91探花 reaches pension deal
The 91探花 is pleased to announce that a pension agreement has been ratified with all of the unions.
The final step in the approval of the pension agreement happened last night when 91探花鈥檚 Board of Governors approved the agreement. The University鈥檚 unions, which include 91探花FA Bargaining Unit #1, 91探花FA Bargaining Unit #2, IBEW 1928, CUPE 1870 and CUPE 501, ratified the new pension agreement last week.
鈥淭he pension plan鈥檚 sustainability was critical to all employees of the University which is why I am so pleased with the new pension agreement鈥檚 structure,鈥� said Dr. Alaa Abd-El-Aziz, President and Vice-Chancellor.
Highlights of pension agreement include:
鈥� The University and the 91探花 unions will transition to a Jointly Sponsored Pension Plan effective January 1, 2017.
鈥� The Sponsor Board will make decisions on funding and benefits.
鈥� The Jointly Sponsored Pension Plan will be administered by a Board of Trustees.
鈥� Both the Sponsor Board and the Board of Trustees will have equal representation from the University and the unions.
鈥� The Jointly Sponsored Pension Plan will have 50/50 cost sharing between the University and the unions.
