1999 Academic Pension Plan Amendments
Amendment P-01, June 9, 2000
Amendment P-02, May 1, 2000
Amendment P-03, June 8, 2000
UNIVERSITY OF SASKATCHEWAN
1999 ACADEMIC PENSION PLAN
AMENDMENT P-01
June 9, 2000
Amend P-01(a) 1. Effective January 1, 1999, Article I
is amended by replacing all references to "benefactor" in the definition
of Annuity with "annuitant".
Amend P-01(b) 2. Effective January 1, 1999, Article I
is amended by adding the following definition and renumbering subsequent
definitions accordingly:
"10. "Bonus Pension" means the increase in an existing Pensioner's
pension as determined in accordance with Section 5 of Article XIX.".
Amend P-01(c) 3. Effective January 1, 1999, Article I is
amended by replacing everything after the third paragraph of the definition
of Earnings commencing with "Notwithstanding any other provision in this
Plan" with:
"Notwithstanding any other provision in this Plan, a Member's Earnings
in any one year shall not exceed:
(a) in respect years prior to 2006, $86,111 or, if greater, the Money
Purchase Limit (as that term is defined by Section 147.1(1) of the Income
Tax Act) for the year divided by 18%; and
(b) for years after 2005, 0.40% of the YMPE for the year divided by 2.0%
plus the amount determined in paragraph (a) of this Section if such amount
was determined without reference to years prior to 2006.".
Amend P-01(d) 4. Effective January 1, 1999, Article I is
amended by replacing the definition of "Income Tax Act" with the following:
"23. "Income Tax Act" means the Income Tax Act, Statutes of
Canada, and the Regulations thereunder as may be amended from time to time,
and where applicable includes the provisions of Information Circular 72-13R8
issued by the Department of National Revenue.".
Amend P-01(e) 5. Effective January 1, 1999, Article I is
amended by adding "and who is a Spouse of the Member" to the end of the
definition of "Joint Annuitant".
Amend P-01(f) 6. Effective January 1, 1999, Article I
is amended by adding the following to the end of the definition of "Pensioner":
"provided, however, that for purposes of the provision of a Bonus
Pension the term "Pensioner" shall include the surviving spouse of a deceased
Member if such surviving spouse is receiving a pension under the Plan.".
Amend P-01(g) 7. Effective January 1, 1999, Article I is
amended by replacing the definition of Spouse with the following:
""Spouse" means:
(a) a person who is married to a Member; or
(b) if a Member is not married, a person with whom the Member is cohabiting
in a conjugal relationship at the relevant time and who has been cohabiting
in a conjugal relationship continuously with the Member as his or her spouse
for at least one year prior to the relevant time.".
Amend P-01(h) 8. Effective January 1, 1999, Article I is
amended by adding the following definition and renumbering subsequent definitions
accordingly:
"42. "Total Required Contributions" means the amounts that
are required to be contributed to the Plan by the Members and the University
as determined in Section 1 of Article III.".
Amend P-01(i) 9. Effective January 1, 1999, Article I is
amended by adding the following definition and renumbering subsequent definitions
accordingly:
"43. "Transferred Contribution Account" means the account established
in accordance with Section 6 of Article XXI in respect of a Member who
has transferred benefits from the University of Saskatchewan Non-Academic
Pension Plan.".
Amend P-01(j) 10. Effective January 1, 1999, Article II is
amended by deleting paragraph (e) of Section 1 and replacing paragraph
(d) of Section 1 with the following:
"(d) An Employee who becomes a Permanent Employee on or after the
Effective Date shall be eligible to join the Plan on or after the date
he or she becomes a Permanent Employee and must join the Plan as a condition
of employment at the end of the Waiting Period.".
Amend P-01(k) 11. Effective January 1, 1999, Article III
is amended by:
a) adding "(a)(i)" after "Section 4" in Subparagraph
(i) of Paragraph (b) of Section 2;
b) replacing "$1,722 per year of service" with "the greater
of $1,722 and 1/9th of the Money Purchase Limit (as that term
is defined by Section 147.1(1) of the Income Tax Act) for the year in which
the pension commences, per year of service" in Subparagraph (ii) of
Paragraph (b) of Section 2;
c) replacing Paragraph (c) under Section 2 with the following:
"(c) Additional Voluntary Contributions
Additional Voluntary Contributions made by a Member under the Previous
Plan and transferred into this Plan in accordance with Section 9 of this
Article, shall be credited, at the time assets are transferred from the
Previous Plan in accordance with Section 9 of this Article, to an individual
account maintained for the Member and shall be in addition to the Member's
Required Contributions and Retroactive Contributions. Members are not permitted
to make Additional Voluntary Contributions to this Plan after the Effective
Date.";
d) replacing "University Contributions" in Subparagraph (iv)
of Paragraph (d) of Section 2 with "contributions made by the University
on behalf of the applicable Member"; and
e) deleting Section 8 and renumbering Section 9 to 8.
Amend P-01(l) 12. Effective January 1, 1999, Article IV is
amended by:
a) deleting Section 3 in its entirety and replacing it with the
following:
"(3) (a) Subject to Section 4 of this Article, in respect of an Inactive
Member who terminated employment prior to January 1, 1994, interest shall
be credited to the contributions made by the Member and by the University
on behalf of the Member such that these total Member and University contributions
with interest will be the greater of:
(i) the total contributions made by the Member and by the University
on behalf of the Member with interest credited:
(A) for years prior to 1994, as determined in paragraph (c) of this
Section; and
(B) for years after 1993, on the basis of the average of the yields
of five-year personal fixed term chartered bank deposit rates (CANSIM,
series B-14045) as follows:
(B.1) for periods of complete calendar years, the average for the calendar
year; and
(B.2) for periods of partial calendar years, the average for the immediately
preceding calendar year prorated on the portion of the calendar year from
January 1; and
(ii) the total contributions made by the Member and by the University
on behalf of the Member with interest credited:
(A) for years prior to 1994, as determined in paragraph (c) of this
Section; and
(B) for years after 1993, on the basis of the geometric average net rate
of return of the Fund or the Previous Plan's fund as applicable over the
four most recent complete calendar years, as published in the Comparative
Measurement Service Report commissioned by the Fringe Benefits Committee
of the Plan or Previous Plan as applicable, less 1%, as follows:
(B.1) for periods of complete calendar years, the geometric average
of the three previous calendar years' and the current calendar year's net
rates of return; and
(B.2) for periods of partial calendar years, the geometric average of the
four immediately preceding calendar years' net rates of return, prorated
on the portion of the calendar year from January 1.
(b) Subject to Section 4 of this Article, in respect of a Member other
than an Inactive Member who terminated prior to January 1, 1994, interest
shall be credited to the contributions made by the Member and by the University
on behalf of such a Member such that these total Member and University
contributions with interest will be the greatest of:
(i) the total contributions made by the Member and by the University
on behalf of the Member with interest credited:
(A) for years prior to 1994, as determined in paragraph (c) of this
Section; and
(B) for years after 1993, on the basis of the average of the yields of
five-year personal fixed term chartered bank deposit rates (CANSIM, series
B-14045) as follows:
(B.1) for periods of complete calendar years, the average for the
calendar year; and
(B.2) for periods of partial calendar years, the average for the immediately
preceding calendar year prorated on the portion of the calendar year from
January 1;
(ii) the total contributions made by the Member and by the University
on behalf of the Member with interest credited:
(A) for years prior to 1994, at the annual gross rate of return earned
by the Previous Plan's fund less 1.3%;
(B) for calendar years after 1993 and prior to 1997, at the geometric
average net rate of return of the Previous Plan's fund for the calendar
year and the three immediately preceding calendar years, as published in
the Comparative Measurement Service Report commissioned by the Fringe Benefits
Committee of the Previous Plan, less 1%; and
(C) for calendar years after 1996, on the basis of the average of
the yields of five-year personal fixed term chartered bank deposit rates
(CANSIM, series B-14045) as follows:
(C.1) for periods of complete calendar years, the average for the calendar
year; and
(C.2) for periods of partial calendar years, the average for the immediately
preceding calendar year prorated on the portion of the calendar year from
January 1; and
(iii) the total contributions made by the Member and by the University
on behalf of the Member with interest credited:
(A) for years prior to 1982, at the annual gross rate of return earned
by the Previous Plan's fund less 0.3%;
(B) for each year after 1981 and prior to 1994, at the annual gross
rate of return earned by the Previous Plan's fund less 1.3%; and
(C) for years after 1993, on the basis of the geometric average net rate
of return of the Fund or the Previous Plan's fund as applicable over the
four most recent complete calendar years, as published in the Comparative
Measurement Service Report commissioned by the Fringe Benefits Committee
of the Plan or Previous Plan as applicable, less 1%, as follows:
(C.1) for periods of complete calendar years, the geometric average
of the three previous calendar years' and the current calendar year's net
rates of return; and
(C.2) for periods of partial calendar years, the geometric average of the
four immediately preceding calendar years' net rates of return, prorated
on the portion of the calendar year from January 1.
(c) For purposes of paragraphs (a) and (b) of this section, the annual
rate of interest to be applied each year shall be:
(i) for years prior to January 1, 1982, 4%;
(ii) for years from January 1, 1982 to December 31, 1984, inclusive, the
applicable rate specified as the minimum rate by The Pension Benefits Act;
(iii) for years from January 1, 1985 to December 31, 1992, inclusive,
subject to the annual approval of the Fringe Benefits Committee of the
Previous Plan, the greater of:
A) the applicable rate specified as the minimum rate by The Pension
Benefits Act, and
B) up to 100% of the average rate of return of the Previous Plan's fund
over the four most recent complete calendar years as published in the Comparative
Measurement Service Report commissioned by the Fringe Benefits Committee
of the Previous Plan; and
(iv) for the year 1993, subject to the approval of the Fringe Benefits
Committee of the Previous Plan, the greater of:
(A) the average of the yields of five-year personal fixed term chartered
bank deposit rates (CANSIM, series B 14045) calculated on the basis of,
for annual statements, the average for the calendar year to which the statement
applies and for payouts during the year, the average for the previous calendar
year; and
(B) up to 100% of the average rate of return of the Previous Plan's fund
over the four most recent complete calendar years as published in the Comparative
Measurement Service Report commissioned by the Fringe Benefits Committee
of the Previous Plan.
(d) Interest shall be credited to Transferred Voluntary Contributions such
that the total Transferred Voluntary Contribution balance with interest
will equal the total Transferred Voluntary Contribution balance calculated
as at December 31, 1995 based on crediting interest rates retroactively
to the Member's date of joining the Previous Plan at the annual gross rate
of return earned by the Previous Plan's fund, for each year to December
31, 1995, less .3%. For balances on or after January 1, 1996, the interest
rate credited shall be the geometric average net rate of return of the
Fund or the Previous Plan's fund as applicable over the four most recent
complete calendar years, as published in the Comparative Measurement Service
Report commissioned by the Fringe Benefits Committee of the Plan or Previous
Plan as applicable, to be credited on the basis of:
(i) for periods of complete calendar years, the geometric average
of the three previous calendar years' and the current calendar year's net
rates of return; and
(ii) for periods of partial calendar years, the geometric average of the
four immediately preceding calendar years' net rates of return, prorated
on the portion of the calendar year from January 1."; and
b) removing ", paid in accordance with paragraph 2(c), Article III,"
from Section 5.
Amend P-01(m) 13. Effective January 1, 1999, Article V is
amended by replacing paragraph (c) of Section 4 with the following:
"(c) If the leave of absence is Sabbatical or Educational Leave, the
Member shall have the option to continue or discontinue making Required
Contributions in accordance with paragraph (a) of Section 2 of Article
III. The Member shall make this election in writing to the University.
If the Member elects to continue the aforementioned Required Contributions,
then:
(i) the Member shall be treated as though he or she was actively
at work during such leave of absence;
(ii) the Member's Earnings shall be based on equivalent full-time
earnings during such leave of absence, subject to any maximums prescribed
by the Income Tax Act; (iii)
the University shall continue making current service contributions in
accordance with Section 3 of Article III, subject to any maximums prescribed
by the Income Tax Act.
If the Member elects to discontinue the aforementioned required contributions,
the Member shall be treated as if his or her leave of absence was without
pay, in accordance with paragraph (d) of this Section.".
Amend P-01(n) 14. Effective January 1, 1999, Article VII
is amended by:
a) replacing "$1,722" with "the greater of $1,722 and
1/9th of the Money Purchase Limit (as that term is defined by
Section 147.1(1) of the Income Tax Act) for the year in which the pension
commences," in Subparagraph (i) of Paragraph (a) of Section 4; and
b) replacing paragraph (b) of Section 4 with the following:
"(b) The provisions of paragraph (a) of this Section do not apply
to:
(i) the pension resulting from Section 2(e)(v) of this Article; or
(ii) the pension resulting from Section 2(a)(v) of Article XI.".
Amend P-01(o) 15. Effective January 1, 1999, Article X is
amended by:
a) replacing Section 8 with the following:
"8. Maximum Guarantee Period
It is specifically provided that a pension payable under the Plan
shall be payable at least for life, and the guaranteed period of payment,
if any, shall not exceed 15 years.
It is further provided that, if a joint and survivor pension is elected
there shall be no guarantee of payments on the second life other than for
the unexpired term of any guarantee on the first life."; and
b) replacing Section 9 with the following:
"Shortened Life Expectancy
(a) Where a Member establishes by a written statement from a qualified
medical practitioner that the Member's life expectancy is materially shortened
within the meaning of the Pension Benefits Act and the Income Tax Act,
the Fringe Benefits Committee may direct that the Member receive his or
her entitlements determined in accordance with the provisions of the Plan
as a lump sum payment if that option is not otherwise available. In the
event such a Member has a Spouse, the Member may only make such an election
provided the University receives a waiver signed by the Spouse in the presence
of a witness and outside the presence of the Member stating that the Spouse
is aware of the spousal entitlements under the Plan and waives those entitlements.".
Amend P-01(p) 16. Effective January 1, 1999, Article XI is
amended by:
a) replacing "sub-paragraph (ii)" in the last paragraph
of Paragraph (b) under Section 2 with "sub-paragraph (iv)(C)"; and
b) replacing "Sections 3(a) to 3(d)" in Subparagraph
(ii) of Paragraph (c) under Section 3 with "Sections 3(a) to 3(b)".
Amend P-01(q) 17. Effective January 1, 1999, Article
XIII is amended by:
a) inserting "to the Beneficiary, or in the event no Beneficiary
has been designated or if the person designated by the Member as his Beneficiary
should not be living, to the deceased Member's legal representative"
immediately after "the benefits payable" in subparagraph (iii) of
paragraph (a) of Section 1;
b) replacing "it is, however, provided that" in Paragraph
(b) of Section 1 with "Notwithstanding the foregoing,"; and
c) adding the word "furthermore" to the beginning of Paragraph
(c) of Section 1.
Amend P-01(r) 18. Effective January 1, 1999, Article XIV
is amended by:
c) deleting Section 4 and adding Sections 4 and 5 and 6 as follows:
"4. If a Member elects under Article X (PAYMENT OF PENSIONS: NORMAL
AND OPTIONAL FORMS) to receive a minimum number of pension payments that
are guaranteed in the event of his or her death after retirement, the Member
shall designate a Beneficiary to receive any remaining guaranteed payments
in the event of his or her death.
5. Subject to Section 6, a Member who has made a designation in accordance
with Section 4 above may from time to time, subject to any statutory conditions
or limitations, alter or revoke the designation by filing with the University
such alteration or revocation in writing on a form prescribed by the University
for that purpose.
6. Notwithstanding anything contained in this Article, if a Member elects
under Article X (PAYMENT OF PENSIONS: NORMAL AND OPTIONAL FORMS) to take
a joint and survivorship pension, he shall designate the Joint Annuitant
as the Beneficiary for purposes of receiving any payments that may be guaranteed
after the Member's death.".
Amend P-01(s) 19. Effective January 1, 1999, Article XV is
amended by:
a) inserting ",subject to the collective bargaining agreement,"
immediately after "the Plan indefinitely but";
b) replacing paragraph (a) of Section 2 with the following:
"assets must be allocated first to provide for benefits equal to the value
of contributions, with Credited Interest, made by Members to the Plan or
Previous Plan in accordance with Section 2 of Article III and/or transferred
from another plan, other than the Previous Plan, in respect of Members.";
c) adding "completely" immediately after "has been amortized"
in subparagraph (ii) of paragraph (b) of Section 2;
d) adding "fully" immediately before "amortized at the date
of the termination of the Plan" in paragraph (c) of Section 2;
e) adding "completely" immediately after "has not been
amortized" in paragraph (d) of Section 2;
f) adding "as at the date of termination" to the end of paragraph
(d) of Section 2;
g) inserting "in accordance with Section 3 of Article III" immediately
after "made by the University" in paragraph (d) of Section 3;
h) inserting "in accordance with Section 3 of Article III"
immediately after "made by the University" in paragraph (e) of Section
3; and
i) deleting "and" at the end of paragraph (i) of Section 3 and
all of pargraph (j) of Section 3.
Amend P-01(t) 20. Effective January 1, 1999, Article XVI
is amended by:
a) replacing paragraph (a) of Section 2 with the following:
"Notwithstanding any other provision of this Plan, on the breakdown of
the marriage of a Member, the benefit to which the Member is entitled shall
be divided in accordance with this section.";
b) replacing "pension" in paragraph (b) of Section 2 with "benefit";
c) deleting paragraph (c) of Section 2;
d) adding "Maximum" to the beginning of the heading in Section
3;
e) in paragraph (a) of Section 3, replacing "The value of the
pension to be" with "The maximum value of the benefit that can be"
and removing "by the Fringe Benefits Committee";
f) adding ", the maximum value of the benefit that can be divided
shall be" to the end of the first paragraph of paragraph (b) of Section
3;
g) replacing subparagraph (i) of paragraph (b) of Section 3 with the
following:
"prior to the date on which the Member joined the Plan, the maximum of
the values of the benefit entitlements which the Member could choose if
the Member had terminated membership on the date mentioned in the order
or agreement.";
h) deleting "the value of the pension is" in the first paragraph
of subparagraph (ii) of paragraph (b) of Section 3;
i) replacing the definition of "C" in subparagraph (ii) of paragraph
(b) of Section 3 with the following:
"C is the the maximum of the values of the benefit entitlements which the
Member could choose if the Member had terminated membership on the date
mentioned in the order or agreement.";
j) replacing paragraph (d) of Section 3 with the following:
"In the case of a Member who has not yet commenced receiving a pension
pursuant to the Plan, a division of the Member's benefit pursuant to paragraph
2(b) must not reduce the maximum of the values of the benefit entitlements
which the Member could choose if the Member had terminated membership on
the date mentioned in the order of agreement to less than 50% of such value
prior to the division.";
k) adding "Maximum" to the beginning of the heading in Section
4;
l) the first paragraph of paragraph (a) of Section 4 is amended by:
i) replacing "commuted value of a pension" with "benefit";
and
ii) replacing "the portion of the commuted value" with "the
maximum portion of the benefit";
m) replacing "the Fringe Benefits Committee" with "University"
in subparagraph (i) of paragraph (a) of Section 4;
n) replacing "(a)" with "(i)" in subparagraph (ii) of
paragraph (a) of Section 4;
o) replacing "pension" in paragraph (a) of Section 5 with "benefit";
p) inserting "pension" immediately before "entitlement" in the first
paragraph of paragraph (b) of Section 5;
q) adding "which shall in no case be greater than F" after "M
is the matrimonial division offset" in subparagraph (i) of paragraph
(b) of Section 5;
r) adding subparagraph (iii) to paragraph (b) of Section 5 as follows:
"in conjunction with the reduction in the Member's total pension in accordance
with subparagraphs (i) and (ii) of this paragraph, the balance of the Member's
Required Contributions made to the Plan or the Previous Plan and the University's
contributions paid to the Plan or the Previous Plan on behalf of the Member,
with Credited Interest to the date amounts are transferred out in accordance
with paragraph (a) of Section 4, shall be reduced by the amount determined
as follows:
I x J
K
where:
"I" equals the balance of the Member's Required Contributions made to the
Plan or the Previous Plan and the University's contributions paid to the
Plan or the Previous Plan on behalf of the Member, with Credited Interest
to the date amounts are transferred out in accordance with paragraph (a)
of Section 4;
"J" equals the amount transferred out of the Plan in accordance with paragraph
(a) of Section 4; and
"K" equals the maximum of the values of the benefit entitlements which
the Member could choose if the Member had terminated membership on the
date mentioned in the order or agreement.";
s) replacing all references to "Fringe Benefits Committee" in
Section 6 with "University"; and
t) replacing Section 7 with the following:
"(a) Notwithstanding any provision of this Plan, benefits that are
payable to a Member are subject to garnishment pursuant to The Enforcement
of Maintenance Orders Act (Saskatchewan) for the purposes of enforcing
a maintenance order as defined in that Act.
(b) Any lump sum entitlement remaining in the Plan payable to an Inactive
Member is subject to attachment pursuant to The Enforcement of Maintenance
Orders Act (Saskatchewan) for the purposes of enforcing a maintenance
order as defined in that Act. Where a benefit has been attached, the University
shall deduct from the pension benefit to which the Inactive Member is entitled:
(i) the reasonable cost to the Plan of complying with the attachment,
to a maximum of $250; and
(ii) the total amount of taxes, if any, that are required to
be deducted or withheld as a result of the attachment; and
(iii) the lesser of the amount attached or the remainder of the Inactive
Member's benefit entitlement.
For further clarification, the attachment is limited to the lesser of the
amount demanded by the attachment notice or the remainder of the Inactive
Member's benefit entitlements after accounting for income tax and the compliance
costs as outlined above. The Inactive Member has no further claim to any
benefit pursuant to the Plan respecting the amount attached.".
Amend P-01(u) 21. Effective January 1, 1999, Article XVIII
is amended by:
a) replacing Section 1 with the following:
"1. Constitution of the Fringe Benefits Committee
(a) The Fringe Benefits Committee shall consist of six persons; three
of whom are appointed by the Board ("Board appointees") and three of whom
are appointed by the Association ("Association appointees").
(b) The three Association appointees shall initially be appointed for terms
of one, two and three years respectively, and subsequent appointments shall
be for three years conditional on the appointee continuing to be a member
of the Association and remaining a member of the academic staff of the
University. An Association appointee who ceases to be a member of the Association
or who ceases to be a member of the academic staff of the University shall
cease to qualify as a member of the Fringe Benefits Committee. The Association
shall at all times have the power to replace any Association appointee
with another Association appointee. The Association shall forthwith appoint
a successor Association appointee for any appointee who ceases to qualify
as an Association appointee, is removed by the Association for any reason,
dies, resigns, or who for any reason becomes unable to carry out his or
her duties.
(c) Board appointees shall initially be appointed for terms of one, two
and three years respectively and subsequent appointments shall be for three
years. Board appointees who are no longer Members of the Board or Board
appointees who are administrative officers of the University and who for
one reason or other vacate that appointment or who by reason of ill health
are unable to carry out their duties, shall have their terms filled by
the Board by a member of the Board or by an administrative officer appointed
by the Board.
(d) The Fringe Benefits Committee shall select by way of majority vote
one of its members to serve as Chair. The Chair shall serve for a period
of one year, at which time the members of the Fringe Benefits Committee
shall, by majority vote, select a replacement Chair. The Chair shall be
selected one year from the Association appointees to the Fringe Benefits
Committee and the next year from the Board appointees to the Fringe Benefits
Committee. For greater certainty, the initial Chair for the Plan shall
be selected by way of majority vote from the members of the Fringe Benefits
Committee who have been appointed by the Association.
(e) All decisions of the Fringe Benefits Committee shall be made by majority
vote and the Chair may vote on any decision. If voting results in a tie,
the matter shall be referred to the Board for decision.
(f) A quorum for meetings of the Fringe Benefits Committee shall be four
members of the Committee of whom two shall be Board appointees and two
shall be Association appointees.";
(h) The Association shall provide both the University and the Fringe Benefits
Committee with written notice as to the individuals that it has appointed
as its representatives on the Fringe Benefits Committee. The Association
shall determine the method by which it shall, from time to time, approve
such appointments to the Association as contemplated herein. The University
and the Fringe Benefits Committee shall accept a written notice from the
Association, duly signed by two members of the Association's executive,
as conclusive evidence that the appointment of the individual (or individuals)
to the Fringe Benefits Committee has been (or have been, as applicable)
duly authorized and approved by the Association.";
b) deleting paragraph (a) of Section 2 and renumbering subsequent paragraphs
accordingly;
c) replacing "to act as administrator of the Plan" in paragraph
(a) of Section 2 as renumbered by this Amendment P-01 with "to perform
certain administrative functions for the Plan on behalf of the Plan's administrator
which, for greater certainty is the Board,";
d) replacing "advise" in paragraph (b) of Section 2 as
renumbered by this Amendment P-01 with "make recommendations to";
e) replacing "in the Plan" in the first paragraph of paragraph
(d) of Section 2 as renumbered by this Amendment P-01 with "to the
Plan to the Board for approval and to the Association for ratification";
f) deleting subparagraph (iii) of paragraph (d) of Section 2 as renumbered
by this Amendment P-01 and renumbering subsequent subparagraphs accordingly;
g) deleting paragraphs (f), (i), (j), (k), (l), (m), (n), (o) and (p)
of Section 2 as renumbered by this Amendment P-01 and renumbering remaining
paragraphs accordingly; and
h) replacing "Fringe Benefits Committee" immediately after
"shall be granted" in paragraph (a) of Section 4 with "University".
Amend P-01(v) 22. Effective January 1, 1999, Article XIX
is amended by:
a) inserting "of the Plan or Previous Plan" after the
first occurrence of "Fringe Benefits Committee" in Section 1;
b) replacing all occurrences of "bonus pension(s)" with
"Bonus Pension(s)" in Section 5; and
c) deleting the paragraph in Section 5 that begins "On
January 1 of each year, the Bonus Pension (if any) is to be calculated.".
Amend P-01(w) 23. Effective January 1, 1999, Article XX is
amended by inserting "the collective bargaining agreement and subject
to," immediately after "but subject to".
Amend P-01(x) 24. Effective January 1, 1999, Article XXI
is amended by:
a) replacing "If this member" in Section 5 with "If
a member of the Non-Academic Plan as described in Section 4 of this Article";
and
b) replacing "If this member" in Section 6 with "If a member
of the Non-Academic Plan as described in Section 4 of this Article".
UNIVERSITY OF SASKATCHEWAN
1999 ACADEMIC PENSION PLAN
AMENDMENT P-02
May 1, 2000
Amend P-02(a) 1. Effective January 1, 2000, Article I is
amended by adding the following definition after definition 28 and renumbering
subsequent definitions accordingly:
"29. "Non-Credited University Contributions" means the University
contributions made to the Previous Plan after December 31, 1991 in respect
of a Member in excess of 100% of the Required Contributions made to the
Plan by such individuals.".
Amend P-02(b) 2. Effective January 1, 2000, Article III is
amended by adding the following section after Section 8:
"9. Non-Credited University Contributions
A lump-sum cash payment shall be made to each Member equal to the Non-Credited
University Contributions, if any, attributable to such Member, accumulated
with interest credited at the annual gross rate of return earned by the
Fund for each year to December 31, 1993, less 0.3%, and at the net rate
of return of the Fund as published in the Comparative Measurement Service
Report commissioned by the Fringe Benefits Committee of the Plan or Previous
Plan for each year after December 31, 1993 to the date of payment, which
shall be as soon as practicable after registration of this Amendment P-02.".
Amend P-02(c) 3. Effective January 1, 2000, Section
3, Article IV, is amended by deleting paragraphs (a), (b) and (c), renumbering
paragraph (d) as (e) and adding new paragraphs (a), (b), (c) and (d) as
follows:
"(a) Subject to Section 4 of this Article, interest shall be credited
to the contributions made by an Employee and by the University on behalf
of such Employee such that the total Employee and University contributions
with interest will be the greater of:
(i) the total contributions made by the Member and the University
on behalf of the Member with interest credited:
(A) for years prior to 2000, as determined in paragraphs (b) and (c)
of this Section; and
(B) for years after 1999, on the basis of the average of the yields of
five-year personal fixed term chartered bank deposit rates (CANSIM, series
B-14045) as follows:
(B.1) for periods of complete calendar years, the average for the
calendar year; and
(B.2) for periods of partial calendar years, the average for the immediately
preceding calendar year prorated on the portion of the calendar year from
January 1; and
(ii) the total contributions made by the Member and the University on behalf
of the Member with interest credited:
(A) for years prior to 2000, as determined in paragraphs (b) and (c)
of this Section; and
(B) for years after 1999, on the basis of the net rate of return of the
Fund, as published in the Comparative Measurement Service Report commissioned
by the Fringe Benefits Committee of the Plan, less 1%, as follows:
(B.1) for periods of complete calendar years, the net rate of return
for the calendar year; and
(B.2) for periods of partial calendar years, the annualized year-to-date
net rate of return for the partial calendar year, prorated on the portion
of the calendar year from January 1.
(b) For purposes of paragraph (a) of this section, in respect of an Inactive
Member who terminated employment prior to January 1, 1994, interest shall
be credited prior to 2000 to the contributions made prior to 2000 by the
Member and by the University on behalf of the Member such that these total
Member and University contributions with interest will be the greater of:
(i) the total contributions made prior to 2000 by the Member
and by the University on behalf of the Member with interest credited:
(A) for years prior to 1994, as determined in paragraph (d) of this
Section; and
(B) for years after 1993 and prior to 2000, on the basis of the average
of the yields of five-year personal fixed term chartered bank deposit rates
(CANSIM, series B-14045) as follows:
(B.1) for periods of complete calendar years, the average
for the calendar year; and
(B.2) for periods of partial calendar years, the average for the immediately
preceding calendar year prorated on the portion of the calendar year from
January 1; and
(ii) the total contributions made prior to 2000 by the Member and
by the University on behalf of the Member with interest credited:
(A) for years prior to 1994, as determined in paragraph (d) of this
Section; and
(B) for years after 1993 and prior to 2000, on the basis of the geometric
average net rate of return of the Fund or the Previous Plan's fund as applicable
over the four most recent complete calendar years, as published in the
Comparative Measurement Service Report commissioned by the Fringe Benefits
Committee of the Plan or Previous Plan as applicable, less 1%, as follows:
(B.1) for periods of complete calendar years, the geometric average
of the three previous calendar years and the current calendar year's net
rates of return; and
(B.2) for periods of partial calendar years, the geometric average of the
four immediately preceding calendar years' net rates of return, prorated
on the portion of the calendar year from January 1.
(c) For purposes of paragraph (a) of this section, in respect of a Member
other than an Inactive Member who terminated prior to January 1, 1994,
interest, prior to 2000, shall be credited to the contributions made by
the Member prior to 2000 and by the University on behalf of such a Member
such that these total Member and University contributions with interest
will be the greatest of:
(i) the total contributions made prior to 2000 by the Member and by
the University on behalf of the Member with interest credited:
(A) for years prior to 1994, as determined in paragraph (d) of this Section;
and
(B) for years after 1993 and prior to 2000, on the basis of the average
of the yields of five-year personal fixed term chartered bank deposit rates
(CANSIM, series B-14045) as follows:
(B.1) for periods of complete calendar years, the average for the
calendar year; and
(B.2) for periods of partial calendar years, the average for the immediately
preceding calendar year prorated on the portion of the calendar year from
January 1;
(ii) the total contributions made prior to 2000 by the Member and
by the University on behalf of the Member with interest credited:
(A) for years prior to 1994, at the annual gross rate of return earned
by the Previous Plan's fund less 1.3%;
(B) for calendar years after 1993 and prior to 1997, at the geometric average
net rate of return of the Previous Plan's fund for the calendar year and
the three immediately preceding calendar years, as published in the Comparative
Measurement Service Report commissioned by the Fringe Benefits Committee
of the Previous Plan, less 1%; and
(C) for calendar years after 1996 and prior to 2000, on the basis of the
average of the yields of five-year personal fixed term chartered bank deposit
rates (CANSIM, series B-14045) as follows:
(C.1) for periods of complete calendar years, the average
for the calendar year; and
(C.2) for periods of partial calendar years, the average for the immediately
preceding calendar year prorated on the portion of the calendar year from
January 1;
(iii) the total contributions made prior to 2000 by the Member and
by the University on behalf of the Member with interest credited:
(A) for years prior to 1982, at the annual gross rate of return earned
by the Previous Plan's fund less 0.3%;
(B) for each year after 1981 and prior to 1994, at the annual gross rate
of return earned by the Previous Plan's fund less 1.3%; and
(C) for years after 1993 and prior to 2000, on the basis of the geometric
average net rate of return of the Fund or the Previous Plan's fund as applicable
over the four most recent complete calendar years, as published in the
Comparative Measurement Service Report commissioned by the Fringe Benefits
Committee of the Plan or Previous Plan as applicable, less 1%, as follows:
(C.1) for periods of complete calendar years, the geometric
average of the three previous calendar years and the current calendar year's
net rates of return; and
(C.2) for periods of partial calendar years, the geometric average of
the four immediately preceding calendar years' net rates of return, prorated
on the portion of the calendar year from January 1; and
(iv) the total contributions made prior to 2000 by the Member and
by the University on behalf of the Member with interest credited:
(A) for years prior to 1994, at the annual gross rate of return earned
by the Previous Plan's fund less 0.3%;
(B) for years after 1993 and prior to 2000, at the net rate of return of
the Fund or the Previous Plan's fund as applicable as published in the
Comparative Measurement Service Report commissioned by the Fringe Benefits
Committee of the Plan or Previous Plan as applicable.
(d) For purposes of paragraphs (b) and (c) of this section, the annual
rate of interest to be applied each year shall be:
(i) for years prior to January 1, 1982, 4%;
(ii) for years from January 1, 1982 to December 31, 1984, inclusive, the
applicable rate specified as the minimum rate by The Pension Benefits Act;
(iii) for years from January 1, 1985 to December 31, 1992, inclusive, subject
to the annual approval of the Fringe Benefits Committee of the Previous
Plan, the greater of:
(A) the applicable rate specified as the minimum rate by The Pension
Benefits Act, and
(B) up to 100% of the average rate of return of the Previous Plan's fund
over the four most recent complete calendar years as published in the Comparative
Measurement Service Report commissioned by the Fringe Benefits Committee
of the Previous Plan; and
(iv) for the year 1993, subject to the approval of the Fringe Benefits
Committee of the Previous Plan, the greater of:
(A) the average of the yields of five-year personal fixed term chartered
bank deposit rates (CANSIM, series B 14045) calculated on the basis of,
for annual statements, the average for the calendar year to which the statement
applies and for payouts during the year, the average for the previous calendar
year; and
(B) up to 100% of the average rate of return of the Previous Plan's fund
over the four most recent complete calendar years as published in the Comparative
Measurement Service Report commissioned by the Fringe Benefits Committee
of the Previous Plan.".
UNIVERSITY OF SASKATCHEWAN
1999 ACADEMIC PENSION PLAN
AMENDMENT P-03
June 8, 2000
Amend 03(a) 1. Effective January 1, 2000, Article XII is
amended as follows:
a) adding "Subject to Section 2 of this Article" to the
beginning of Section 1; and
b) adding the following section to the end of Article XII:
"2. The provisions of Section 1 of this Article shall not apply in
respect of a Member who elects to become a member of the The University
of Saskatchewan 2000 Academic Money Purchase Pension Plan in accordance
with Article XXII.".
Amend 03(b) 2. Effective January 1, 2000, the following section
is added after paragraph (e) of Section 1 of Article II:
"(f) Notwithstanding the above, an Employee who becomes eligible to
join the Plan after June 30, 2000 shall be subject solely to the terms,
conditions and entitlements of the University of Saskatchewan 2000 Academic
Money Purchase Pension Plan.".
Amend 03(c) 3. Effective January 1, 2000, the following article
is added after Article XXI:
"ARTICLE XXII
ELECTION TO PARTICIPATE IN THE MONEY PURCHASE PLAN
1. Definitions
For the purposes of this Article XXII, the following definitions apply
in addition to those contained in Article I:
"Conversion Commuted Value Basis" means the actuarial assumptions
and methods used to calculate the commuted value of a pension benefit,
the basis of which shall be either:
i) the actuarial assumptions and methods adopted for the purpose of
determining the commuted value of pension benefits when an individual retires
or terminates employment; or
ii) the actuarial assumptions and methods that:
(A) are acceptable to the Canada Customs and Revenue Agency for the
purpose of determining the value of a pension on conversion of a defined
benefit entitlement to a defined contribution entitlement;
(B) are acceptable to the Superintendent of Pensions for Saskatchewan for
the purpose of determining the value of a pension on conversion of a defined
benefit entitlement to a defined contribution entitlement; and
(C) in the opinion of the Actuary, would result in a reasonable proxy to
the value of such pension benefit determined in accordance with the Actuarial
Valuation Methods and Assumptions as that term is defined in Article XXIII;
whichever results in the largest commuted value.
"Date of Asset Transfer" means the date on which the Money Purchase
Plan Assets are transferred to the Money Purchase Plan in accordance with
Section 7 of this Article.
"Election Deadline" means 4:00 p.m. Central Standard Time, September
29, 2000.
"Election of Options" means the election of one of the options
described in paragraphs (b) or (c) of Section 2 of this Article.
"Market Value" means, in respect of a group of assets at a specific
point in time, the value of the assets at that time that would be agreed
on in an arm's length transaction between knowledgeable and willing parties
who are under no compulsion to act, using generally accepted valuation
principles.
"Money Purchase Plan" means "The University of Saskatchewan 2000
Academic Money Purchase Pension Plan".
"Money Purchase Plan Assets" means that portion of the Fund that,
on a date that is on or before the Date of Asset Transfer, is equal to
the aggregate of the following:
i) Transfer Accounts;
ii) Member Accounts;
iii) University Accounts; and
iv) Voluntary Accounts;
as those terms are defined in Schedule A of Section 8 of this Article in
respect of all members of the Money Purchase Plan on such date.
"Money Purchase Transfer Value" means the amount determined in
accordance with Section 5 of this Article.
"Option Date" means January 1, 2000 except with respect to:
i) a Member who becomes a Member after January 1, 2000 and prior to
July 1, 2000, in which case Option Date shall mean the date the Member
joins the Plan; or
ii) an Employee who does not become a Member prior to July 1, 2000 but
who is eligible to become a Member anytime prior to July 1, 2000 in accordance
with Article II, in which case Option Date shall mean the date the individual
joins the Plan or the Money Purchase Plan.
"Voluntary Transfer Value" means, in respect of a Member, Additional
Voluntary Contributions with interest credited in accordance with Article
IV to the Member's Option Date.
2. Options to Transfer to the Money Purchase Plan
a) Subject to the conditions in Section 3 of this Article, each individual:
i) who is a Member as at June 30, 2000 other than:
(A) an Inactive Member; or
(B) a Pensioner; or
(C) a Member who becomes a Pensioner on or before the Election Deadline
and prior to making a valid Election of Options in accordance with paragraph
(b) of Section 3 of this Article; or
ii) who is a Member as at January 1, 2000 other than an Inactive Member
or a Pensioner as at such date, and who subsequently dies prior to July
1, 2000 or becomes an Inactive Member prior to July 1, 2000, provided such
deceased Member or Inactive Member does not become a Pensioner on or before
the Election Deadline and prior to making a valid Election of Options in
accordance with paragraph (b) of Section 3 of this Article; or
iii) who is an Inactive Member as at January 1, 2000 by reason of leave
of absence and continues to be an Inactive Member by reason of leave of
absence as at June 30, 2000, provided such Inactive Member does not become
a Pensioner on or before the Election Deadline and prior to making a valid
Election of Options in accordance with paragraph (b) of Section 3 of this
Article; or
iv) who does not become a Member prior to July 1, 2000 but who is eligible
to become a Member as at June 30, 2000 in accordance with Article II;
subject to paragraph (e) of this Section, may elect one of the options
in paragraphs (b) or (c) of this Section as appropriate with respect to
his or her membership in the Plan on and after the Option Date.
b) The options available for a Member described in subparagraphs (i), (ii)
and (iii) of paragraph (a) of this Section with respect to his or her membership
on and after the Option Date are:
i) to continue his or her membership in the Plan, in which case the
Member shall thereafter be ineligible to join the Money Purchase Plan;
ii) to become an Inactive Member of the Plan as of the Option Date and
to become a member of the Money Purchase Plan effective as of the Option
Date, in which case the Member shall cease making Required Contributions
and cease accruing Credited Future Service effective as of the Option Date
and, for greater certainty, Earnings shall be determined as if the Member
continued his or her membership in the Plan in accordance with subparagraph
(i) for purposes of determining Average Earnings and Best Average Earnings;
or
iii) to transfer his or her:
(A) Money Purchase Transfer Value to his or her Transfer Account
as that term is defined in the University of Saskatchewan 2000 Academic
Money Purchase Pension Plan; and
(B) Voluntary Transfer Value to his or her Voluntary Account as
that term is defined in the University of Saskatchewan 2000 Academic
Money Purchase Pension Plan;
and in which case the Member shall cease making Required Contributions,
cease accruing Credited Future Service and cease to have any entitlements
under the Plan except as provided in this Article XXII and Article XXIII
effective as of the Option Date and shall become a member of the Money
Purchase Plan effective as of the Option Date.
c) The options available for an individual described in subparagraph (iv)
of paragraph (a) of this Section with respect to his or her membership
on and after the Option Date are:
i) to become a member of the Plan effective as of the Option Date;
or
ii) to become a member of the Money Purchase Plan effective as of the
Option Date.
d) An individual who prior to making a valid Election of Options elects
to have his or her benefit entitlement transferred or paid out of the Plan
and who would be entitled to make an election in accordance with paragraphs
(a) or (e) of this Section, shall:
(i) not be entitled to make an Election of Options;
(ii) be deemed to be a member of the Money Purchase Plan for purposes of
Article XXIII; and
(iii) be deemed to have an Option Date of January 1, 2000 or, if later,
the date the individual joins the Plan, or in respect of an individual
entitled to make an Election of Options in accordance with paragraph (e)
of this Section, the date the deceased Member joined the Plan.
For greater certainty, an individual who, prior to making a valid Election
of Options, elects to have all of his or her benefit entitlement transferred
or paid out of the Plan except for an amount necessary to provide a pension
paid for a temporary period as described in paragraph (b) of Section 1.4
of Article VII, shall be considered to have elected to have his entire
benefit entitlement transferred or paid out of the Plan for purposes of
this paragraph.
e) In the event a Member who is entitled to make an Election of Options
dies prior to making such an election, then the Member's Spouse, or in
the absence of a Spouse, the Member's Beneficiary, or in the absence of
a Spouse or a Beneficiary, the Member's legal representative shall be entitled
to make an Election of Options on behalf of the deceased Member prior to
the Election Deadline.
3. Conditions of Election of Options
a) Each individual entitled to make an Election of Options, shall
make his or her election in accordance with the conditions of this Section.
b) An individual shall be considered to have made a valid Election of Options
if:
i) subject to subparagraph (iv), it is made in writing in the form(s)
prescribed by the University for that purpose with such form being signed
by the individual;
ii) it is delivered to the University on or before the Election Deadline
either by mail, fax, courier or in person;
iii) he or she has not previously made a valid Electi
