1. Professional Staff Association Ratification Meeting February 27th, 2019 UPP Memorandum of Agreement

2. University Pension Plan
RECAP
Creation of a Jointly Sponsored Pension Plan
University of Toronto, Queen’s University and University of Guelph
Sustainable Defined Benefit Pension Plan
The beginnings of a sector wide plan
Similar to OTPP, OMERS, HOOPP and CAAT
Benefit is similar to what we have now
Changes to contribution levels and early retirement provisions

3. University Pension Plan
MOA Details
1% base increase to salaries to partially offset pension premium increases
Pension premiums will rise to 9.2% and 11.5%
The PSA will unanimously support the UPP
Amendment of our Compact to remove Pensions as a negotiated benefit

4. University Pension Plan
Base increase
On or about July 1, 2021 – the effective date of the UPP
1% base increase added to plan member’s annual salary
This increase is not in-lieu of, but rather in addition to, annual increases to be negotiated as part of a renewed compact

5. University Pension Plan
Premium Changes
As of May 1, 2019 rates are 7.94% and 9.64%, below and above YMPE
This is based on our current compact in which we agreed to an increase of 25 basis points below and above YMPE in both 2018 and 2019
Our rates have been steadily rising to a 50/50 cost sharing model as part of our compact and based on direction from the provincial government
Upon inception of the UPP rates will be 9.2% and 11.5% immediately
No phase in period
Rates climb by 126 basis points and 186 basis points

6. University Pension Plan
Context
This 1% offset has been offered to and accepted by UGFA and USW
Consistent with what is being offered at U of T and Queen’s
While not a direct acceptance/ratification of the offset agreements, UGFA and USW recently held referendums and overwhelmingly endorsed the UPP.
Both UGFA and USW will consent on behalf of their members

7. University Pension Plan
Professional Pension Plan
Includes UGFA, all P&M, ONA, Executive Excluded, Post Docs and a few others
UGFA will provide consent for all members as they are a union
Non-unionized employees will consent individually
Required consent threshold is 66 2/3rd of active plan members
It is possible that the Professional Plan members consent to join the UPP and the other two plans (Retirement and Non-Professional) do not consent
If that happens, it should not prevent our plan from joining the UPP

8. University Pension Plan
What’s Next - Consent Process
On or about March 25 all P&M employees who are in the pension plan will receive a detailed consent package
You will have 90 days to consent or withhold your consent
If you do not send in your form it is considered withholding consent
PSA will hold a townhall in early May to discuss the consent packages and process

9. University Pension Plan
1) Questions and Answers
2) Ratification Vote