MEMORANDA OF AGREEMENT - Funding Excess

Subject to statutory requirements, the University shall have the right to use any funding excess in the pension surplus to set off the total sum of any additional contributions it was required to make at any time following the next valuation of the pension fund in order to cover any funding deficit in the plan, less amounts previously repaid, if any, under this clause.  If there is a funding excess and if there is no set off cost or if there is a funding excess remaining after the payment of set off costs, the parties reserve the right to negotiate the terms and conditions that shall govern the disbursement of the funding excess of the University of Windsor Retirement Plan for Faculty and Certain Employees as determined by the Plan's Actuary. 

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