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LETTER VIII - SUBSIDY PLAN FOR RETIRED MEMBERS
On the dates specified in the table below, the University agrees to provide an amount equal to the HST rebates received annually by the University for payments made by the “University of Windsor Retirement Plan for Faculty and Certain Employees.”
In addition, on the dates specified in the table below, the University agrees to provide the sums specified to be distributed by the Trustees of the fund entitled “Subsidy Plan for Retired Members” established in the “Memorandum of Agreement” in the “Collective Agreement between the Faculty Association and the Board of Governors of the University of Windsor” dated July 1, 2001, to subsidize the costs of health benefits for those who have or will have retired from the University of Windsor, as a member of the bargaining unit.
July 1, 2014 $100,000
July 1, 2015 $100,000
July 1, 2016 $100,000
The Subsidy Plan Trustees have devised a health care plan that determines the percentage of premiums that can, on an ongoing basis, be paid on behalf of each retiree who joins this healthcare plan. The percentage premiums will be reviewed by June 30 each year by the Trustees for possible adjustment. Upon death of a beneficiary of this trust fund, his/her surviving spouse will continue to receive benefits from this fund.