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University Pension Committee

The Board of Regents shall appoint a University Pensions Committee in accordance with the following terms:

A. Composition

  1. The Committee shall be comprised of one (1) member from the Board of Regents who shall be appointed by the Chair of the Board to be the Chair of the Committee.
  2. At least 33 1/3% of the number of positions on the Committee to be represented by the Memorial University of Newfoundland Faculty Association (MUNFA).
  3. Six (6) representatives of the Canadian Union of Public Employees, Local 1615, who are members of the University Bargaining Unit and recommended by that Unit.
  4. One (1) representative of the Newfoundland Association of Public Employees, Local 7405 (Marine Institute Faculty), who is a member of the University Bargaining Unit and recommended by that Unit.
  5. One (1) representative of the Newfoundland Association of Public Employees, Local 7801 (Maintenance), who is a member of the University Bargaining Unit and recommended by that Unit.
  6. One (1) representative of the Newfoundland Association of Public Employees, Local 7803 (Campus Enforcement), who is a member of the University Bargaining Unit and recommended by that Unit.
  7. One (1) representative of the Newfoundland Association of Public Employees, Local 7850 (Marine Institute Staff), who is a member of the University Bargaining Unit and recommended by that Unit.
  8. One (1) representative of the Newfoundland Association of Public Employees, representing Custodial Personnel, who is a member of the University Bargaining Unit and recommended by that Unit.
  9. One (1) representative of the Non-Bargaining Unit Employees, other than as specified in 10. below.
  10. One (1) representative of the Management, Professional and Executive Group of Employees.
  11. Two (2) members appointed by the Board of Regents who shall be from outside the University community. It is desired that they be persons with experience in the investment and/or pension administration field
  12. One (1) representative of the Memorial University Pensioners' Association.
  13. In addition, there shall be six (6) ex-officio members as follows:
    (a) The Chair of the Board of Regents
    (b) The President and Vice-Chancellor
    (c) The Vice-President (Administration and Finance)
    (d) The Director of Human Resources
    (e) The Manager of Benefits and Pensions (non-voting)
    (f) The Secretary of the Board of Regents (non-voting)
  14. The Committee shall have the power to appoint its own Secretary.
  15. A quorum of the Committee shall consist of five (5) members, including at least one (1) member from each of groups A.1. and A.2., and at least three (3) members from the combined groups specified in Clauses A.3., A.4., A.5., A.6., A.7., A.8., A.9., A.10., A.11., and A.12.
 

B. Objectives

The University Pensions Committee shall review the operation of the University Pension Plan with the following objectives:

  1. To provide advice and information to the Board on all matters relating to pension plans for employees of the University.
  2. Without limiting the generality of the foregoing:
    (a) To ensure that the Plan, as administered by the Department of Human Resources, is conducted in a manner consistent with the provisions of The Memorial University Pensions Act.
    (b) To advise the Board on matters relating to any new plan or on revisions to the existing plan.
 

C. Responsibilities

  1. To review the performance of the Managers of the Pension Fund.
  2. To receive advice from, and provide recommendations to, the Managers of the Fund regarding investment strategy and all other matters relating to the Stewardship of the Fund.
  3. To review the administration of the Pension Plan.
  4. To recommend to the Board of Regents changes in Fund Management from time to time if deemed advisable.
  5. To recommend to the Board of Regents amendments to The Memorial University Pensions Act.
  6. To recommend to the Board of Regents the appointment of advisors and/or actuaries as required as a basis for recommending changes to the Pension Plan, or as required for effective administration of the Plan.
 

D. By-Laws

The Committee shall have the power to make from time to time such by-laws as are consistent with these Terms of Reference:

  1. To establish subcommittees and to delegate to such subcommittees responsibility and authority to act on various matters.
  2. To carry out its objectives and responsibilities pursuant to the Terms of Reference.

Amended October 28, 1997

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