ARTICLE D - The University Retirement Plan For Faculty and Certain Employees
D.1 The University of Windsor Retirement Plan for Faculty and Certain Employees as amended and restated to January 1, 2002, shall be continued by the University except as hereinafter provided.
(i) In addition to the amounts required to be contributed under paragraph 3.01 of the Plan, effective January 1, 2012, Members shall be required to contribute an additional two (2) percent of her/his earnings to her/his Money Purchase Component Account in each Plan Year.
In addition, effectiveJuly 1, 2016 members shall be required to contribute an additional one (1) percent (total of 9%) of her/his earnings to her/his Money Purchase Component Account in each Plan Year.
(ii) Notwithstanding paragraph 3.02 of the Plan, additional contributions under this Article D.1 (i) shall not be required to be matched by the University.
(iii) Members who remain actively employed beyond their Normal Retirement Date shall continue to participate in the University of Windsor Retirement Plan for Faculty and Certain Employees until the earlier of cessation of employment or age 71. Such continuation of participation includes the continuation of Member contributions to the Money Purchase Plan, and the continued accrual of credited service under the Minimum Guarantee plan formula. This change will not apply to any member who has already reached Normal Retirement Date as at July 1, 2016. Any such member shall continue to follow the terms of the plan in effect at their Normal Retirement Date.
D.2 The Chairperson of the Retirement Committee constituted in accordance with clause 15:02 of the said Plan shall call meetings of the Retirement Committee on at least a quarterly basis.
D.3 Members of the Faculty Association who did not join the University of Windsor Retirement Plan for Faculty and Certain Employees during those years when they held Limited Term Appointments shall be given the option to buy back past service for all such years on the following basis:
(a) Members must contribute in full their contributions with fund rated interest;
(b) The University will contribute such amounts as are necessary to provide for the benefit;
(c) The amounts in parts (a) and (b) above are to be determined by the Plan's consulting Actuaries, Mercer Human Resource Consulting;
(d) It is recognized by the parties that the buy back of such past service is based on "Minimum Guarantee" and not "Money Purchase" by virtue of Federal Income Tax regulations;
(e) Those exercising this buy back option recognize that there may be certain Income Tax Restrictions pertaining to their contributions and that the University and the Faculty Association shall not be held responsible and shall be saved harmless from any negative impact upon the member of such regulations or restrictions as established by Canada Revenue Agency;
(f) The foregoing is applicable only to those individuals who meet the following criteria:
(i) those who held the status of Limited Term Appointment commencing on or after July 1, 1976 continuously through to June 30, 1989, or
(ii) those whose initial appointment on or after July 1,1976 was that of Limited Term Appointment and who then were appointed to a tenure track position;
(g) The University shall investigate the feasibility of allowing members to pay monies over time; however, it is recognized that this may not be permissible under the rules and regulations set forth by either Canada Revenue Agency or the Pension Commission of Ontario;
(h) Hereafter, Limited Term Appointments shall be given the option to join the University of Windsor Retirement Plan for Faculty and Certain Employees. Pension Plan membership is not mandatory for Limited Term Appointments.
D.4 Sessional members may join the Pension Plan, being the University of Windsor Retirement Plan for Faculty and Certain Employees, pursuant to eligibility requirements of the Pension Benefits Act of Ontario. Sessional members who are eligible and have not yet elected to join the Pension Plan shall be notified in writing of this right on every letter of appointment. The University will develop a process for notifying sessionals of their eligibility, in consultation with the Faculty Association that will be approved by December 31, 1994.
D.5 An annual report shall be submitted by the said Retirement Committee to the Association and the University, and the University shall provide on its website a quarterly investment report on the University of Windsor Pension Plan for Faculty and Certain Employees.
D.6 The parties agree that for those recommendations, if any, brought forth by the said Retirement Committee in the course of the performance of its duties as provided in the said Plan, that are mutually agreeable to the said parties, every reasonable effort shall be made to implement them as soon as possible.
D.7 The University undertakes to establish a Retired Members Pension Committee to examine the adequacy of the retirement plan benefits provided by the University to former faculty members and librarians who have retired under the University of Windsor Retirement Plan for Faculty and Certain Employees, and to recommend changes to the Pension Plan to ensure compliance with legislation regarding the abolition of mandatory retirement. The Retired Members Pension Committee shall be constituted so as to have four (4) members from the University and four (4) members from the Faculty Association. The Vice-President, Internal of the Faculty Association shall convene the first meeting of the Committee at which the Committee shall elect a Chair. The Committee shall submit a report, including recommendations, within two (2) years after the signing of this Agreement to the Association and the University.
D.8 All reasonable efforts shall be made by the University to negotiate Reciprocal Transfer agreements to achieve pension portability with other universities. The University undertakes to study the question of the portability of pension plans among the Universities in Ontario.
D.9 The booklet entitled “A Brief Summary of the University of Windsor Retirement Plan for Faculty and Certain Employees”, and its accompanying brochure, which summarizes the said University Retirement Plan, including the revisions provided for in this Article shall be updated by the University and, after approval of same by the Retirement Committee, shall be made available by the University at its expense to all persons covered by the said Plan.
D.10 Five (5) copies of the official text of the said Plan shall be placed on reserve in the University Library, five (5) copies shall be forwarded to the Association Office, and the University shall post a copy on its website. The said copies shall be kept up-to-date by the University which shall forward all revisions, additions and supplements to the said official text.
D.11 Notwithstanding anything in this Article, each present member in the Faculty of Education shall have the right to continue to make pension payments to the Teachers' Superannuation Commission in lieu of payments to the said University of Windsor Plan and the University shall continue to contribute its share to the said Commission for each member who exercises her/his right under this clause, provided the Teachers' Superannuation Commission permits the continuation of such pension payments.
D.12 All changes in benefits in the University of Windsor Retirement Plan for Faculty and Certain Employees as provided in this Article apply to all members of the Plan who retire on and after July 1, 1990.
D.13 The disposition of any surplus that may arise in the University of Windsor Retirement Plan for Faculty and Certain Employees shall be determined jointly by the Board of Governors of the University and the Faculty Association.
D.14 The grievance and arbitration procedure under this Agreement shall apply to complaints and grievances concerning pensions of members under the Plan. Each retired former employee who, if she/he were not retired, would be a member for the purposes of this clause, i.e., each such retired person shall have access to the grievance and arbitration procedures for the resolution of complaints and grievances concerning her/his pension.