Retirees' Association

Retirees Association of Queen's

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Pension & Benefits Update

Pensions

The preliminary results of the investment returns of the Queen’s Pension Plan (QPP) for the full pension year (September 1, 2017, to August 31, 2018) have been posted at http://www.queensu.ca/humanresources/news/monthly-pension-update-20181001  

The QPP gained 8.61%, falling just short of the 9% gain needed to finally bring increases in the monthly deposits of long-retired Queen’s pensioners.  Individual details will be given in the annual pension letters each pensioner receives from Pension Services, probably in late November.  That letter will also give the time and location of the QPP Annual General Meeting, which is schedule for Friday, December 14, 2018.

Negotiations for a new University Pension Plan (UPP) for Ontario universities are continuing between administration representatives and employee unions of Queen’s, the University of Guelph and the University of Toronto. The details being worked on apply to particular groups of employees, not current pensioners.  All of this is leading toward a required process in which plan members of the three universities must vote on whether to continue to actually create the new multi-university plan.  Details of current status, the legally specified voting process, and the project timetable can be found on the UPP website at http://universitypension.ca/   Retirees should note the “Retirees” tab at the top of the website’s home page, which states that our pensions and pension increases will continue as specified by the QPP at the time we each began receiving monthly pension payments under the new plan.  When material for the Approval/Objection voting is distributed, we will have more to say.

Benefits

Great-West Life has created a new procedure for filing reimbursement claims for medical expenses.  For details of the new procedures see page 6 of this issue of this issue of RAQnews.

As always, the Pension & Benefits Committee welcomes questions, comments, and reports of problems from RAQ members, which we will bring to our regular meetings with senior administrators of Queen’s.

RAQ P&B Committee:  George Brandie (Chair), Chris Chapler, Bill Forbes,  Bruce Hutchinson, Sue Miklas & Joyce Zakos