1. MEMBERSHIP
The membership of this Committee shall be appointed by the Board of Governors on the recommendation of the Governance Committee and shall consist of the following voting members:
a. The Vice-President, Academic & Provost
b. The Vice-President, Administration & Finance
c. Two members of the Board of Governors from among the seventeen (17) Board members appointed by the Lieutenant Governor-in-Council or elected by the Board from the community-at-large
d. Two members appointed on the recommendation of the President of the University of Waterloo
e. Three members of the regular faculty appointed on the recommendation of the President of the University's Faculty Association
f. Two members of the regular University Support Staff appointed on the recommendation of the President of the University's Staff Association
g. One member of the unionized staff appointed on the recommendation of the President of CUPE Local 793
h. One retiree who is receiving a University of Waterloo pension, appointed on the recommendation of the President of the University's Retirees Association
In addition, a non-voting member representing the Affiliated and Federated Institutions of Waterloo (AFIW) shall be appointed by the Board of Governors on the recommendation of the AFIW Heads.
The normal term of office shall be three years, renewable once.
The Chair of the Committee shall be appointed from among the external members of the committee by the Board of Governors on the recommendation of the Governance Committee.
2. MEETINGS
The Committee will meet at least 4 times a year and may meet more often as necessary. Recent practice has been to meet monthly from September to March, and in May and June.
3. TERMS OF REFERENCE
The Committee shall have full power to administer employee pension and benefits plans approved by the Board, such power to include, but not limited to, the following:
Pension Plan Administration
a. To make and enforce such rules and regulations as it shall deem necessary for the effective and efficient administration of the pension plan under the relevant legislation and regulations and to decide all questions concerning the pension plan, including who is eligible to participate. The Committee delegates day-to-day responsibility for the administration of the pension and benefits plans to Human Resources of the University.
b. To prepare accounts and records showing the detailed operation of the pension plan and to make an annual report to the Board of Governors.
c. To review the annual audit of the Pension Plan Fund Financial Statements.
d. To appoint a consulting actuary and to commission research on pension or benefits.
e. To recommend changes in pension and benefits plans to keep them current with respect to other universities and major employers, being mindful of the financial context in which the University operates.
f. To make policy decisions relevant to administration of benefits plans and to periodically adjust 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.
g. To recommend to the Board the appointment of custodians / trustees and fund managers
Oversight of pension investments
h. To recommend to the Board of Governors the investment policy for pension assets as described in the Statement of Investment Policy and Procedures (SIPP) and to approve the Fund Implementation Procedures (FIP), both on the recommendation of the Pension Investment Committee.
i. To approve on behalf of the Board of Governors the approval/termination of external fund managers/mandates for the pension fund investments, on the recommendation of the Pension Investment Committee.
j. To exercise oversight and responsibility for compliance with Board-approved Responsible Investment Policy for funds/investments falling within the committee’s authority, with delegation for this activity to the Pension Investment Committee
k. To approve asset mix changes and investment decisions in compliance with the SIPP and FIP amongst the approved managers/mandates where the cumulative annual transaction(s) represents greater than 20% of the Plan's total assets at the beginning of the calendar year, upon the recommendation of the Pension Investment Committee, with review and advice from the Finance & Investment Committee
Reporting and Liaison
l. To review, at least annually, the adequacy of the Committee’s terms of reference as well as those of the Pension Investment Committee, in consultation with the chairs of the Finance & Investment Committee and the Pension Investment Committee, and to propose any needed amendments to the Governance Committee.
m. The chair is to meet, at least annually, with the chairs of the Finance & Investment Committee and the Pension Investment Committee to ensure efficiency and effectiveness of investment governance.
4. GENERAL PROVISIONS
Members of the Committee may participate in the benefits under the pension plan provided they are otherwise eligible to do so. Except as otherwise provided by the Board of Governors of the University, no member of the Committee shall receive any compensation for services. No bond or other security shall be required of any member of the Committee in such capacity in any jurisdiction, except as expressly required by law.
In administering the pension plan neither the Committee, or any member thereof, nor the Board of Governors of the University, or any member thereof, nor the University, or any officer or employee thereof, shall be liable for any acts of omission or commission, except for his/her or its own individual, willful and intentional malfeasance or misfeasance. The University and its officers and directors, and each member of the Committee shall be entitled to rely conclusively on all tables, valuations, certificates, opinions and reports which shall be furnished by any actuary, accountant, trustee, counsel or other expert who shall be employed or engaged by the University or the Committee.
Whenever, in the administration of the pension plan, any action by the Committee or the University is required, such action shall be uniform in nature as applied to all persons similarly situated.
Approved by the Board of Governors, June 6, 2006.
Amended by the Board of Governors, April 1, 2008.
Amended by the Board of Governors, October 30, 2018.
Amended by the Board of Governors, April 4, 2023.