University Pensions Committee recommendations to go forward to Board of Regents
A news release issued today by a “MUN student-labour coalition” erroneously suggested that the university administration would be proposing to the Board of Regents that the Memorial University Pension Plan be reviewed.
The 2015/16 provincial government budget resulted in a significant reduction in funding provided to Memorial to support legislated “special payments.” The amount of the special payment is roughly $21million annually. The government indicated that it would provide a one-year deferral if requested. It also asked Memorial to undertake a review of the plan. Those facts were presented to the University Pensions Committee, a committee comprising representatives of all stakeholder groups including members Board of Regents, employee unions, non-bargaining representatives and the pensioners association.
Kent Decker, vice-president (administration and finance), says that employees and pensioners need to know that the recommendations of the University Pensions Committee are endorsed by the university administration and that the administration will not be proposing to the Board of Regents that a study of the Memorial University pension plan be undertaken.
In fact, Mr. Decker, himself a member of the University Pensions Committee, says that the proposal to the Regents will include exactly the recommendations of the committee which were:
- That the pensions committee recommends that the university request of the government that the university be permitted to defer the special payment to the plan required in FY2015/16 to FY 2016/17.
- That the pensions committee recommends that the ‘study’ is unnecessary.
“We want to allay any concerns that a study to change the Memorial pension plan is on the table,” said Mr. Decker. “The plan is healthy and well-managed under the current structure.”
For more information about the committee and its mandate, see www.mun.ca/regents/pensions.pdf.