The 2012 Ontario Budget introduced several measures that will affect Ontario’s public sector pension plans, including those in the university sector. These include:
- Consultations on a new legislative framework for jointly sponsored public sector pension plans (“JSPP’s”);
- The introduction of framework legislation in fall 2012 to pool investment management of smaller public sector plans;
- The establishment as a goal of moving all single employer public sector plans to a 50-50 cost sharing arrangement within 5 years, to adjust the solvency relief regulation to encourage this outcome, and to support the conversion of these plans to joint sponsorship.
OCUFA has been actively monitoring the implementation of these proposals, and will continue to meet with the Government of Ontario and the Council of Ontario Universities to make sure they understand the faculty perspective. We last met with COU president Bonnie Patterson on June 15th, and will be meeting with Ministry of Training, College, and Universities Staff on July 12th to discuss the pension file.
OCUFA’s Board of Directors has authorized the organization to participate in consultations around pooled asset management for Ontario public sector pensions. We have prepared a brief on the proposal for Bill Morneau, the government’s advisor on pooled asset management. We met with Mr. Morneau on June 13th, and will meet with him again on June 29th to present our analysis. We will make this document available online once it is finalized.
On October 26, 2012, OCUFA will hold a special meeting to discuss whether our member associations wish to give the organization a mandate to participate in a consultation on incentives to move to 50-50 cost sharing and joint governance, and if yes, to develop a position on behalf of the organization.
As discussions around pensions continue, OCUFA will provide updates with the latest news, announcements, and analysis.