October 16, 2019 email from Human Resources Department <HRDEPT-L@LISTS.QUEENSU.CA>; on behalf of; VP Finance and Administration <vpfa@QUEENSU.CA>
The creation of the new University Pension Plan Ontario (UPP) and the transfer of assets and liabilities from the existing university pension plans is a complex process. The current university pension teams and administrations will work with the UPP’s incoming Board of Trustees to ensure a smooth transition to the new plan.
The creation of the UPP will unfold in two stages:
- Stage 1 – UPP Effective Date – January 1, 2020
The date of the formal registration of the UPP. This is the date on which the Employee and Employer Sponsor will formally be established along with the Board of Trustees (which will be the legal Administrator of the UPP).
- Stage 2 – UPP Conversion Date – July 1, 2021
The anticipated date members will start contributing to and earning pension benefits under the UPP.
Between the effective date and the conversion date of the UPP, members will continue to earn pension benefits under and contribute to their existing university-sponsored pension plans.
What this means for you now
Until the UPP conversion date, Queen’s University remains the legal administrator of your current pension plan. Eligible employees will continue to accrue pension benefits under their existing plan. Retired members will continue to be paid from their existing plan.
Plan members can continue accessing information on their Queen’s Pension Plan (QPP) by contacting Robert Weisnagel, Director, Queen’s University Pension Services, 613-533-6000 ext. 74184, or by email at firstname.lastname@example.org.
From the UPP conversion date
On the conversion date (anticipated as July 1, 2021), members will stop earning benefits under their existing pension plans and start earning pension benefits under and contributing to the UPP. All pensions earned under the current university pension plan will be transferred to the UPP. There will be no changes to pension benefit amounts already accrued.
For active employees who have earned benefits under one of the current university plans, benefits earned under those plans will be transferred to the UPP and administered by the UPP Board of Trustees as the Administrator of the UPP. Current employees who retire under the UPP and have accrued benefits under one of the university plans will receive a pension based on two parts:
- One part based on the formula in their former plan and the service they accrued under that plan, and
- One part based on the UPP formula and their service accrued under the UPP.
Members who retire under a current university pension plan before the conversion to the UPP will continue to be paid the same amount of pension after conversion. Cost-of-living increases will be allocated on the same basis as they would have been under their current plan.
We will continue to share information and updates on the progress of the UPP conversion process in the months ahead.
Details of the UPP plan design are also available on the UPP website.
Donna M. Janiec, CPA, CA
Vice-Principal, Finance and Administration
Richardson Hall, Suite 352 |74 University Avenue | Kingston, ON | K7L 3N6
T: 613-533-3064 |C: 613-484-9900| email@example.com
The Office of the Vice-Principal (Finance and Administration) acknowledges that Queen’s University is situated on traditional Anishinaabe and Haudenosaunee Territory. We are committed to effective resource stewardship, championing inclusivity and creating a culture of sustainability.