The pension plans at Western are defined contribution plans (also called capital accumulation plans). Both the University and the member make contributions to an account in the member’s name, and the member owns all of the money in the account. It is the responsibility of each member to make decisions on the investments held within their account. When a member leaves Western or retires there are a number of options for the accumulated savings.
The options and decisions to make, both during membership and when it’s time to leave or retire, can be complex. To assist members in understanding and evaluating their responsibilities and options, Human Resource Services offers several education and communication programs. These can help you to plan and monitor progress on your journey towards your retirement goals.
The Annual Meeting is a great opportunity to increase your understanding of Western’s retirement plans, see investment trends among your peers, talk about returns, and learn about fees. You’ll have the chance to gather information that will help you make investment decisions and plan your journey to retirement.
Plan your journey to retirement! Registration is open for the full-day pre-retirement planning workshop. Workshops for 2014 are on the following dates:
These workshops are aimed at members aged 45 plus and considering retirement within the next ten years. The sessions are facilitated by an external consultant who will lead an unbiased discussion of the role of the Western pension, government pensions and private savings in retirement income planning.
Additional topics may include preparing for the transition into retirement, investing in retirement and tax & estate planning.
The sessions are open to all members of the Academic and Administrative Staff pension plans. Spouses are welcome and are encouraged to attend with the plan member. If your spouse will be joining you and is also an employee they should register themselves as outlined below; if your spouse is not an employee please register yourself as outlined in the instructions below and email email@example.com to register your spouse.
To register, login to My Human Resources, choose Manage Training Registration, then Enroll in Internal Training Courses. Search by Course Name Retirement or by Course Number RETWFD. NOTE: If a session date listed above does not appear when you login to register it means the session is already full. You may check back later or email firstname.lastname@example.org to be placed on a waitlist.
Read detailed registration instructions.
NOTE: attendance at the full-day workshop is permitted only once in your career. Please contact HR if you wish to discuss the timing of your attendance.
November was Financial Literacy Month. Consequently, in last November we offered an information session on how to navigate the newly updated Western Pension Plan Summary. Whether you are a new member or have been in the Plan for years but lost track of how it works, this session was sure to get (or keep) you on track! The session covered the basics of contributions, investments and monitoring your plan.
Financial literacy is about having the knowledge, skills and confidence to make responsible financial decisions. When it comes to your pension plan at Western each member is responsible for the decisions made on their account. Our goal is to make information about your Western plan as simple as possible. You’ll find lots of helpful information in our Western Pension Plan Summary.