(As approved by the Board of Trustees in May 1996, and amended in December 2002, March 2006, May 2008 , October 2008, May 2011, March 2012, May 2013, May 2014)
I. Purpose and Authority
The Pension Committee is responsible for recommending Board pension-related investment policy, monitoring the performance of the University’s pension investments and overseeing the financial health, administration and governance of the University’s pension-invested assets.
II. Duties and Responsibilities
- The Pension Committee shall:
- Determine all questions arising in the administration of the Plan, including interpretation and application of the provisions of the Plan, together with eligibility, service, earnings and retirement dates of members for purposes of the Plan. Such decisions of the Pension Committee shall be final and binding on all concerned, subject to referral to the Board;
- In addition, the Pension Committee will be responsible for reviewing the performance of the Trust Fund, and for the preparation of recommendations to the Board of Trustees of the University concerning proposed changes in the Plan, or as to the appointment of the Trustee, and/or Investment Counsel, and/or Actuary for purposes of the Plan.
- Advise the Associate Vice-Principal (Human Resources) on communications to Plan members about provisions of the Plan;
- Provide opportunities for Plan members and employee groups to submit suggestions and comments when significant changes to Plan provisions are being considered;
- Utilize a proactive approach to monitor trends, initiatives and developments in the specific risk categories as assigned by the Board of Trustees from time to time and approve strategies and directions to mitigate the likelihood or severity of events or conditions that could contribute to the potential occurrence of the situations described in the respective Risk Definitions for those assigned risk categories; and
- Report to the Board of Trustees not less than once a year and also whenever requested by the Board.
- Notwithstanding the provisions of By-law No. 2, the Pension Committee shall be composed of the Chair of the Board, the Chancellor, the Principal, the Vice-Principal (Finance and Administration) and the Associate Vice-Principal (Human Resources) who shall be ex-officio non-voting members and 11 voting members who shall be as follows:
- Five appointed by the Board of Trustees as representatives of the University and, where possible, who shall have appropriate professional expertise.
- Four members of the Pension Plan presently employed at Queen’s, to be recommended by the Principal and appointed by the Board of Trustees, of whom two will be members of the academic staff and two will be members of the support staff (one each from both unionized and non-unionized staff groups);
- Two former employees who have retired and are receiving a pension from the Queen's Plan, to be recommended by the Principal and appointed by the Board of Trustees of whom one will be a former member of the academic staff and the other a former member of the support staff (either unionized or non-unionized).
In making recommendations to the Board of Trustees, the Principal may consult widely, including asking the appropriate group to submit a short list from which a selection might be made. In the case of support staff vacancies, the applicable unions (in the case of the unionized member) and staff associations (in the case of the non-unionized member) should submit only one list. In making the selection, the Principal will seek a qualified individual with a strong demonstrated interest and ideally some expertise in pension and investment matters. A person appointed to the Pension Committee is a representative of all pension plan members and not of any particular group.
- Appointments shall be made by the Board of Trustees on the recommendation of the Governance and Nominating Committee for terms of four years with one-third, as near as may be, completing their terms on August 31 each year, but eligible for reappointment normally to a maximum of 12 years of service. One trustee and one retired staff member shall be appointed every two years and one active pension plan member shall be appointed each year. If a vacancy occurs during the year in one of the positions held by staff or former staff, the Principal, after appropriate consultation, shall recommend a replacement within 60 days.
- A Chair and one or more Vice-Chairs will be appointed by the Board. The Chair shall be a Trustee.
- The Committee shall meet at least quarterly.
- The Committee shall report to the Board of Trustees not less than once a year and also whenever requested by the Board.
|Membership||Status||Appointed By||Term Ends|
|P. Deane||Ex Officio|
|D. Janiec||Ex Officio|
|S. Millan||Ex Officio|
|M. Sinclair||Ex Officio|
|M. Wilson Trider||Ex Officio|
|J. MacKinnon||Appointed||Recommended by the Principal||Sep-2022|
|A. Morgan||Appointed||Recommended by the Principal||Sep-2022|
|K. Sedore||Appointed||Recommended by the Principal||Sep-2022|
|P. Hauschildt||Appointed||Recommended by the Principal||Sep-2022|
|W. Cannon||Appointed||Recommended by the Principal||Sep-2022|
|L. Johnson||Appointed||Recommended by the Principal||Sep-2022|
|J. Keohane||Appointed||Board of Trustees||Jun-2022|
|T. Mattina||Appointed||Board of Trustees||Jun-2022|
|M. Robertson||Appointed||Board of Trustees||Jun-2022|
Chair: J. Keohane
Vice-Chairs: T. Mattina, J. MacKinnon
Secretary: B. Weisnagel