Process and roadmap

If the University and employee representatives (associations and unions) agree to move forward in the process of joining UPP, a formal member decision-making process would begin.

Approval to join UPP would involve a 90-day consent process where members receive a formal notice and cast a vote (if applicable).

You would receive a formal notice that includes:

• A detailed comparison of your current plan and UPP with personalized estimates under both plans. 
• An overview of key UPP plan features.
• Clear instructions on what, if anything, you need to do. You will have opportunities to ask questions and access information and support to help you make an informed decision.

Once notices are issued, you would have 90 days to respond.

• Non-unionized active members: you must submit the consent form included in your notice. If it isn’t returned, it’s counted as a “no.”
• Unionized members: approval is provided by your representatives on your behalf.
• Retired or former members, or survivors: you are counted as a “yes” unless an objection form is submitted.

Approval requirements:

To move forward, at least 2/3 of active members in the Waterloo RPP must approve (a positive consent requirement), and no more than 1/3 of retired and former members and survivors (as a group) may object (a negative consent requirement).

Members would be notified of the outcome after the 90-day period.

• If members approve, the University and UPP would finalize details and prepare for conversion.
• The University would submit an application to join UPP to Ontario’s pension regulator, the Financial Services Regulatory Authority (FRSA) which would include a signed amendment, approved by the Board of Governors, facilitating the conversion.
• Following member consent and final regulatory approvals from the FRSA, the University of Waterloo Board of Governors will vote to finalize the transition, including revoking any official statements or dissolving internal pension committees to close the local governance mode
• With FRSA approval, assets and administration can officially transfer to UPP (approval can occur before or during Phase 3).

If the required consent from the membership is not reached, then the conversion of the Waterloo RPP to the UPP will not occur at this time.

• Pension assets, investments, and member data would be securely prepared and transferred to UPP.
• All required regulatory, legal and actuarial steps would be completed.
• Leading up to your join date, you would receive updates and resources, such as the UPP Member Handbook.
• You would be introduced to UPP’s services and learn what to expect on Day 1.
• The University would receive training on UPP’s systems and guidance to establish processes that ensure submitting member information and contributions continues smoothly.