ERIC Number: ED213346
Record Type: RIE
Publication Date: 1981-Nov-1
Reference Count: 0
University Benefits Survey, Part II (Pensions).
University of Western Ontario, London.
The results of a survey of pension plans in 17 Ontario, Canada, universities are presented in terms of: type of plan; eligibility; member contributions; university contributions; benefits on normal retirement (age 65) and on early retirement (age 55); trustee and investment manager; and pension committee composition, responsibilities, and status. There are nine defined benefit plans, seven money purchase plans with minimum guarantees, and one money purchase plan with no guarantees, although one university has a minimum guarantee for those who were age 45 and belonged to the old plan as of July 1970. All plans are eligible to full-time academic and nonacademic staff, except those plans for full-time faculty only at two universities. Contribution rates vary widely, and in all but four plans, university contributions at least match member contributions, but must also provide the benefits accruing under the plan. In seven plans, indexing for benefits is to a maximum two percent, and the annuity or benefit is normally payable for life but guaranteed 60 months in 12 plans. Benefit provisions on termination of employment and on death before and after retirement also are outlined. An example of calculation is shown in each case of the pension provided under a defined benefit formula or a minimum guarantee formula. Descriptions of terms and abbreviations used are provided. Information is provided for the following universities: Brock University, Carleton University, University of Guelph, Lakehead University, Laurentian University, McMaster University, Ontario Institute for Studies in Education, University of Ottawa, Queen's University, Ryerson, University of Toronto, Trent University, University of Waterloo, University of Western Ontario, Wilfrid Laurier University, University of Windsor, and York University. (SW)
Descriptors: College Faculty, Comparative Analysis, Eligibility, Foreign Countries, Higher Education, Program Administration, Retirement Benefits, Teacher Retirement
Council of Ontario Universities, 130 St. George Street, Suite 8039, Toronto, Ontario, Canada M5S 2T4.
Publication Type: Numerical/Quantitative Data; Reports - Research
Education Level: N/A
Sponsor: Council of Ontario Universities, Toronto.; Ontario Confederation of University Faculty Associations, Toronto.; Ontario Association of University Personnel Administrators, Toronto.
Authoring Institution: University of Western Ontario, London.
Identifiers: Annuities; Ontario