The Concordia Pension Plan: Overview
Each month, we receive a pension cheque. The amount received reflects the number of years we have contributed to the Plan as employees of the University and the level of income achieved during our final years of employment. At this point, our monthly payments are fixed with occasional adjustments for indexation in response to inflation and plan performance There is little we can do except keep a watchful eye on the Plan’s management and operation.
Ours is a defined benefits Pension Plan. It ensures a pre-determined flow of benefits to pensioners on retirement regardless of the economic conditions that have existed during the course of our Concordia careers. Simply, your pension at the time of retirement is guaranteed. The Plan contrasts sharply with a defined contribution plan whereby the University and individual contribute to an account that is managed by the individual as a separate investment fund. Here the flow of funds available to the retirees on retirement is determined by the economic conditions at the time of their retirement.
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The University is the Plan sponsor. It contributes 55% of the required monthly amount needed to meet the pension payments of the Plan; the current active members of the Plan (non-pensioners) contribute the remaining 45% as payroll deductions. Currently, the University portion corresponds to some 10% of total salaries.
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The University Benefits Committee establishes the broad terms of reference for the Plan. The Committee comprises appointments from the Board of Governors, representatives from University management and representatives from faculty and staff associations. As well, CUPA appoints one member and an alternate.
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The operation of the Plan is entrusted to a second Board Committee that must operate within the terms of reference established by the Benefits Committee. This Pension Committee has a similar structure to that of the Benefits Committee. CUPA does appoint a voting member to this Committee along with an alternate.
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There is an importance difference in these two Board committees with respect to governance. Whereas the Benefits Committee answers to the Board of Governors as part of general University governance, the Pension Committee has fiduciary (legal) responsibility to manage the Plan in the specific interests of its members to maintain the expected level of post-retirement income. In so doing, the Pension Committee must adopt the best widely-accepted financial practices in the execution of this mandate.
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In a formal meeting held each Fall, the Pension Committee presents its Annual Report covering the Plan results for the previous fiscal year. These meetings are now held online to encourage greater attendance. Plan members are mailed a copy of the Report prior to the meeting. The date for the upcoming meeting is fixed the summer before. It will be announced on this site.
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To obtain the current Plan Annual Report (2024) or those covering previous years, pensioners can email the pension committee (pensioncommittee@concordia.ca) and make the request.
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Members of CUPA can log into this site to access more detailed information concerning the Plan’s operation in the different menu headings under Concordia Pension Plan organized in following sub-headings:
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Portfolio Objectives, Construction and Management
Pension News
Links
Further questions concerning the operation of the Plan should be directed to CUPA’s representatives on the Pension Committee
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Garry Milton, Non-active Representative, Concordia Pension Committee
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Bryan Campbell, Alternate Non-active Representative, Concordia Pension Committee