Human Resources

The Future of Western's RIF Program

Notice of RIF Members Meetings

You 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.  You may attend any session and no advance registration is necessary.    

            Date                                         Time
            September 30, 2014                  1:00 pm
            October 2, 2014                        10:00 am
            October 9, 2014                         1:00 pm

Parking is available - please go to the Weldon visitor parking lot and let them know you are here for the Western Human Resources RIF session.  If the Weldon lot is full, you will be referred to another lot.

Accessible parking is available in the Kent Street lot.  Please let them know your are here for the Western Human Resources RIF session

Information Materials from Meeting of RIF Members

The following materials were presented at the September 30, 2014 meeting of Western RIF members:

Handout - Western Retirement Income Fund - Update

PowerPoint Presentation - Western RIF Program Proposal (contains same material as Handout)

Background - The Future of Western's RIF

(The information below was last updated July 31, 2014. The Information Materials from RIF meetings - posted above - contain updated information)

Our goal
- to determine if there is an alternative and better RIF option that will work for our retired members - a high quality external provider with 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 April of 2014, Western’s Human Resource leadership team notified stakeholders that while the Western Retirement Income Fund (RIF) was a satisfactory option for our retirees, it may not be an optimal solution by today’s standards.

A Request for Proposals (RFP) was extended to identify alternatives to the continuation of the Western RIF. The RFP made it clear we are looking for:

Several organizations responded to the RFP posted by Western in June, with final submissions received on July 21. Western has identified a shortlist of three organizations that will proceed to an interview and demonstration stage in August 2014.

At this time, it is important to note that no decision has been made on the future of the RIF program. If the Human Resources leadership team is able to identify a strong preferred provider, the Board of Governors will be asked (perhaps as early as September) to approve discontinuing the Western RIF program. If approved, in the future, Western retirees selecting a RIF option at retirement could either choose to use the services of Western’s preferred provider, or seek another provider in the marketplace.

Before a decision is made by the Board of Governors, RIF members, employee groups and other stakeholders will be informed of details of the proposed changes, and the implications for members.

Note: An earlier communication indicated current RIF Program members may need to transfer their accounts by the end of 2014. That timeline is no longer being considered. We have heard concerns from members and want to assure you that, should a decision be made to end the Western RIF, adequate time will be given to make decisions and take action. Information, supports and assistance would be made available to all members.

We will be in touch with RIF members and other stakeholders when we have more information that can be shared on whether the proposed recommendation will proceed, and on details regarding the implications for members.

More information and details can be found in our Questions & Answers document.

We continue to welcome your questions and concerns. Please call Human Resources at 519-661-2194.