It has become clear to the EJPC that a late October voting date will not work. The EJPC understands that Plan Members feel there is too much information to absorb in too short of a time period, and they feel rushed. Therefore, the voting dates for the proposed plan amendments have been pushed back into November. It is important to the EJPC that the Plan Members have adequate time to come to understand the proposed amendments and what they mean to themselves. The exact dates will be decided based on feedback as we go forward.
The Employees’ Joint Pension Committee (EJPC) and the University Administration (UA) are pleased to announce that we have come to a tentative agreement on amendments to the pension plan. In a win-win outcome, we are able to provide you with a proposal that, if you ratify it, will significantly improve your pension benefit, while at the same time allowing the University to achieve their goal of improving cost stability.
The Human Resources Committee of the Board of Governors of Simon Fraser University has provided their approval of the proposed amendments. Before the plan comes into effect, it needs the approval of the three member employee groups; APSA, CUPE 3338 and the Poly Party. As a result, we will be conducting a referendum in October 2018. If approved, the proposed amendments would be targeted to become effective January 1, 2020.
This website has been created as a resource for you to come to understand the proposed plan amendments and what they mean for you as well as prepare you for the vote.
Please note: Where ever you see an Glossary page.term with a dotted underline, hover your mouse over the term to see its definition. You can also find the definitions for all such terms on the
Please explore this site. Your questions and comments are always welcomed. Contact information can be found in the sidebar on the right.
The Key Principles
The following are some of the key principles that guided the discussions between the University Administration and the EJPC.
- The amended plan must continue to be a .
- The amended plan must provide for a significantly improved benefit over the existing plan.
- The amended plan must provide for a reasonable measure of cost control.
- The amended plan will not in any way affect the benefit earned under the existing plan.
- As far as is reasonably possible, inequities in the existing plan must be eliminated.
- The University and the plan members will be co-sponsors of the plan.
- The transitioning to a cost-sharing model will not result in a decrease in the take-home pay of the plan members.
Summary of Key Plan Amendments
In a nutshell, the proposed amendments provide you with a significantly higher monthly pension at age 65 (approximately between 35% and 65% higher depending on salary) while also introducing cost and risk sharing between plan members and the University. Highlights of the Plan amendments are described below and a description of all proposed changes can be found on The Amendments web page.
- For future service (i.e. service after December 31, 2019), the would be increased from the current rate of 1.2% of salary below the and 1.7% of salary above the to a flat 1.85% of salary, providing you with a higher monthly pension at retirement.
- Starting on January 1, 2020, you would be contributing to the Plan. Initially, the amount of contributions would be 6.33% of salary. The University would provide you with a one-time salary increase to offset that initial contribution to ensure you do not experience any reduction in take-home pay.
- You would also contribute an additional 1.1% of your salary to the Plan, phased-in by diverting small portions of a few salary increases into to contributions to the pension fund until the 1.1% has been achieved. Until this transition is completed, the University will be making these required contributions.
- Plan members would be assuming 40% of future cost increases or decreases after a 10-year transition period (i.e. should the cost of the Plan increase by an additional 1% of salary, you would contribute an additional 0.40% of salary to the Plan, and conversely should the cost of the Plan decrease by 1% of salary, you would see a reduction in your contributions of 0.40% of salary).
The EJPC and UA recognize that the proposed amendments are complex and that members would all be impacted differently. Between now and your voting on the amendments, the EJPC and the UA will be jointly hosting a number of Information Sessions where you can come and learn about the proposal, ask your questions and provide your feedback. Dates, times and locations can be found on the Information Sessions page. They will also be sent to you via email.
In addition, a Pension Illustrator tool showing the estimated impact of the amendments to your personal pension is available for you play with. Finally, do not hesitate to contact us with questions using the contact information found in the sidebar to the right of this page. The most popular questions will also be posted on the FAQ page for all members to see.
Comparison of pre- and post-amendment plan benefits
Here are just a couple of simple examples of how the current pension plan would compare to the proposed amended plan. More comparisons can be found on The Amendments web page. The examples assume retirement at age 65 and use the 2018 of $55,900 as the Average on the date of retirement. The examples also assume that all service is either under the current plan or the amended plan. For members who would have service under both the current and the amended plan, the resulting monthly pension would be a blend between the two.
Example set 1:
In this example, we compare the monthly pension earned under the current and amended plans for members with different salaries, each having put in 20 years of service under either the current or amended plan.
|Best 5-year average salary||Monthly Pension||Difference|
|Current Plan||Proposed Amended Plan Plan|
Example set 2:
In this example, we compare the monthly pension earned under the current and amended plans for members earning $45,000 at retirement, but with different years of service under the current or amended plan.
|Years of Service||Monthly Pension||Difference|
|Current Plan||Proposed Amended Plan|
You will be voting on these proposed amendments in October 2018. Your responsibility as a Plan Member is to get to know your Plan and understand the amendments to make an informed decision. The EJPC and the UA are committed to helping you throughout this process.