Retirees' Association

Retirees Association of Queen's

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Pension and Benefits Report

University Pension Plan

In July, the required consent threshold for the existing pension plans at Queen’s, Guelph and Toronto was surpassed so conversion to the University Pension Plan (UPP) is going ahead. Approval from each of the university governing boards is required and then application will be made to the Financial Services Regulatory Authority (FSRA) to transfer assets and liabilities from the existing pension plans to the UPP. We understand that the Queen’s Board of Trustees will give the necessary approvals at it’s meeting in December.

As mentioned in our May report, there will be no impact on pensions for existing retirees.

Queen’s Pension Plan News

The pension plan return in August was 0.3% and the return for the full 12 months was 2.3%. As a result, a number of retirees will receive a very modest increase in pension – perhaps in the order of 0.5%. However, those retirees who started their pension in 2007-08 will not yet see an increase.

In November, Pension Services will send a letter to each pensioner with details on the 2019 Annual Pension Adjustment.

Benefit News

As mentioned in our last Newsletter, Human Resources sent out a Request for Proposals to a number of insurance providers in the spring. After reviewing the responses, Queen’s has decided to appoint Manulife as the new employee and retiree benefits provider. The change from Great-West Life will occur in the spring of 2020. Until then, there will be no changes to the existing benefit plan coverages or to the submission process.

When the new contract is in effect, there will be some new features for retirees. Details on these changes were provided by Steve Millan, Associate Vice-Principal (Human Resources) and these can be found on the RAQ web site. In addition, there will be an article on the change in the benefits provider in a future issue of the Queen’s Gazette.  A Frequently Asked Questions is available on the HR website:  http://www.queensu.ca/humanresources/employee-benefits-plan-review

Bill Forbes, Chair, RAQ Pensions & Benefits Committee