(updated October 14, 2014)
Western Pension Plan member are invited to attend an information session where you can learn more about the review of the Western RIF, and about a proposed alternative currently under consideration – an alternative that we believe will hold advantages for current RIF members and for future Western retirees. All sessions will be held in Great Hall in Somerville House.
Western Pension Plan members may attend:
Wednesday, October 22, 2014 at 10 a.m. OR 5 p.m.
Wednesday, October 29, 2014 at 5 p.m.
You may attend any session and no advance registration is necessary.
RIF Members: Three sessions were held earlier for RIF members - September 30, October 2 and October 9, 2014.
The following materials were presented at the meetings of Western RIF members. Please note that you will require a Western user name and password to access these documents. If you are unable to access these materials, please email email@example.com.
Handout - Western Retirement Income Fund - Update
PowerPoint Presentation - Western RIF Program Proposal (contains same material as Handout)
Western Human Resources is working to determine if there is an alternative and more optimal RIF option that will work for our retired members – delivered by a high quality, experienced external provider offering competitive and stable fees, a track record of high service standards, and a broad range of investment options that are more optimal for our RIF members.
In June 2014, the Western Board of Governors gave their approval for Human Resources to continue discussions with organizations that responded to our Request for Proposals and to gather information on what an external RIF provider could offer and what the implications would be for our RIF members and future retirees.
An Evaluation Committee consisting of two current Western RIF members and four pension and investment professionals on staff at Western created a shortlist of three organizations for interviews and demonstrations of online tools etc. The best proposal/firm was then selected to enter deeper discussions to determine the details about what a new externally managed Western RIF could offer.
This information is intended to inform Western employee groups, members of Western’s RIF program and members of the Western Pension Plan of our progress in examining the future of Western’s RIF, and on the features that may be available to RIF members if Western chooses to move to a preferred external provider. They are intended to give an overview of what may be possible. Information about specific features of the new external RIF represents some of the broader points under discussion/negotiation with an identified possible RIF provider. Some of these features and services are not yet finalized and may change. As well, Western Human Resources will require further clarification regarding the legal structure of the plan to ensure it fully satisfies our requirements. For these reasons, this information should be viewed as draft proposals to enable discussion, and subject to change prior to any final decision or agreement.
The discussions and negotiations with the organization we have identified as a possible preferred external RIF provider show that the following features could be part of a new RIF program, delivered externally:
Questions and answers from our RIF members meetings are also available. A Western user ID and password are required. Please contact Western Human Resources if you are unable to access and require a hard copy.
We continue to welcome your questions and concerns. Please call Human Resources at 519-661-2194 or email firstname.lastname@example.org.