Each of Western’s pension plans (Academic and Administrative) are administered by a Pension Board consisting of up to four members of the plan and three appointed members who are common on both Boards. The Academic and Administrative Staff Pension Boards work together as the Joint Pension Board. The Boards are standing committees of the Board of Governors and have been delegated the responsibility of administering the respective pension plans.
Sun Life Financial has been selected by the Board to handle most of the day-to-day member services and administration of the plans. Western Human Resources also assists in administration of the plan, especially at the time of enrolment in the Plan, at termination or retirement, and in liaising with Sun Life Financial.
The Joint Pension Board, while responsible for the overall administration of the plans, has contracted the assistance of many professionals. They include investment managers, an investment management consultant, auditors and an actuarial consultant. The Board has employed the services of Russell Investments to provide advice and guidance in the selection and hiring of the investment managers for the various investment funds.
"Our Mission is to provide members with the opportunity to accumulate adequate funds for retirement. We seek to provide sufficient choices but not onerous choices. We seek to provide services and options on a cost effective basis to accommodate members who are active in the management of their retirement savings and also for those members who look to the board for guidance. We will provide these services and options while following our principles."