Librarians and Archivists moved to the Academic Pension Plan at Western University
As a result of the most recent collective agreement between the University and eligible Librarians and Archivists, these members have moved from the Administrative Pension Plan to the Academic Pension Plan. This means all future pension contributions by members, and those made by Western, will be put into the Academic Plan. Members were asked to make a one-time election regarding the level of contributions they wish to make to the Plan – either 1.5% or 5.5%, and a few other decisions.
What action was taken?
Eligible Librarians and Archivists received a letter and package outlining options and required decisions and were asked to complete and return the “Librarians and Archivists Election Form for the Academic Pension Plan” by July 16, 2012.
The form asked that you do the following:
- Elect your irrevocable Required Contribution rate at either 1.5% or 5.5%.
- Decide whether to transfer funds currently held in the Administrative Pension Plan to the Academic Plan or leave them in the Administrative Plan. If you leave existing funds in the Administrative Plan, be aware you will then have two separate plans to monitor and invest.
- Consider and indicate whether you would like to make Voluntary Contributions to your plan, and at what rate. This may be the right time to increase your retirement savings!
- Designate a beneficiary for your new Academic Plan.
- Provide investment directions for both new contributions coming into your plan in the future and for any money you have elected to transfer from the Administrative Plan to the Academic Plan.
- Sign and date the form and provide us with your email and contact information.
- Keep a copy of the Election Form with your important records.
- Send completed forms to: Human Resources, Room 5100, Support Services Building
What will happen with the money I already had in a Western Retirement Plan?
The election form offered you the opportunity to transfer your existing assets, now in the Administrative plan, into the Academic Plan. By making the transfer, you will have all your money in one Plan. When submitting changes in the future, you will only need to submit forms for one plan instead of both the Academic and Administrative plans.
What happens if I do not submit a form on time?
- If you did not make an election by the deadline, your future contribution level, by default will be 5.5%.
- Funds now held in the Administrative Plan will remain there, while new contributions from you and from the University will go into the Academic Plan.
- As well, your contributions will be placed in the default investment option, which is the Balanced Growth Fund.
- Funds currently held in the Administrative Plan, by default, will remain there.
For more information contact:
Human Resources Communication Centre
Room 5100, Support Services Building
London ON N6A 3K7
Fax: 519-661-4104 Email: firstname.lastname@example.org