university of ottawa pension plan

UNIVERSITY OF OTTAWA

PENSION PLAN

ACADEMIC STAFFMay 5, 2011

Last update: April 29, 2011

BiographyLuc Lauzière, BA, BCOMUniversity of Ottawa

Luc has been employed by the University of Ottawa since 1998 and is currently the Manager of the Pension Sector. Luc is perfectly bilingual.

Education and TrainingLuc is a University of Ottawa Graduate in Administration (1986) and in Commerce with a Major in Human Resourcesand a Minor in Accounting (1987). Since, Luc has acquired other training certifications in Human Resources, Pensionand Benefits.

Professional ExperienceSince 1986 Luc has acquired work experience in Human Resources specifically in Pension and Benefits both in theprivate and public sectors.

• University of Ottawa Manager, Pension April 2006 Present• University of Ottawa Pension Officer March 1998 March 2006• LOEB Inc. (Provigo) Benefits Advisor February 1997 February 1998• LOEB Inc. (Provigo) Benefits Supervisor June 1992 January 1997• C Corp. Inc. Human Resources Coordinator Juin 1986 Mai 1992

Main Functions, Pension SectorAs the Pension Manager, Luc is responsible for all aspects related to the University of Ottawa Pension Plans, whichare the University of Ottawa Defined Benefit Pension Plan and Part Time Teachers Defined Contribution PensionPlan. He is advising the pension plan members, is managing the activities of the Pension Team, is providingmultiple advises on pensions issues, and is assisting members and the Faculties/Services with various requests. Themain aspects of his work is to ensure good communications, finances, pension plan compliances, regulations, integrated systems, provide training, manage service and provide interpretations regarding official documents.

Manager, Pension

Preparing for retirementDay 1

Physical Activity and Ageing

Personal Finances: Cash Flow, RRSPs, RRIFs, Annuities

Day 2

Dynamics of Retirement : Psychological Preparation

The Legal Aspects of Retirement

Alumni Relations

Descriptive

AgendaAgenda

AGENDA Pension

Defined Benefit Pension Plan Supplemental Pension Plan Pension Governance Structure Non compulsory retirement Required contributions (employee/employer) Benefit formula Date of retirement Examples of calculation(6) Voluntary contributions Pension indexation Survivor benefit options Pension beneficiaries

Retiring Allowance and Phased Retirement Calculation University of Ottawa Collective Agreement section 40.3 Phased Retirement Collective Agreement Subsection 40.3.2 and Examples (3) Notice

Group Benefits Insurance coverage Other benefits

Summary of Retirement Benefits Working Tools

Reference to your personal pension statement and Annual Report Financial planner

RETIREMENT INCOME

Canada/Québec Pension Plan (CPP/QPP) Old Age Security (OAS) Other employer pension plan(RPP) Registered Retirement Savings Plan(RRSP) Retirement Allowance Personal Savings Tax-Free Savings Accounts (TFSA) Investment Income Personal Assets Spouse’s Income Fiscal Impact Employment/Business Income Other Plans

Retirement Income

PENSION PLAN

The University of Ottawa Pension Plan is a defined-benefit plan. This means that, at the time of your retirement, you will receive a pension based on a formula that takes into account the average salary of your best 60 months of earnings and the number of years of credited service you have in the Plan.

-Average Salary -Contributions-Pension Service Employee and-Pension Formula Employer

= =Pension Payable (Retirement) Required Funds

XActuarial Factors

=Commuted Value (Death)

Defined Benefit Pension Plan

SUPPLEMENTAL PENSION PLAN

The Supplemental Plan is to provide an amount or amounts to participating Members which, when added to the pension benefits under the Basic Plan, will provide them with benefits in excess of the maximum pension benefits imposed under the Income Tax Act subject to the terms and conditions as outlined in the Supplemental Plan. The Supplemental Pension Plan is not a registered pension plan. To be eligible your average salary will have to be above the average maximum salary of $140,026 set by the CRA and will provide a benefit up to the Plan average maximum salary of $175,429 as at January 1st, 2011. The maximum salary for the supplemental plan contributions is currently set at $189,557.

Supplemental Pension Plan

Organizational Chart of responsibilities and reporting relationships

Board of Governors

Executive Committee

Pension Plan Committee

Pension Fund Investment Committee

President

Director, Pension Fund

Pension Fund Assistant Director

Pension Fund Analyst

Administrative Committee

V-P Resources

Associate V-P Human Resources

Director , HR Shares Services

Manager, Pension

Pension Officer

Pension Officer

Pension Fund Investment:- Policy recommendations- Investment manager selection - Performance objectives- Asset custody

Key Advisors: Actuary; trustee/custodian; investment managers; consultants

Plan Sponsor and Administrator:- Governance structure- Policies (investment; funding)- Plan terms and provisions

Pension Plan Administration:- Member entitlements- Member communications-Pension administration system - Prescribed filings

Key Advisors: Actuary; trustee/custodian; regulatory authorities

Pension Governance Structure

Statistics

STATISTICS

University of Ottawa Pension Plan Statistics as at December 31, 2010: Fund Value 1,301,674,681 $ Pension Benefits Paid 48,729,011 $ Withdrawal/Transfers 10,451,056 $ Employee Contributions Remitted 14,946,066 $ Employer Contributions Remitted 32,435,699 $ Transfer Value in the Plan 1,521,431 $ Buy-Back Value in the Plan 621,465 $

Number of Retiree 1,726 Number of Active Member 3,309 Number of Deferred Member 750

Plan Activities as at December 31, 2010: New Members 293 New Retirees (active and deferred members) 86 Deceased Retirees 36 Terminated Members 74 Deceased Active Members 7 Amortized Buy-Back 98 Withdrawals/Transfers 114

NON-COMPULSORY RETIREMENTBill 211

• In June 2005, the Ontario Minister of Labour introduced Bill 211, An Act to amend the Human Rights Code and certain other Acts to end mandatory retirement. The Act received Royal Assent on December 12, 2006, to take effect one year after this date.

• Mandatory retirement ended on December 12, 2006. • Ending mandatory retirement will not have an impact on pension

benefits already earned. • Employees can continue membership in pension plans and accrue

benefits past age 65 subject to service or contribution caps.• You can contribute to the pension plan up to November 30th in the

calendar year in which you attain the age of 71. Please note that your pension benefit is payable effective the month of December of that same calendar year.

Non-Compulsory Retirement

CONTRIBUTIONS

A. Required employee contributionsReform Post-reform(Pre-2004) (Post-2003)

Up to the Integration Level* 3.40% 4.25%Above the Integration Level 5.24% 6.55%

B. Employer contributions8.50% 12.19%

Reform Post-reform(Pre-2004) (Post-2003)

Current Integration Level $31,790 $35,471

*Integration levelThe University pension plan provides for a pension that differs for the portion of earnings below and above a certain threshold.The threshold of earnings is based on the maximum earnings (YMPE) covered for purposes of determining the pensionpayable from the Canada and Quebec Pension Plan and differs for service before and after January 1, 2004. Currently theCanada and Quebec Pension Plan set this amount at $48,300 for 2011.

Required Contributions (Employee / Employer)

PENSION BENEFIT FORMULA-Basic Plan

A. Pension calculation formula (following the reform)• Average salary = 60 best months up to the maximum CRA prescribed

salary of $140,026 as at January 1st, 2011• For the Pre-2004 service the Integration Level is set at $31,790

Please note that there is no maximum pensionable service in the pension plan

Service to December 31, 2003 (Pre-2004)

i) $31,790 X 1.3% X pension participation = aii) (Average salary - $31,790) X 2% X pension participation = b

Total annual pension pre-2004 (a + b) = c

Benefit Formula-Basic Plan

B. Pension calculation formula (post reform)• Average salary = 60 best months (Total pension service)• Pre-2004 set Integration Level indexed annually at a rate of 55 % of the

increase in the YMPE*

Service Post -2003i) $35,471 X 1.3% X pension participation = aii) (Average salary - $35,471) X 2% X pension participation = bTotal annual pension post-2003 (a + b) = dTotal Annual Pension UO (c + d)

MINIMUM PENSION TESTAs part of the pension plan reform, a participant to the University pension plan is entitled to a minimum pension equal to 1.5% for each pension year. (Average Salary X 1.5% X pension participation)MAXIMUM CRA PENSION RULEAs part of the CRA Pension rules, the maximum pension plan entitlement in a registered pension plan is $2,552.22 per year of pensionable service effective in 2011.

*Year’s Maximum Pensionable EarningsThis is the amount the government sets each year, and uses to base your contributions to (as well as your benefitsfrom) the Canada Pension Plan or Quebec Pension Plan. In 2011, the YMPE is $48,300. Annual changes to theYMPE are based on increases in average Canadian industrial wages.

Benefit Formula-Basic Plan

PENSION BENEFIT FORMULA-Supplemental PlanPension calculation formula (following the reform)

Average salary = 60 best months above the maximum pensionable earning set by the CRA of $140,026 as at January 1st, 2011 and below the maximum average supplemental plan earnings set at $175,429 as at December 31, 2010.

1-Service to December 31, 1998 (Pre-1999)i) 2011 Pre-1999 Dollar Limit = aii) 2011 Maximum CRA Pension Rule = bTotal annual pension pre-1999 (a - b) = c

2-Service post 1998 (1999 to 2003)i) $31,790 X 1.3% X pension participation = aii) (Average salary - $31,790) X 2% X pension participation = biii) 2011 Max. CRA Pension X pension participation = cTotal annual pension post 1998 ((a + b) - c) = d

3-Service post 2003 (2004 to 2007)i) $35,471 X 1.3% X pension participation = aii) (Average salary - $35,471) X 2% X pension participation = biii) 2011 Max. CRA Pension X pension participation = cTotal annual pension post 2003 ((a + b) - c) = eTotal Annual Pension (Excluding 2008, 09, 10) UO (c + d + e)*

* (A pension of at least 10% of the current YMPE will be payable otherwise a lump sum actuarial value)

Benefit Calculation-Supplemental Plan

DATE OF RETIREMENTYour normal retirement date is the 1st of July following your 65th anniversary. However, you may retire earlier. In that case:

Pension Benefit-Factor 90

Factor 90 applies ----------------------------->

55 years 60 years 65 yearsEarly Optional Normal

10 000$ 15 000$ 20 000$

PENSION CALCULATION BASIC PLAN -Service to December 31, 2010

AGE: 60 years AVERAGE SALARY: $90,000SERVICE: 25 years INTEGRATION LEVEL: $31,790 / $35,471

1) SERVICE PRE-2004i) $31,790 X 1.3% X 18 = $7,438.86ii) $58,210 X 2% X 18 = $20,955.60 $28,394.46

2) SERVICE POST-2003i) $35,471 X 1.3% X 7 = $3,227.86 ii) $54,529 X 2% X 7 = $7,634.06 $10,861.92

Total pension UO 1 + 2

MINIMUM PENSION TEST ($90,000 X 1.5% X 25) = $33,750.00

3) CPP/QPP maximum reduced pension = $8,064.00

Total UO + CPP/QPP = $47,320.38

Benefit Calculation Basic Plan-Example 1

PENSION CALCULATION BASIC PLAN-Service to December 31, 2010


MAX. CRA SALARY: $140,026




- MINIMUM PENSION TEST ($130,000 X 1.5% X 25) = $48,750.00- MAXIMUM CRA PENSION RULE ($2,552.22 X 25) = $63,805.50








2) SERVICE POST-2003i) $35,471 X 1.3% X 7 = $3,227.86ii) $114,529 X 2% X 7 = $16,034.06 $19,261.92

Total pension UO 1 + 2 $69,256.38

- MINIMUM PENSION TEST ($150,000 X 1.5% X 25) = $56,250.00- MAXIMUM CRA PENSION RULE ($2,552.22 X 25) =




PENSION CALCULATION SUPPLEMENTAL PLAN-Service to December 31, 2010

AGE: 60 years AVERAGE SALARY: $150,000SERVICE: 25 years INTEGRATION LEVEL: $31,790/$35,471MAX PRE-1999: $2,396.99 MAX CRA SALARY: $140,026MAX CRA: $2,552.22 MAX AVERAGE SALARY: $175,429

1) SERVICE PRE-1999i) ($2,396.99 - $2,552.22) X 13 = $0.00

2) SERVICE POST-1998 (From 1999 to 2003)i) $31,790 X 1.3% X 5 = $2,066.35 ii) $118,210 X 2% X 5 = $11,821.00 $13,887.35iii) $2,552.22 X 5 = $12,761.10 $1,126.25

3) SERVICE POST-2003 (From 2004 to 2007)i) $35,471 X 1.3% X 4 = $1,844.49 ii) $114,529 X 2% X 4 = $9,162.32 $11,006.81iii) $2,552.22 X 4 = $10,208.88 $797.93

Total annual pension UO (Excluding 2008, 09, 10) 1 + 2 + 3

Benefit Calculation Supplemental Plan-Example 3






Total pension UO 1 + 2 $74,256.38

- MINIMUM PENSION TEST ($160,000 X 1.5% X 25) = $60,000.00- MAXIMUM CRA PENSION RULE ($2,552.22 X 25) =




PENSION CALCULATION SUPPLEMENTAL PLAN-Service to December 31, 2010

AGE: 60 years AVERAGE SALARY: $160,000SERVICE: 25 years INTEGRATION LEVEL: $31,790/$35,471MAX PRE-1999: $2,396.99 MAX CRA SALARY: $140,026MAX CRA: $2,552.22 MAX AVERAGE SALARY: $175,429

1) SERVICE PRE-1999i) ($2,396.99 - $2,552.22) X 13 = $0.00



Total annual pension UO (Excluding 2008, 09, 10) 1 + 2 + 3

Benefit Calculation Supplemental Plan-Example 4

PENSION CALCULATION -Service to December 31, 2010








Benefit Calculation-Example 5

PENSION CALCULATION -Service to December 31, 2010








Benefit Calculation-Example 6

VOLUNTARY CONTRIBUTIONS

• For pre-1988 service, $200 per year of pensionable earning prior to 1988 (excluding buy-back and transferred service)• Payable at termination, death, retirement or for pension service buy-back• RRSP transfer or cash/taxable option

Estimated value of voluntary contributions• 25 years of service at December 31, 2010: $2,526.27

-Initial amount of $400• 30 years of service at December 31, 2010: $8,841.93

-Initial amount of $1,400• 35 years of service at December 31, 2010: $15,157.59

-Initial amount of $2,400

Voluntary Contributions

PENSION INDEXATION

A) Three steps indexation formula based on inflation from previous year(Consumer Price Index (CPI)-September to October)

1. Full indexation if inflation is less than 2%

2. 2% automatic indexation if inflation is between 2% and 3%

3. Inflation minus 1% if inflation is between 3% and 8% (Max 8%)

B) Special Ad Hoc indexation

Annual revisits of percentage not accorded in 2 & 3

Pension Indexation

SURVIVOR PENSION BENEFIT TO THE SPOUSEAND GUARANTEE PERIODS

1. Standard Option 5 years guarantee / 60% Survivor benefit to the spouse

2. Optional Options 0 years guarantee / 60% Survivor benefit 10 years guarantee / 60% Survivor benefit 15 years guarantee / 60% Survivor benefit 100% lifetime with 0-5-10-15 years guarantee periods

-Reduction of approx. 15% for the 100% survivor benefit-Reduction of approx. 2% for a 10 years guarantee period-Reduction of approx. 5% for a 15 years guarantee period

Note: There is only one choice at retirement

Survivor Pension Benefit

PENSION BENEFICIARIES

Pre-retirement (Pension Benefit Value payable): 1) Spouse

The person married to you by a religious or civil ceremony or with whom you have been living in a relationship that resembles a marriage for at least one year and whom you have designated in writing to the University as your spouse. Based on pension plan text, waiver of spousal benefit allowed before retirement.

2) Designation or Estate

Post-retirement (Survivor Benefit payable based on choice):1) Spouse

Same as above. Based on pension plan text, no waiver of spousal benefit allowed at retirement.

2) Children Your eligible dependent children as per the provisions of the plan are your natural or adopted children under 19 at retirement whom you support and/or who is under age 27 and a full time student in a recognized education institution and/or is physically or mentally disabled.

Pension Beneficiaries

RETIRING ALLOWANCE

To be eligible before age 60 or the factor 90 (age plus pension service) must be reached.

Retirement Allowance Formula$800 X UO Service-pro rated X 5 maximum factorPlease refer to your collective agreement Subsection 40.3.1:A member who has attained the age of 60, or whose age plus actual CreditedService is equal to 90 or more, and retires prior to the normal retirement date setout in the University of Ottawa Pension Plan, provided she does not retire prior tothe completion of her scheduled teaching duties in a given term, is entitled tocompensation for long service, to be referred to as severance pay, equal to $800times the number of years (or parts thereof) of regular full-time service with theemployer times the number of years (or parts thereof) remaining between theactual date of retirement and the normal retirement date for the member, this lastnumber not to exceed 5.

Revenue Canada Agency tax sheltering policy (Under paragraph 60(j.1) of the Income Tax Act)

$ 2,000 for each year of service (pre-1996) may be transferred to an RRSP plus$1,500 for each non-contributory year of service

Retiring Allowance

PHASED RETIREMENT (See Fact Sheet)• Summary

The new Transition to retirement benefit is available to APUO members who wish to have a reduced workload in the last years before theirnormal retirement date. This is available to members who are eligible to receive the benefit detailed under subsection 40.3.1 (the normalretirement date is defined as July 1st following age 65). The program allows members to bring their regular salary up to their nominal salaryusing portions of the severance payment that would be payable to them under 40.3.1. During the transition period, members accumulate fullpension credits as per the provision of the Pension Plan by contributing up to the level of their nominal salary. This commitment to retire isirrevocable at the termination of the transition period once the agreement has been signed.

• Eligibility (Section 40.3) Subsection 40.3.1 Severance Pay of APUO Collective Agreement Refer to previous slide.

• Reduced Workload and the Pension Plan The transition to retirement will be administered as per article 30 of the collective agreement subject to the University of Ottawa PensionPlan By-Law and maximum pension credit limits as referred to in paragraph 40.3.2.9. The reduced workload will not be greater than 50%and will not extend more than three years as set under paragraph 40.3.2.2. The members and the employer will continue to contribute up to100% of the member’s nominal salary.

• Severance Pay Calculation and Communication The severance pay benefit will be calculated by the pension sector as of the start date of the transition period applied pursuant toparagraphs 40.3.2.6 and 40.3.2.7. Once requested by the member, the value of the severance pay will be transmitted to the dean of thefaculty.

• Exclusions Subsections 30.3.1 and 30.3.2 of the collective agreement do not apply to this benefit.

• Employee Notice, Dean’s Approval and Adjustment The member will request participation in the transition program in writing to the dean, with the required information stipulated undersubsection 30.2.1, including the salary to be received for each year of the transition period and the proposed workload. This agreement willbecome irrevocable once the reduced workload agreement has been signed pursuant to paragraph 30.2.2.2. A member may choose toretire prior to the end of the transition period with the applicable balance payable. The annual supplemental amount may be adjusted at theoption of the member once per academic year, as per 40.3.2.6. The pension sector shall be advised of any annual change to the workload orthe amounts.

• Documentation and Payroll Setup Following approval from the Dean, the member will have to complete pension form 17 (Request for Payment of Severance Pay - Transitionto Retirement) in order to proceed with the appropriate pension service and salary payment. The same process will be required for futuremodifications. Please communicate with the pension sector for more information.

Phased Retirement

PHASED RETIREMENT PENSION CALCULATION APUO 40.3- Example 1

AGE: 60 years NOMINAL SALARY: $140,000UO SERVICE: 30 years FUTURE PENSION SERVICE: 33 yearsREDUCED WORKLOAD: 50% TOTAL PAYABLE SALARY: 75%TRANSITION DATE: July 1st, 2011 RETIREMENT DATE: July 1st, 2014

1) Severance calculation as at July 1st, 2011 at age 60Calculation is determined by the Pension Sector at the transition date

i)$800 X 30 years UO service X 5 years before normal age of retirement = $120,000

2) Calculation of severance payable (Objective: 75% of total salary)i)Annual maximum receivable as per nominal salary: 75% X $140,000= $105,000ii)Annual payable as per reduced workload: 50% X $140,000 = $70,000

Annual Severance distribution = $35,000

The amount of $35,000 will be payable each year as a salary for a period of 3 years prior to retirement for a total of $105,000 and the objective will be reach.

3) Calculation of balance due at retirement, if applicablei)Severance calculation in (1) minus annual distribution: $120,000 - $105,000=$15,000

The difference at the end of the transition period will be transferable/payable at retirement and could be tax exempt as a retirement allowance, under paragraph 60(j.1) of the Income Tax Act (ITA).

4) Pension Benefit calculation as at July 1st, 2014 at age 63Calculation is determined by the Pension Sector and is a projected estimate at retirement as per the pension plan provisions.

5) Confirmation with the member Form 17 Pension to be completed for communication and confirmation of amounts payable by payroll.

Phased Retirement Calculation- Example 1







The amount of $35,000 will be payable for one year as a salary prior to retirement for a total of $35,000 and the objective of 85% will not be reach for the second year as expected.

3) Calculation of balance due at retirement, if applicablei)Severance calculation in (1) minus annual distribution: $51,200 - $35,000 = $16,200











The amount of $35,000 will be payable each year as a salary for a period of 3 years prior to retirement for a total of $100,000 and the objective of 75% will not be reach at the end of the third year.

3) Calculation of balance due at retirement, if applicablei)Severance calculation in (1) minus annual distribution: $100,000 - $100,000=$00.00





RETIRING ALLOWANCE

Retiring Allowance

GROUP BENEFITS

A) Group Insurance (monthly premium May 1st, 2011 before provincial tax)

Single Family• Hospital insurance (Semi-private) 4.84$ 9.16$• Health care plan * 71.42$ 184.54$• Dental insurance* 21.08$ 63.58$

The monthly premiums are paid by the retiree. *Coverage for health care and dental plan in effect until June 30 following your 65th

birthday.

After 65 of age, the following programs are available (Booklets are available) :• MROO, (Municipal Retirees Organization of Ontario)• Follow-me (Manulife Financial)• RTIP-OTIP (Retired Teachers Insurance Plan of Ontario)

Group Benefits

GROUP BENEFITSB) Life Insurance

Employee became insured:

• Prior to May 1, 1971 50% of salary at retirement (Max $100,000 of coverage)

• On or after May 1, 1971 but prior to July 1, 1976 2.5% of salary at retirement per year of service max 20 years (Min $2,000 Max $100,000)

• On or after July 1, 1976 10 years service or less = $2,000 more than 10 years of service = 10% of salary at retirement (Min $2,000 Max $5,000)

-The monthly premiums to maintain the life insurance coverage are at the University’s cost and is a taxable benefit for the retiree, a taxation slip will be issued.-Any transfer of pension service is not recognized under the hire date

C) Health Care Spending Account (Manulife Financial in effect since May 1st, 2001)

• Annual Health Care Spending Account of $1,250 as at January 1st, 2011 (Contract 80448)

Group Benefits

OTHER BENEFITS

1) Tuition fee exemption for employees and eligible dependants Refer to Section 40.6.1.2 of Collective Agreement

2) Library services

3) Sports services

4) E-mail services

Other Benefits

SUMMARY OF GROUP BENEFITSAT RETIREMENT

Pension(s) payable from the University of Ottawa Pension Plan Pension payable from the Canada/Québec Pension Plan Voluntary contributions Retiring allowance Life insurance Medical insurance health/dental/hospitalization Health Care Spending Account Other benefits

Summary of retirement benefits

Example of Summary

THE UNIVERSITY OF OTTAWA RETIREMENT PENSION PLAN PROJECTED OPTIONAL RETIREMENT Estimation of projected retirement benefits

Name: Retiree Employee Number: 100000000 Projected Retirement Date: 2009 Age at Retirement Date: 60.0000 years old Date of Employment: 1985 Seniority Date: 1985 Current Salary: $85,000.00 Credited service for Pension: 18.0000 years (includes buyback of past service) Employment Service: 24.5640 years Estimated projected monthly pension from UO pension plan, before statutory deductions

$3,000.00

The calculation of your pension is based on the pension formula in force at January 1, 2004. The projection shown above assumes that you will participate in the pension plan at 100% until your Projected Retirement Date. This projection is based on your current salary and does not take into account any future salary increases. For service credited since January 1, 2004, the calculations are based on the current Yearly Maximum Pensionable Earnings (YMPE) under Canada Pension Plan (CPP). The current actuarial factors have been used to determine the actuarial reduction, if applicable. The actuarial factors are subject to change monthly.

Estimated monthly benefit from Canada Pension Plan Current Maximum benefit at age 65 is $908.75/mth for 2009 Current Maximum benefit at age 60 is $636.13/mth for 2009

$636.13

For more information on CPP benefit, you may contact Human Resources Development Canada, Income Security Programs at 1-800-277-9914 or visit the website at www.hrsdc.gc.ca. Registration: http://www.servicecanada.gc.ca/en/online/mysca.shtml Supplementary Pension Plan -

Lump Sum or Monthly Pension

Early Retirement Allowance - Lump sum Formula: $800.00 * 24.5640 * 5.0000 As per your Collective Agreement; http://www.hr.uottawa.ca/

$28,000.00 transferable to an RRSP under paragraph 60(j.1) of the Income Tax Act (ITA) $70,256.00 excess retirement allowance, subject to income tax $98,256.00 total retirement allowance

The early retirement allowance has been calculated based on the provision in effect at the time of calculation.

Voluntary Contributions - Lump sum

$1000.00 transferable to an RRSP under sub-sections 147.3(1) -(7) of the ITA

The interest rate for the current year has been used to project the value of your voluntary contributions at retirement.

.../2

- 2 - Life Insurance - premium paid by UO - taxable benefit to member

$5,000.00

Supplementary Health Insurance At member's expense: premiums are deducted from monthly pension Current monthly rate: End Date: This option is available only if you are covered for Supplementary Health Insurance on your retirement

Family coverage $185.05 per month June 30, 2014

Dental Insurance Terms/Grants/GFT are not eligible At member's expense: premiums are deducted from monthly pension Current monthly rate: End Date: This option is available only if you are covered for Dental Insurance on your retirement

Family coverage $66.36 per month - Basic $42.62 per month - Optional June 30, 2014

Hospital Room Insurance At member's expense: premiums are deducted from monthly pension Current monthly rate: This option is available only if you are covered for Hospital Room Insurance on your retirement

Family coverage $21.49 per month - Private room $13.20 per month - Semi-private room End date not applicable

Health Care Spending Account (HCSA) Terms/Grants/GFT are not eligible This benefit is prorated for first year of retirement Eligible Medical Expenses as per Canada Revenue Agency http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/deductions/lines300-350/330/allowable-e.html

$1,125.00 per year

PLEASE NOTE THAT ALL INSURANCE RATES ARE SUBJECT TO CHANGE AS THE PREMIUMS ARE REVIEWED EVERY YEAR.

Other Benefits available to you: • Tuition Fee Exemption: For you, your spouse and your eligible dependents under the age of 26,

until you reach the age of 70 • Use of Libraries • Access to Sports Services • Email account

01 April 2009

Personal Statement and Annual Report

HR Web Site: www.hr.uottawa.ca/pension

Fact Sheet Series

Financial Planner

UNIVERSITY OF OTTAWA PENSION PLANQUESTIONS

university of ottawa pension plan

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