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Duties and responsibilities

X - PENSION ADMINISTRATION COMMITTEE (extract from the Pension Plan Document)

 

10.1               The Plan and the Pension Fund will be administered by the Pension Administration Committee.

10.2               Notwithstanding Section 10.5, the Pension Administration Committee will consist of up to nine voting members:

(a)  two members designated by the Board of Governors;

(b)  two members designated jointly by the Principal and the Chairman of the Board of Governors;

(c)   two members, of which at least one is an Active Member, who are members of the academic staff and Members of the Plan, to be elected by academic staff who are Members including Retired Members and by the beneficiaries of any deceased Member who would otherwise have been eligible to vote under this paragraph (c) of the Plan;

(d)   two members, of which at least one is an Active Member, who are members of the administrative and support staff and Members of the Plan, to be elected by administrative and support staff  who are Members including Retired Members and by beneficiaries of any deceased Member who would otherwise have been eligible to vote under this paragraph (d) of the Plan; and

(e)    an independent member appointed by the Board of Governors pursuant to advice from existing Committee members.

         In addition to the Pension Administration Committee members appointed in Section 10.2 (a) to (e), if the Active Members, as a group, and the Inactive Members as a group, so decide at an annual meeting held pursuant to Section 10.12, an additional non-voting Pension Administration Committee member may be appointed by each of these groups.

10.3               Voting rights to be ascribed to Active Members, Inactive Members and Retired Members for the purpose of electing members under the terms of paragraphs (c) and (d) of Section 10.2 shall be determined as follows:

 (a)          Each Member other than a Retired Member shall be entitled to cast one vote for each full dollar of the value of the contribution accounts held in the name of such Member as of the immediately preceding thirty-first day of December.

 (b)          Each Retired Member shall be entitled to cast nine votes for each full dollar of annual pension in the course of payment to such Member as of the immediately preceding thirty-first day of December.

10.4               Active Members, Inactive Members and Retired Members and beneficiaries shall have the right to cast their votes in person at the annual meeting or by filing a proxy in such form and manner as may be prescribed by the Committee with the secretary of the Committee appointing a specified person to cast such votes as directed on their behalf.

10.5               In the event that at the time of the annual meeting, the majority of the Members vote against continuance of the voting procedure, where continuance of voting procedure refers to the composition of the Committee as described under paragraphs (c) and (d) of Section 10.2, the number of staff representatives on the Committee shall be reduced from four to two, one to be elected by the Active Members and one to be elected by the Inactive Members.  In such eventuality, the Active Members as a group and the Inactive Members as a group may each designate an additional non-voting Committee member.

10.6               Subject to Section 10.5, all of the members of the Committee appointed or elected under paragraphs (a) to (e) shall be voting members.  A quorum shall be five voting members, including at least two members (in the aggregate) appointed under paragraphs (a) and (b) of Section 10.2, and either (i) if Section 10.5 was applied at the last annual meeting, [the two members elected at the last annual meeting] or (ii) if Section 10.5 was not applied at the last annual meeting, one member elected under each of paragraphs (c) and (d) of Section 10.2.

10.7               A chairperson and a vice-chairperson of the Committee shall be chosen by the Committee from their own number.  The acceptance of any such appointment shall not serve to deprive such chairperson or vice-chairperson of normal voting rights as a member of the Committee.  The secretary of the Committee shall be chosen by the Committee.

10.8               Decisions of the Committee shall require a simple majority of votes cast at a properly constituted meeting of the Committee.  In the case of a tie, the chairperson shall cast an additional deciding vote.

10.9               The term of office of a member shall be three years and any member may be reappointed or re-elected at the end of any term of office.  A member whose term of office has expired shall remain in office until such member is reappointed or replaced.

10.10           If a member of the Committee elected by the Members in accordance with paragraphs (c) or (d) of Section 10.2 or in accordance with Section 10.5 becomes unable to act or if such seat becomes vacant, the Committee shall designate a Member of the Plan to replace such member until the next annual meeting held pursuant to Section 10.12.

Where a member of the Committee is no longer a Member of the Plan resulting from the election of an external pension settlement following their retirement, such member shall retain their seat on the Committee until the next annual meeting pursuant to Section 10.12.

10.11           The Committee shall hold meetings as frequently and on such notice as its members may determine, but not less often than annually.  Meetings of the Committee shall be open to any Member of the Plan, provided that portions of a meeting dealing with sensitive or confidential matters, or the personal situations of one or more Members, may be held in closed session.

10.12           The Committee shall hold an annual meeting each year no later than six months following the Plan's fiscal year-end to which each Member of the Plan shall be called by notice in such form and manner as may be prescribed by the Committee, at which meeting the Committee shall:

(a)     inform the Members of any amendments to the Plan;

(b)     inform the Members of any personal conflicts of interest recorded by members of the Committee in the registers of the Committee;

(c)     submit to the Members for approval the rules governing election of members of the Committee by Members of the Plan and conduct such voting procedures as shall be required to enable Members to elect the members of the Committee specified under paragraphs (c) and (d) of Section 10.2; and

(d)     render an account of its stewardship and administration.

10.13           The Committee shall have full power to administer the Plan and the Pension Fund, such power to include, but not to be limited to, the following:

(a)          to hold and dispose of the Pension Fund as provided in this Plan and in accordance with the Statement of Investment Policy;

(b)         to provide for the prudent investment of the assets of the Pension Fund by creating and maintaining such policies as are reasonable and necessary for such purpose, and to allocate the assets of the Pension Fund to such Funds, Pools, asset classes and investment managers as it shall deem appropriate;

(c)          to enter into agreements with chartered banks or licensed trust companies to provide for the custody and safekeeping of the assets of the Pension Fund;

(d)         to enter into agreements with administrators, investment managers and such other delegates and agents as it deems appropriate to provide for the proper administration of the operations of the Plan and investment of the assets of the Pension Fund;

(e)          to maintain a continuing review of the performance of all investment managers, administrators, custodians, delegates and agents and to make changes from time to time, as required, in the appointment or the mandate of any such firm or individual;

(f)          to make and enforce such rules and regulations as it shall deem necessary or proper for the efficient administration of the Plan and the Pension Fund;

(g)          to interpret the Plan, its interpretation thereof in good faith to be final and conclusive;

(h)         to determine the methods to be employed for the valuation of the holdings of the Pension Fund and to compute the unit values referred to in this Plan;

(i)           to calculate the amounts of benefits or other payments which shall be payable to any Member, contingent annuitant or beneficiary in accordance with the provisions of the Plan, to determine the person or persons to whom any such amount shall be paid, and to authorize all payments to be made for such purposes;

(j)           to prepare budgets, accounts and records showing the detailed operation of the Plan and to arrange for the audit of such records and accounts by independent auditors;

(k)         to appoint the Actuary to carry out actuarial valuations and to authorize actuarial studies as required by law, as required as a basis for recommending changes in pension or benefit provisions of the Plan, or as required for effective administration of the Plan;

(l)           to recommend changes in the Plan to keep it current with respect to other universities and major employers;

(m)       to delegate its powers as it sees fit and in accordance with Applicable Legislation.

10.14           In the administration of the Plan and where deemed reasonable to do so, in its actions, the Committee or its delegates shall strive to act uniformly towards all Members or persons similarly situated.

10.15           Members of the Committee may participate in the benefits under the Plan provided they are otherwise eligible to do so.  Except as otherwise provided by the Board of Governors, no member of the Committee shall receive any compensation for services as such.  Notwithstanding the above, the independent member appointed by the Board of Governors may receive reasonable compensation as may be determined by the Committee and paid from the Pension Fund. No bond or other security shall be required of any member of the Committee, except as expressly required by Applicable Legislation.

10.16           Members of the Committee and its delegates shall be entitled to rely conclusively on all tables, valuations, certificates, opinions, reports and advice which shall be furnished by any Actuary, accountant, administrator, investment manager, counsel, delegate, agent or other expert who shall be employed or engaged by the Committee, its delegates or the University.

10.17           In accordance with Applicable Legislation and Section 2.1, the Committee may compensate its members who sustain a loss in the performance of their duties and who have committed no fault.  If a Committee member has committed a fault other than a deliberate or gross fault and is covered by liability insurance, the Committee may compensate up to the amount of the deductible.  Before making a decision, the Committee must take the adverse effect of the fault on the financial interests of the pension assets and other circumstances into consideration.