University Staff Approve New Innovative, Secure Pension Plan - Steelworkers

TORONTO, Feb. 19, 2019 /CNW/ - Staff at the University of Toronto, the University of Guelph and Queen's University, members of United Steelworkers (USW) local unions, have taken a step closer to improved retirement security by voting in favour of a multi-university pension plan (UPP).

"With the faculty associations and the staff unions working closely together, we are bringing in an innovative pension plan that achieves our goals: a sustainable and resilient defined benefit plan that will provide strong, dependable retirement income for members, both in the near term and for future generations," said Alex McKinnon, Research Department Leader with the USW and UPP Founding Co-Chair.

The proposed UPP is a jointly sponsored pension plan (JSPP) that includes six labour groups ? three staff unions and three faculty associations at the University of Toronto, the University of Guelph and Queen's University. The USW staff unions are the largest union at each of the three universities, accounting for approximately one third of the 18,000 people covered by the proposed plan.

The JSPP model provides employee groups with joint governance over the new plan ? one of the goals of the participating employee groups.

"This approval vote by our members is a vote of confidence in our process as well as the outcome. Not only do our university staff keep a defined benefit pension, they gain a say in the governance, which was missing in the previous structure," said Liz Cherry, President of USW Local 4120, representing staff at the University of Guelph.

"At a time when defined benefit pension plans are disappearing, particularly in the private sector, our members have shown with their votes that they understand the value of the retirement security of this new plan," said Marty Warren, USW Ontario Director.

The University of Toronto Faculty Association (UTFA), the University of Guelph Faculty Association (UGFA), Queen's University Faculty Association (QUFA), United Steelworkers Local 1998, United Steelworkers Local 4120, and United Steelworkers Local 2010 worked collaboratively and represent the major labour groups in the proposed University Pension Plan (UPP).

The new plan is the product of many years of vigorous negotiations between the faculty associations and staff unions and the university administrations.

"It shows what can be achieved when bargaining agents representing different groups of employees work together and innovate for the common good of our members' retirement security," said McKinnon. 

McKinnon worked closely over the last few years with his Co-Chairs: Cynthia Messenger of the UTFA and Angela Hildyard, Special Advisor to the President of the University of Toronto.

Each of the six labour groups launched robust multi-media education campaigns, focused on helping members understand the impetus for change and the underlying resolve to protect their financial retirement future. Transparent communication and ongoing dialogue with members were key to ensuring that members understood the differences between single-university plans and the new multi-university joint sponsorship model.

Other employee groups at the University of Toronto, the University of Guelph and Queen's University have yet to vote on the UPP, and retired members will also participate in the provincially mandated consent/objection process this spring.

More information on the proposed plan is available on the University Pension Plan website, www.universitypension.ca.

SOURCE United Steelworkers (USW)