Like many Ontario pension plans, some Ontario university pension plans currently have a funding shortfall, brought on in part by the financial crisis and almost 5 years of historically low interest rates. Problems with faculty pension plans existed before the financial crisis, but the fallout has worsened the situation.
Unions and employers in the Ontario university sector, with the help of government, are working to find solutions that provide good retirement incomes, at an affordable cost, through pension plans that are secure and sustainable. OCUFA is at the forefront of this effort.
Pension issues are complex and multi-faceted, and many questions need to be explored before a solution can be crafted. As university employees, you may have questions about your own plan, and whether your retirement plans are on track.
OCUFA has developed an action plan to help you and your faculty associations reach the best possible decision about the future of your pension. Working with the other unions, and several experts in the field (including a dedicated lawyer and actuary), we are undertaking a research project aimed at identifying underlying problems in the plans, and outlining possible solutions. We will be coming to your campus to explain your pension situation, and where appropriate, discuss alternatives you may want to consider.
It is essential that individual faculty members play a role in crafting a pension solution. Over this academic year, OCUFA will provide you with all the help and resources you need to understand the fundamental pension principles we are working to preserve, protect, and advance
As a first step we have prepared two easy to follow pension webcasts (for OCUFA members only) that explain how pension plans work, as well as some of the changes the government is looking for in our plans. As mentioned, we will also be touring campuses and producing a range of information resources.
OCUFA Report will continue the conversation with regular updates on our activities, and articulation of our shared pension goals and principles. Please stay tuned for more pension-related content in the coming weeks and months.