Western’s retirement plans are among the most valued of benefits offered by Western University. They are designed to help members save and invest for their future. As you save and invest, Western’s Human Resource Services Department is pleased to offer information and support to help you plan your journey to retirement.
Western has two registered pension plans for eligible employees- one for staff members and one for faculty members. The University also has a retirement program - the Western RIF (Retirement Income Fund) - for retired members of our community. The combined market value of the plans as of December 31, 2012 was approximately $1.1 billion.
Western’s pension plans are called defined contribution plans - a type of capital accumulation plan in which contributions are made to the plan by both the University and the member. It is the responsibility of the member to make decisions on the investments that are most appropriate to meet their personal goals. Account balances will fluctuate on a monthly basis depending on contributions and investment performance. The retirement income a member will receive at retirement is not guaranteed and depends on a number of factors including the return that is realized on the investments that have been chosen by the member. Currently, there are 15 investment options available to plan members. The funds are managed by external investment managers selected for their demonstrated expertise.