Retirees' Association

Retirees Association of Queen's

site header

Pension & Benefits Update

University Pension Plan (UPP)

The UPP is moving ahead and still on track for a conversion date of July 1, 2021.

The inaugural Chair of the Board of Trustees has been selected. Gail Rubenstein is a Partner at Goodmans L.L.P. Ms. Rubenstein is recognized for her expertise in corporate restructuring, pensions and regulatory matters over her 30 year career with Goodmans.

Also, the UPP Joint Sponsors have announced the members of the UPP Sponsor Committees. The Queen’s representatives on the Employer Sponsor Committee are Donna Janiec (VP Finance and Administration) and Steve Millan (Associate VP Human Resources). The Queen’s representative on the Employee Sponsor Committee is Leslie Jermyn (Executive Director, QUFA).

The main responsibilities of the Joint Sponsors are to set benefits and contribution rates, create funding policy and appoint the Plan Administrator (Board of Trustees).

As mentioned in previous reports, the conversion to the UPP will have no impact on pensions for existing retirees at the 3 universities. Pensioners at Queen’s will receive the same excess interest increases after the conversion date as they would have under the provisions of the Queen’s Pension Plan.

Queen’s Pension Plan News

The pension plan return for the first 4 months of the Plan year (September 1, 2019 to December 31, 2019) was 4.1%. The investment return for January is not available as yet.

Benefit News

Human Resources is actively working with Manulife on a number of items, and they need to be resolved before the University can communicate more broadly on the new benefits. We are expecting further communications from HR in April.  Any updated information will be found on the Human Resources website under Projects at:  Human Resources Employee Benefits Project

As mentioned in our last newsletter, details on the optional retiree benefits (premiums fully paid by retirees) can be found at:  RAQ News October 5

Bill Forbes,

Chair, RAQ Pensions & Benefits Committe