As outlined in the collective agreement between Western and The University of Western Ontario Faculty Association (UWOFA), changes were made in 2011 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.
Originally, this election was deemed to be irrevocable. However, it was 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, 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.
Note: The University’s contribution to the Plan on behalf of members remains at 8.5% of earnings. 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 Human Resources.
This change affected all UWOFA faculty members who joined the Plan on or before November 15, 2010.