February 26, 2020
Now that the University Pension Plan (UPP) has been established, we want to take this opportunity to introduce ourselves – your Board of Trustees – and share an update on the UPP.
The UPP is the jointly sponsored pension plan (JSPP) designed to enhance the long-term sustainability of your pension plan. It will, over time, serve other Ontario universities who wish to join.
The UPP will become responsible for the new plan’s administration and the investment of its assets on July 1, 2021, marking a watershed in the history of pensions in Ontario’s university sector. At that time, your pension plan will transition to the UPP and will no longer be solely sponsored by your employer; it will be jointly sponsored by the unions and faculty associations representing plan members and by the three founding universities. And it will join other worldrecognized Ontario pension plans that have adopted the JSPP model.
Joint sponsorship and governance means members will have an equal say in plan design, funding and administration. It will ensure a high degree of accountability and transparency while putting the interests of plan members at the centre of every decision the Board of Trustees makes.
Your Board of Trustees
The UPP Board of Trustees, established as plan administrator through a trust agreement between the joint sponsors, was officially constituted effective January 1, 2020. It is made up of 14 individuals with varied experience and deep expertise in areas important to the administration of the UPP. The Board includes six Trustees selected by the Employer Sponsor, six by the Employee Sponsor, one nominated by non-unionized members, and a Chair selected jointly by the Employee Sponsor and Employer Sponsor. Explore Trustee biographies.
Biographies of your Trustees follow and are being posted to www.universitypension.ca.
Employees and Employers Came Together to Build the UPP
We would like to recognize the extraordinary efforts of the Faculty Associations, the USW, CUPE and other unions, the non-unionized employees and the administrators and governors of the Universities, all of whom have worked so hard to create this new multi-university jointly sponsored pension plan. Their dedication will strengthen defined benefit pensions not just for this generation of university employees, but for many generations to come.
It is our privilege to continue their work.
We are working very closely with your current plan administrator to safeguard a seamless transition and to ensure the UPP is ready to serve you. For questions about your existing pension plan, please continue to contact your university’s pension administrator:
For More Information
For more information about the UPP or the Board of Trustees, refer to Origins and Governance or contact us. To stay up to date with happenings and announcements, subscribe to our mailing list.
Over the coming months, the Board of Trustees will keep you regularly informed about our activities and the progress being made on the transition to the new UPP. We look forward to working together on this important endeavour.
Gale Rubenstein, Chair and Trustees