As a result of the most recent collective agreement between the University and The University of Western Ontario Faculty Association (UWOFA), changes were made regarding to the rate of Required Contributions to the Academic Pension Plan (the “Plan”). Members were asked to re-elect the rate of Required Contributions to their pension account in the Plan by June 30, 2011. This election was reflected starting on the July 2011 pay.
Important: Originally, this election was deemed to be irrevocable. However, it has been recognized that faculty member promotions can lead to changed circumstances where a higher required contribution level is better for the member. For this reason, the Joint Pension Board, in conjunction with UWOFA, has made a further plan amendment to allow members to move from 1.5% to 5.5% at any time in the future. This is a one-time election and thereafter the required contribution level cannot be reduced.
Also note two important points of clarification. The first is that the University’s contribution to the Plan on behalf of members remains unchanged at 8.5% of earnings. The second is that members continue to have the option to make additional voluntary contributions to the Plan to increase savings and investments. Members wishing to reconsider their election made in 2011 should contact the Human Resources Communication Centre.
This change affected all UWOFA faculty members who joined the Plan on or before November 15, 2010. It did not affect clinical faculty members.