To consider a potential conversion of Waterloo’s Registered Pension Plan (RPP) to the University Pension Plan (UPP), University administration has engaged institutional stakeholders to outline the conversion opportunity, understand how the UPP compares to Waterloo’s RPP and what steps would be required to convert.
To date, this process has included engagement with:
- Employee groups (e.g., associations and unions)
- Senior leaders (e.g., Dean’s Council, President and Vice-President group)
- Governance groups (e.g., Pension and Benefits Committee, Board of Governors)
- UPP
- Current UPP participating employers (e.g., other Universities currently participating in UPP)
- Third-party experts (e.g., Aon, an actuarial firm that provides expertise and guidance)
Historical timeline
2023-2024
- Information sessions regarding UPP completed at Pension and Benefits Committee meetings
2024 – early 2025
- Follow up UPP information sessions completed by Waterloo administration, including HR, Finance Secretariat’s Office, Legal, and Aon (third-party actuary who supports the pension).
- Review and comparison of available pension products conducted by key subject experts, including Human Resources, Finance, Secretariat’s Office, Legal, and Aon
- UPP confirmed by subject experts as an option for consideration.
- University consulted with current UPP participating employers (e.g., other universities who have joined the plan) to gather their feedback on UPP and the conversion process.
April – June 2025
- Updated and consulted with Dean’s Council, President and Vice-President’s Group, Pension and Benefits Committee regarding a UPP exploration.
- University administration facilitated introductory discussions with the leadership of each of the Faculty Association (FAUW), Staff Association (UWSA), CUPE, OPSEU and the Retiree Association (UWRA), including the relevant members of the Pension and Benefits Committee and Pension Investment Committee, to introduce the University’s interest in exploring UPP.
- University administration facilitated introductory discussions with the AFIW Presidents to introduce the University’s interest in exploring UPP
- Board information session held including Pension and Benefits Committee and Pension Investment Committee members to share information about the current pension plan, UPP, and to indicate that exploration would commence.
Nov 2025
- Launched Preliminary UPP website and sent preliminary email to plan members and article in the retiree newsletter.
April 2026
- Formed a Pension Communications Advisory Group with representatives from membership groups to advise University administration on pension-related communications to plan members.
Our commitment is to ensure that pension plan members are kept informed of our progress as the option of joining UPP is explored. Additionally, employee groups and associations will also communicate directly with their members and may organize member-specific information and feedback sessions and resources.