Faculty Pension Plan
Faculty Pension Plan: Faculty Retirement Arrangement
Participation in the Faculty Pension Plan provides you with an important source of retirement income, together with your government benefits and personal savings. The Faculty Pension Plan is a defined benefit plan which will pay you a retirement benefit based on a set formula which takes into account your salary, your years of contributory membership in the plan and your age at retirement.
As a registered pension plan, the Faculty pension plan must comply with the Income Tax Act of Canada and the Pension Benefits Act of Ontario.
Pension plan assets are held in a trust, separate and apart from the assets of the University. CIBC Mellon is the Trustee. The pension fund is invested in accordance with the Statement of Investment Policies and Procedures, approved by the Board of Governors. Toronto-Dominion Asset Management Inc. was appointed investment manager for the pension fund by The Board of Governors, in October 2009.
The pension fund is invested primarily in indexed funds. This investment strategy is intended to reduce the volatility of investment returns and investment management fees.
TUFA Pension Sub-committee:
Current Pension Sub-committee members are:
- Steven Pillar – Vice-President, Finance and Administration
- Cheryl Turk– Associate Vice-President, Financial Services
- Byron Lew – TUFA Representative
- Susan Wurtele – TUFA Representative
- Marco Pollanen- TUFA Representative
- Bruce Cater- Academic Exempt Representative