OPSEU Settlement Ratified by Trent University’s Board of Governors and OPSEU Local 365
December 12, 2007
JOINT RELEASE FROM OPSEU AND TRENT UNIVERSITY FROM THE BOARD OF GOVERNORS' MEETING
Trent University’s Board of Governors today ratified a three year agreement with OPSEU Local 365. The deal was previously ratified by OPSEU on Wednesday, November 28, 2007, when 80% of members voted in favour of the agreement.
Some highlights of the agreement include:
* A 3% gross wage increase per year, retro to July 1, 2007, until June 30, 2010.
Significant changes to pensions including:
* An early retirement provision which allows members who are age 58 and over and whose age and pensionable service equals an 85 factor to retire. The provision is only for the duration of this agreement.
* Member contributions to pension plan increase from 6% to 6.5% effective Jan. 1, 2008.
* University has committed to pension funding at no less than 10.25% of members’ salaries in each year of the contract.
* Pensions in payment for those who retire on or after July 2, 2007 will be indexed at 50% of Consumer Price Index (CPI) if investment returns exceed 6.5%. Top up indexing will come from surplus if the fund is performing well and surplus in the plan exceeds 5% of liabilities.
* An increase in the Health Manager Account from $500 per year to $750 per year for a retiree who does not have a spouse and $1500 for a retiree who has a spouse.
* A return to the 6% early retirement penalty for those under 55 at July 1, 2007, to assist the employer with the potential solvency deficit.
In addition, OPSEU secured improvements to benefits:
* An increase in flexible benefits of $50 that can go towards parking, athletic memberships, bus passes, or food credits (there have been significant increases since last contract in parking rates)
* Improvements to vision care ($50 every second year to cover cost of eye exams no longer covered by OHIP) and hearing aids (increase of $250 for a total of 750$ every four years).
The parties agreed to strike subcommittees of Joint Committee to foster continuing discussion around issues pertaining to LTD and the pension plan.
Also significant language/process changes that are consistent with University Strategic Directions document in that there is a focus on quality improvements, standards of evaluation and organizational development.
Trent University and OPSEU Local 365 are pleased to have reached a negotiated settlement that will allow the University to continue to deliver on its mission.back