Another significant milestone has been achieved towards the creation of the University Pension Plan Ontario (UPP).
We are extremely pleased to share that the required consent threshold has been surpassed at Queen’s University, enabling the conversion to the UPP to proceed.
UPP consent thresholds were also met at the University of Toronto, and the University of Guelph for each of their existing pension plans. This brings the Ontario university sector one step closer to a new, sustainable defined benefit pension plan for the future.
This important step marks the culmination of many months of collaboration, consultation, and hard work on behalf of all stakeholder groups participating in the creation of the UPP. Representatives from the university’s unions and non-represented employees all worked hard to ensure plan members had the information they needed to make informed decisions about consenting to the transition to the jointly sponsored plan. The Retirees’ Association of Queen’s also helped in getting the message out to existing pensioners. I would like to take this opportunity to thank everyone involved for their considerable efforts in getting us to this momentous milestone in our move to a sustainable defined benefit pension plan for current plan members and future generations of Queen’s employees.
The transfer of the existing pension plans into the UPP involves several technical steps and additional approvals to proceed as outlined in the UPP Joint Communique. While there is much work still to be done to make the UPP operational by July 1, 2021, it is important to acknowledge this important consent milestone.
Donna M. Janiec, CPA, CA
Vice-Principal, Finance and Administration
Richardson Hall, Suite 352 |74 University Avenue | Kingston, ON | K7L 3N6
T: 613-533-3064 |C: 613-484-9900| email@example.com