The 91亚色 Board of Governors has approved an amendment to the University鈥檚 pension plan and received an update on employer contributions under the minimum guarantee provision.
Enabled by the plan鈥檚 strong financial position, the amendment and update support retirement outcomes for eligible members as well as the University鈥檚 path to financial sustainability.
Effective Sept. 1, the final average earnings (FAE) will be calculated using an employee鈥檚 four highest-earning years rather than five. This adjustment may result in modest increases to supplementary pension amounts for eligible members who retire on or after Sept. 1, and brings the plan more in line with peer institutions.
鈥淭he changes reflect the current strength of the pension plan while supporting the University鈥檚 long-term financial sustainability,鈥 says Narin Kishinchandani, vice-president finance and administration.鈥
The amendment applies only to employees who retire on or after Sept. 1 and does not apply retroactively to those who are already retired.
Alongside this change, the University will temporarily pause its contributions to the minimum guarantee fund for the 2026-27 fiscal year.
The temporary pause is supported by the plan鈥檚 strong financial position, including a significant solvency surplus, and will reduce pressure on operating costs as the University continues its path to financial sustainability.
The University does not expect the temporary pause in contributions to have a material impact on the pension plan or on the security of members鈥 benefits.
Together, these changes are intended to strengthen retirement benefits for eligible members while supporting the University鈥檚 long-term financial sustainability.鈥
To learn more about retirement planning, employees can use the .