Where it began
In the late 2000s, pension plans in the university sector faced existential financial and political pressures.
Employee groups and university administrations, with the support of the provincial government, began considering a multi-university jointly sponsored pension plan (JSPP) as a long-term pension solution for the sector. Moving to a JSPP model addressed many of the challenges facing university pension plans at the time, while offering a range of new advantages — including more member control over the future direction and outcomes of their pensions.
Employees and employers came together to build UPP. We would like to recognize the extraordinary efforts of this plan’s founders. It is our privilege to continue their work.
Discussions begin between university unions, faculty associations, administrators, and other staff groups about customizing a JSPP to reshape and sustain the retirement income system in the Ontario university sector.
Deep discussions happen among university administration, faculty associations, unions, and non-unionized staff on UPP’s organizational structure, terms, and participants. Three initial university partners and associated unions and faculty associations step forward as UPP’s founding participants, with the plan for others to join over time.
Pension plan members at the founding universities consent to convert their existing plans to UPP, through a transfer of assets and liabilities. The Joint Sponsors adopt UPP’s Funding Policy, including an innovative risksharing arrangement for past service and future service liabilities.
UPP becomes the official pension provider for the founding participants and their 37,000+ members.
We built the UPP to assure a dependable retirement income. We custom built the UPP for our sector, offering better value and security for contributions. For us, that means financial security, a secure defined benefit plan with indexation, and early unreduced retirement options. It also means that employers and employees cosponsor the Plan and have an equal say in its governance.
John Tartt, Employee Sponsor Co-Chair
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