OCUFA has been working with the Ministry of Finance to ensure that the regulatory framework that will guide asset and liability transfers between single employer pension plans (SEPPs) and jointly sponsored pension plans (JSPPs) in Ontario’s broader public sector meets the needs of faculty associations across the province. On February 27, 2015, we submitted a written response to the government’s proposed regulatory framework and last week we met with Ministry of Finance to discuss our submission.
OCUFA’s response to the proposed regulatory framework deals with a number of technical issues and addresses several key issues that reinforce our core principles on pensions including respect for collective agreements, ensuring that the transition of pension assets occurs on a voluntary basis, and the preservation of pension benefits within a new pension plan.
The OCUFA submission highlighted the importance of ensuring that faculty associations retain the right to decide whether or not they will convert their existing SEPP into a JSPP. The submission called for consent provisions within the regulations that would respect collective bargaining and the rights of collective bargaining agents to consent to the transfer of assets on behalf of their members. This provision ensures that any transition of an SEPP to a JSPP is voluntary and that no faculty association would be forced to join a new pension plan against the will of its members.
The OCUFA submission also reinforced our commitment to ensuring that if a SEPP is converted to a JSPP, the benefits that plan members would have received under the single employer plan would be preserved under the JSPP – regardless of whether an existing plan is defined benefit, defined contribution or hybrid.
OCUFA’s submission to the proposed regulatory framework reflects our commitment to ensuring that pensions in the university sector meet the needs of our members. We are working actively to implement solutions that will ensure that university pension plans are fair and secure today and into the future.
The full submission can be accessed here.