Ontario’s universities and their employee groups are exploring the feasibility of implementing a multi-employer, jointly sponsored pension plan. The program would be voluntary for universities, with governance, administration, and funding of the plan shared between participating institutions and plan members. Queen’s VP Finance and Administration Caroline Davis emphasized that a key piece of the plan will be whether or not joining would lead to a solvency exemption. Currently, many ON universities operate in a solvency deficit, meaning that were they to close today, they would not have the funds to pay out all the benefits owed to plan members. In some provinces, universities are exempt from funding plans on a solvency basis. Without a solvency exemption in place, institutions would be forced to allocate funding away from their operating budgets. The study is being led by the Council of Ontario Universities (COU) and the Ontario Confederation of University Faculty Associations (OCUFA); a final report is expected this fall. Queen’s News Release
