Securing Our Defined Benefit Pension Plan

---Revised---

The UPP will...

• be a defined benefit plan
• be closely modelled on the current U of T plan
• be a multi-university plan designed to be sustainable
• be governed jointly by employers and employees
• not affect the pensions of the retired
• preserve all pension credit earned in the current plan
• sever the tie between the operating budget and pension debt
• begin as a fully funded pension plan
• require each member university to pay down its own debt

Did you know that...

• your years of service in the current plan will be calculated under the current rules?
• your years of service under the UPP will be calculated under the UPP rules?
• the two will be added together when you retire?
• the jointly sponsored pension plan ( JSPP) model is world famous?
• the Teachers’ pension plan is a JSPP?
• the proposed UPP uses 4-year averaging; the Teachers’ plan uses 5-year averaging?
• the UPP spousal benefit is modelled on what Teachers’ provides?
• the increase in the “lower deck” (below the YMPE) calculation from 1.5% to 1.6% will help lower earners achieve higher pensions?
• the SAP that UTFA negotiated will help higher earners if the current plan is converted to the UPP?