Trent University has officially joined the new multi-employer, jointly-sponsored University Pension Plan (UPP) as its fourth member institution, a move that signals strong financial sustainability of the University and creates long-term defined benefit pensions for the faculty association, its members and faculty retirees.
“Joining the UPP is a major move that will ensure the long term sustainability of our University,” says Dr. Leo Groarke, president and vice-chancellor of Trent University.
“We have been happy to work with the faculty association, its members and our faculty retirees in pursuit of this goal. We are pleased to have established a strong, positive relationship with the founding members of UPP and look forward to the growth of a plan that can create sustainable defined benefit pensions for faculty in Ontario.”
In May 2021, with the consent of over 99% of Trent University Faculty Association members, the decision was announced to convert TUFA members and former members from the previous stand-alone pension plan to a multi-employer pension plan, effective January 1, 2022.
The stable funding regime of the UPP ensures predictability for both employees and employers, and the UPP shares governance between employer and employee sponsors, giving members a new level of involvement in the governance of their pension plan.
“This move to UPP secures our pension plan as a sustainable financial solution for the faculty and librarians at Trent, who have worked with the University’s leadership in collaboration,” says Dr. Moira Howes, president of the Trent University Faculty Association. “This is an exciting step for our TUFA members as we look forward to working with UPP and other university partners.”
Trent joins UPP at a pivotal and formative stage, as the Plan builds its long-term foundations, develops its member service infrastructure, and continues to enhance its investment roadmap. This strategic work includes dedicated engagement with members on their needs, values and expectations. Winter 2022 will mark a new round of member engagement, with a survey and discussion series focused on Responsible Investing.
“We are thrilled to welcome UPP’s newest members, thanks to the hard work of our Joint Sponsors and new university partners,” said Barbara Zvan, president and CEO of UPP. “This marks another exciting step forward in our mission to fulfill the historic vision of UPP’s creators - to bring enhanced retirement security to current and future members, provide excellence in member service, invest responsibly, and give members a stronger voice in their plan.”
Launched on July 1, 2021, UPP encompasses more than 35,000 members and over $11 billion in assets under management. As a jointly sponsored pension plan, decisions on new entrants and the timing of entry are made by UPP’s joint sponsors. UPP’s focus is on creating a platform that will excite others to join and make the transition as seamless as possible.
Trent University’s financial picture continues to be increasingly positive, largely due to strong enrolment growth (domestic and international) at both its Peterborough and Durham campuses over the past seven years. Trent University joining the UPP reinforces the institution’s ongoing fiscal success.
About Trent University
One of Canada's top universities, Trent University was founded on the ideal of interactive learning that's personal, purposeful and transformative. Consistently recognized nationally for leadership in teaching, research and student satisfaction, Trent attracts excellent students from across the country and around the world. Here, undergraduate and graduate students connect and collaborate with faculty, staff and their peers through diverse communities that span residential colleges, classrooms, disciplines, hands-on research, co-curricular and community-based activities. Across all disciplines, Trent brings critical, integrative thinking to life every day. Today, Trent's unique approach to personal development through supportive, collaborative community engagement is in more demand than ever. Students lead the way by co-creating experiences rooted in dialogue, diverse perspectives and collaboration. In a learning environment that builds life-long passion for inclusion, leadership and social change, Trent's students, alumni, faculty and staff are engaged global citizens who are catalysts in developing sustainable solutions to complex issues. Trent's Peterborough campus boasts award-winning architecture in a breathtaking natural setting on the banks of the Otonabee River, just 90 minutes from downtown Toronto, while Trent University Durham Greater Toronto Area, delivers a distinct mix of programming in the east GTA.