On December 9 & 17, 2019 the Pension and Benefits Committee (P&B) hosted a total of five public information sessions for members of the University of Waterloo pension plan detailing prospective changes to the university’s pension plan. A copy of the presentation as well as a video recording of one of the five presentations is posted to the P&B website.
The changes under consideration by P&B are:
- Over a three-year period, to have a phased increase in member contributions rates so as to restore the cost sharing between members and the university back to the 50/50 target, along with an overall funding strategy to maintain the viability of the pension plan
- To make the periodic changes to the pension caps in the registered pension plan
A comprehensive explanation of the proposed changes, including the rationale and anticipated benefits to maintaining the health of the pension plan, is given in the recorded presentation as well as in a summary document posted to the same webpage on the P&B website.
It is anticipated that the Pension & Benefits Committee will formally consider the changes to the pension plan at the P&B meeting on Friday 17 January 2020; subject to approval by the committee, the final recommendation would be anticipated to be brought as a recommendation to the Board of Governors meeting on Tuesday 4 February 2020.
The Pension & Benefits Committee would welcome your thoughts on the proposed changes to the pension plan contribution rates, caps, and funding strategy – please share your thoughts via the web form.