Once it is up and running, it will be available to other Ontario universities as well. This new pension plan, which would be a multi-employer jointly sponsored pension plan (JSPP), is a type of defined benefit (DB) plan, and it represents a unique opportunity to reshape and sustain the retirement income system in the Ontario university sector.
The current phase of this initiative kicked off last August with an agreement among the administrations, Steelworkers locals, faculty associations and non-represented employees at the University of Toronto, Queen’s University, and the University of Guelph.
In the next phase, Local 1998 will be educating and informing members about this process over the next several months with meetings and background materials. In the winter of 2018 / 2019, members of the pension plan will be able to vote on whether or not to join the new pension plan. Please watch your email for updates.