Currently there is an option for full pension upon retirement at 60 as long as you have at least 10 years of service at SFU. Will this still be an option?
No, the proposed amended plan does not provide for the “Rule of 60+10” for an unreduced pension. As we’ve stated, one of the primary guiding principles that the EJPC took into negotiations with the University was that if plan members were going to become co-sponsors, that all plan members had to be treated as equitably as reasonably possible. The Rule of 60 + 10 is simply a specific case of a Rule of 70. We could not justify having a Rule of 70 for some plan members and a Rule of 80 for others.