Pension Required Contribution Decision for UWOFA Faculty Members

 

As a result of the recent collective agreement between the University and The University of Western Ontario Faculty Association (UWOFA), changes have been made regarding to  the rate of Required Contributions to the Academic Pension Plan (the “Plan”).  You will be required to re-elect the rate of your Required Contributions to your pension account in the Plan by June 30, 2011. This election will be irrevocable and will be reflected starting on your July 2011 pay. 

Please note two important points of clarification.  The first is that the University’s contribution to the Plan on your behalf remains unchanged at 8.5% of your earnings.  The second is that you will continue to have the option to make additional voluntary contributions to the Plan to increase your savings and investments.

This change affects all UWOFA faculty members who joined the Plan on or before November 15, 2010. All affected pension plan members will receive a package via campus mail. If you are clinical faculty these changes do not affect you.

Please be on the lookout for your package which contains:

  • An Election Form:  which must  be completed and returned to Human Resources by June 30, 2011
  • Decisions Required:  a page outlining the action you are required to take
  • Considerations: a short summary of information that will assist you in reviewing your options
  • Voluntary Contribution Change Form: optional

What do you need to do?

  • Complete and return the “Election Form – Required Contribution Rate to the Academic Pension Plan” by June 30, 2011.
  • On the form, elect your irrevocable Required Contribution rate at either
    1.5% or 5.5%.
  • Sign and date the form and provide us with your email and contact information.
  • Attend an information session
  • Keep a copy of the Election Form with your important records.
  • If you want to change, stop or start making Voluntary Contributions complete and return the Voluntary Contribution Change Form.
  • Send completed forms to:

    HR Communication Centre
    The University of Western Ontario
    Room 5100, Support Services Building
    London ON N6A 3K7
    Fax:  519-661-4104     Email: hr-communication@uwo.ca

Information Session dates:

The sessions do not require registration but space is limited. Pension staff will be in attendance to assist you after the formal portion of the session.

Date

Time

Location

June 2, 2011

10:00am-11:00am   -OR-
1:30pm-2:30pm

Room 30 University College

June 8, 2011

10:00am-11:00am   -OR-
1:30pm-2:30pm

Room 30 University College

June 21, 2011

10:00am-11:00am   -OR-
1:30pm-2:30pm

Room 30 University College

June 24, 2011

10:00am-11:00am   -OR-
1:30pm-2:30pm

Room 30 University College

June 29, 2011

10:00am-11:00am   -OR-
1:30pm-2:30pm

Room 30 University College

 

 

Also from this web page:

Member Package

Memorandum

Election Form

Action Items & Considerations

Voluntary Contributions Change Form

Other Information

Glossary of Terms

Key Considerations

Supplemental Pension Arrangement (SPA)

 

Presentation - June 2011