% or above means that, if the Plan had been terminated on that date, the fund’s assets would have been sufficient to provide all benefits accrued under the Plan to that date. A transfer ratio below 100% indicates that there would be a solvency shortfall if the Plan were to be terminated on that date (and if that shortfall were not funded, benefits would have to be reduced). A plan with a transfer ratio below 100% requires that additional employer contributions be made. Queen’s is currently making special payments in order to fund the shortfall.

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.

Queen's Human Resources
Fleming Hall, Stewart-Pollock Wing
Kingston, Ontario, Canada. K7L 3N6.
T: 613.533.2070 | F: 613.533.6196
hradmin@queensu.ca