MYTHS ABOUT OUR PENSION PLAN (6)

cupe1975Pensions

MYTH The University is offering a “competitive pension plan”                                                                                                                    FACT The University has offered two different pension plans (Defined Contribution or Target Benefit) that share the same basic legal structure. In both proposed plans: 1) the University bears no risks and 2) plan members bear all of the risks. This is a complete change from your current DB plan, which … Read More

MYTHS ABOUT OUR PENSION PLAN (5)

cupe1975Pensions

MYTH “This pension plan is in a deficit and running an annual shortfall”  FACT After nine years of being in deficit, the interim 2017 valuation revealed that the plan is now back in surplus (103% funded, $12 million surplus) on the actuary’s best estimate basis. If a 5% funding buffer (or “margin”) is added to artificially inflate the plan’s liabilities, … Read More

MYTHS ABOUT OUR PENSION PLAN (4)

cupe1975Pensions

MYTH “These significant additional contributions are expected to continue into the future under the pension’s current structure” FACT This is not true. The most recent actuarial report shows that University contributions have already come down significantly, with further reductions projected for the coming years. For example, in 2017, the employer required contribution to the plan was 16.14% of payroll. In … Read More

MYTHS ABOUT OUR PENSION PLAN (3)

cupe1975Pensions

MYTH “The university did not take a contribution holiday.”  FACT The University took 17 years of partial contribution holidays between 1993-2009. The University is required to file papers with pension regulators each year, which clearly show these holidays. The Union has copies of all of these records. During this period, the employer diverted funds from the pension fund surplus to … Read More

MYTHS ABOUT OUR PENSION PLAN (2)

cupe1975Pensions

MYTH Public sector workers like University workers have “gold plated pensions” FACT The plan pays a modest average annual pension of $18,100. The plan also does not provide guaranteed cost-of-living increases for retirees (also known as “indexation”). Indexation is provided on an ad hoc basis and has generally been delivered out of surplus, when surplus exists. As the cost of … Read More

MYTHS ABOUT OUR PENSION PLAN (1)

cupe1975Pensions

MYTHS ABOUT THE PLAN  MYTH: The pension plan is not sustainable FACT Your pension plan is sustainable. Your plan is not broken, nor is it in crisis. Language like this is used by employers to convince you that we need to abandon the pension to save the pension. This is untrue ideological language that the Employer is using to advance … Read More

Rally in the Bowl

cupe1975Pensions

A fair pension plan, reasonable wage increases.  We deserve this. Join us in the bowl (Nobel Plaza, near the Peter McKinnon Building) at noon to show your support for your union and send a strong message to the administration: PAWS OFF OUR PENSION! March 19th, Noon Nobel Plaza, the Bowl All are welcome to join us.  

CUPE National’s Response to the U of S Article on Pension Contributions

cupe1975Pensions

The University states that the pension “has cost the University an additional $29.7 million beyond normal contributions over the past decade.” The Union has always acknowledged the cost of these additional contributions, which were largely the result of the 2008-09 economic crisis, the worst economic downturn since the Great Depression. In this spirit, in the 2013-14 round of bargaining, the … Read More

Pension FAQ 2018 – Your pension questions answered!

cupe1975Pensions

FREQUENTLY ASKED QUESTIONS What kind of pension plan do we have? You have a Defined Benefit (DB) pension plan. This type of pension plan promises you a set amount of annual pension throughout your retirement. The specific provisions and calculations are available in your member pension booklets. DB plans are the best type of pension for workers because they provide … Read More