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. Human Resources has been delegated the responsibility for the day to day operations of the plans.
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 Frank Russell Canada Limited to provide advice and guidance in the selection and hiring of the investment managers for the various investment funds.
Pension Board Elections Results
Members of Western’s Pension plans have re-elected two Board members: Ab Birch, and Michelle Loveland.
In December, a call was made for nominations for both the Academic and Administrative Pension Boards. Multiple nominations were received for both positions and all contributing eligible plan members were invited to cast their votes.
Michelle Loveland was re-elected to the Academic Pension Board, following a tie vote. This was a first for the Pension Boards, and the tie was broken according to Board of Governors procedure by a lottery in the University Secretariat office.
Ab Birch was re-elected to the Administrative Pension Board and received more than 300 votes.
Each of Westerns’ pension plans (Academic and Administrative) are administered by respective boards. The Academic and Administrative Staff Pension Boards work together as the Joint Pension Board. Four members are elected to sit on each board, as well as three appointed members who are common on both Boards. Board members have terms of four years.
The Boards are standing committees of the Board of Governors and have been delegated the responsibility of administering the pension plans.
The Pension Team extends thanks to all individuals who stood for election and everyone who voted during the process.
"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."