What's involved?
The Pension & Benefits Committee (P&B) administers the Waterloo employee pension and benefits plans, including:
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setting rules and regulations for the administration of the pension plan
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deciding all questions concerning the pension plan, including who is eligible to participate
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recommending changes in pension and benefits plans to keep them current with respect to other universities
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making policy decisions relevant to the administration of benefits plans
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periodically adjusting plans as required to comply with legislation, changes in medical fee schedules, changes in insurance premiums due to changing experience ratings or other causes, creation of new categories of employees, and other such changes required to keep benefit plans current
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reviewing the annual audit of the Pension Plan Fund Financial Statements
The Committee normally meets monthly from September through June; additional meetings are called as required. More detail is available on the Secretariat website: Pension & Benefits Committee - Resolution.
Accountability and relationship to FAUW members
The faculty representatives on P&B are asked to submit a written report to FAUW members twice a year, for our general meetings. One of the three faculty representatives serves as a liaison to FAUW and is a non-voting ex officio member of the FAUW Board of Directors. This liaison attends biweekly Board meetings when possible and submits written reports as needed.
What are the qualifications?
Members of the Pension & Benefits Committee should ideally have:
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Interest in and understanding of issues related to pensions and benefits.
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Enough knowledge of investments, including trade-offs between expected returns and risks, to evaluate information provided by actuarial consultants and University administrators.
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A healthy degree of skepticism about the information provided and a willingness to ask questions.
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An understanding of fiduciary responsibility.
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A willingness to collaborate and consult with other stakeholder groups: the UW Staff Association, CUPE Local 793, and the UW Retirees Association.