Staff Pension Plan: The Contributory Pension Plan for Employees’ Represented by OPSEU Local 365 and Exempt Administrative Staff of Trent University
Participation in the Staff Pension Plan provides you with an important source of retirement income, together with your government benefits and personal savings. The Staff 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 Staff 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.
Staff Pension Sub-committee
The Pension Sub-committee is comprised of three representatives of OPSEU, two representatives of the Board of Governors and one representative of Exempt Employees. The Pension Sub-committee meets twice a year. One of those meetings occurs in November to review the audited financial statements, the investment results and the actuarial valuation of the plan as at the previous June 30 year-end. The Pension Sub-Committee may meet at other times during the year as required.
Current Staff Pension Sub-committee members are:
- Tariq Al-Idrissi – Vice-President, Finance and Administration
- Cheryl Turk – Associate Vice-President, Financial Services
- Rob Loney – OPSEU Representative
- Sara Pieper – OPSEU Representative
- Ben Smith – OPSEU Representative
- Mike Hughes – OPSEU Representative
- Donna Doherty – Exempt Representative