President’s Blog

Securing Our Defined Benefit Pension Plan

December 21, 2018
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    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?

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