The APSA Pension Advisory Committee (PAC) was revived on November 10, 2009 with members appointed by the APSA Executive.
The PAC members included the following APSA members:
Richard Blackwell
Andy Chan
Jen Chang
Keith Fong
Gloria Ingram
Ian Hayashi
Muriel Klemetski
Jovica Miodragovic
I. PAC, EJPC and Meetings with the University
Since
2009, there were 12 PAC meetings. The six meetings in 2009 and 2010
were mainly for getting new PAC members up-to-speed on the background of
the pension plan. With the passing of PAC member Ken Thornton shortly after the
PAC was formed, the PAC had a brief set-back. During this time, APSA and
PolyParty were waiting for CUPE's response to the University's plan
text house-keeping changes. Beginning in February 2011, the University began to initiate meetings about holding education meetings for members and options for pension changes. On June 9,
CUPE responded to the University's request for house-keeping changes
but later that month the University was pushing ahead with its new plans
and education meetings. On July 20,
the University requested the employee groups to consider a moratorium
on commuted value (CV). An APSA member info meeting was held to discuss
pension issues. The PAC obtained a budget approval of $10K for 1.
actuarial and legal advice on pension matters; 2. PR to the membership;
and 3. training of PAC members.
The Employee Joint Pension Committee (EJPC) resumed its meetings on Nov 17, 2010
and two members (Jen Chang and Jovica Miodragovic) from the PAC were
appointed as the representatives. The EJPC was waiting for the actuary's
valuation report that eventually was approved in Sep 2011.
The EJPC has since met 13 times (including four meetings with the
administration) to discuss pension issues, education meetings and
moratorium on CV. On two occasions, the university was asked to provide
the corresponding cost-savings for each of the options proposed by the
university for the pension plan and the university declined on both
occasions. The EJPC had put together a website to inform members of
pension issues.
On June 9, 2011, Denis Berube, Trustees Chair, reported that five options were presented to the pension trustees to address the solvency deficiency issue:
1. Cost-sharing with employees
2. Convert to a defined contribution plan
3. Change Plan rules applicable on wind up - no subsidised early retirement
4. Change Plan rules applicable on wind up - no projection of pension benefits to age 65
5. Amend plan rules to reduce liability on solvency and going concern basis
and the trustees recommended to the University and the employee groups to explore options 3, 4 and 5.
Our trustee, Pam Stroud, stepped down in September 2011.
The APSA Executives delegated the trustee selection to the PAC and
Jovica Miodragovic from the PAC was appointed as the new trustee. There
is also a turn-over of trustees for CUPE and PolyParty this Fall.
II. Member Issues with Pension Plan
1.
An APSA retiree reported that statements on accumulated interests on the
hold-back amounts of the commuted value pay-outs were not being provided. This issue was eventually resolved and a solvency statement
was provided by the university.
2. Three retired SFU employees who did not apply for
their pension promptly after their retirement were seeking to obtain
retroactive payments. The issue was brought to the attention of the
Pension Trustees.