The Pension & Benefits Office will provide an update to the York community on the University's pension plan on Thursday, April 7, from 12:15 to 1:15pm, in 1014 TEL Building on the Keele campus.
The update will provide information to University community members on developments regarding solvency funding relief to universities. In the fall of 2010, the Pension & Benefits Office conducted a three-part series on pension plans. There was a session on pension plans in general, the York University Pension Plan and one about the York University Pension Plan's financial situation. Included in the second and third sessions was information regarding the government announcement to provide solvency funding relief to universities.
The regulations regarding the solvency funding relief were expected to be released before the end of December 2010; however, the regulations were not released until Feb. 10. The regulations set out information that needs to be submitted to the Government of Ontario through the Ministry of Finance in order for the ministry to approve stage-one solvency relief. York University has made a submission to the government applying for stage-one solvency relief. A copy of the submission is available on the Pension & Benefits website.
The information session on April 7 will be presented by Lorne Cohen, FSA, FCIA, of AON Hewitt, and Terisa Ducharme of the Pension & Benefits Office. The session will also be recorded and posted on the Pension & Benefits website for those that are unable to attend.
The Pension & Benefits Office will schedule additional information sessions if the need arises. For more information, visit the Pension & Benefits website.