Definitions

All capitalized words used in this Supplemental Retirement Arrangement shall have the meanings given in this Section 2 and, if not defined in this Section 2, shall have the meanings given in the Plan.

2.01 Aggregate Surplus

 

"Aggregate Surplus" means the positive amount of the Plan Surplus, if any, and the positive amount of the SRA Surplus, if any, when combined.

 

2.02 Effective Date

 

"Effective Date" means July 1, 1998.

 

2.03 Excess Plan Surplus

 

"Excess Plan Surplus" means the amount by which Plan Surplus exceeds the maximum excess of assets over liabilities permitted for employer contribution purposes under paragraph (d) of subsection 147.2(2) of the Income Tax Act, with the result that, in the absence of amendments to enhance benefits under the Plan, the University is precluded in a Plan Year from paying any or all of the Full Amount of University Contribution to the Plan.

 

2.04 Final Average Earnings

 

"Final Average Earnings" for purposes of the SRA means Final Average Earnings as defined in the Plan but using Nominal Earnings as defined herein.

 

2.05 Framework Agreement

 

"Framework Agreement" means the agreement in principle on pension and other retirement benefit issues, entered into between the University and TUFA on January 30, 1998.

 

2.06 Full Amount of University Contribution

 

"Full Amount of University Contribution" means the amount of the contributions required to be paid by the University to the Plan in a Plan Year pursuant to paragraph (a) of Section 4.05 (University Contributions) thereof.

 

2.07 Fully Funded

 

"Fully Funded" means, in respect of the SRA, where in any Plan Year the amount of funds in the SRA Fund, plus the present value of any amounts to be allocated to the SRA Fund in connection with Transition Pension Allocations as set out in paragraph (d) of Section 4.03 (Allocations to the SRA Fund) hereof, are equal to or exceed the sum of (a) + (b) where (a) is the accrued liabilities of the SRA, as determined by the Actuary on a going-concern basis, provided that any "going-concern" Valuation shall be based on the Memorandum on Actuarial Assumptions, and (b) is the present value of liabilities in connection with the Health Care Reimbursements as set out in Section 2.08 below. For purposes of Section 9.01 (Suspension of the SRA for Financial Reasons), Fully Funded in respect of the SRA in any Plan Year means Fully Funded as defined above without any regard to (b).

 

2.08 Health Care Reimbursements

 

"Health Care Reimbursements" means reimbursements provided by the University as of the Effective Date to a Retired Member of the Plan or Prior Plan or to the Spouse (if any) of a Retired Member eligible to receive reimbursements for Revenue-Canada-approved post-retirement health care expenses, including health care insurance premiums, as described in this Section 2.08, under the program first established in the Framework Agreement as follows:

 

1. for a Member who Retired on or before June 30, 1987 and/or for the Spouse (if any) of such Member, an annual amount to a maximum of $1,000 per Plan Year (no banking or carry forward) per Member, and

2. for a Member who Retired after June 30, 1987 and before the Effective Date and/or the Spouse (if any) of such Member, an annual amount to a maximum of $500 per Plan Year (no banking or carry forward) per Member.

    

A Member who is participating in the Voluntary Early Retirement program on a voluntary early full retirement and who reached the Normal Retirement Date prior to the Effective Date is eligible to receive Health Care Reimbursements.

A Member who has applied for or is participating in the Voluntary Early Retirement program on a voluntary early full retirement and who reaches the Normal Retirement Date on or after the Effective Date, or a Member who Retires on or after the Effective Date, is not eligible to receive Health Care Reimbursements.

When a Member eligible to receive Health Care Reimbursements dies, the surviving Spouse (if any) of such Member shall continue to be an eligible recipient of Health Care Reimbursements provided the Spouse is also a recipient of a survivor pension under the Plan.

Those eligible to receive Health Care Reimbursements shall submit claims on a form prescribed by the University.

The University shall pay eligible Health Care Reimbursements out of the SRA Fund as long as the SRA Fund is in existence. In each Plan Year, the Actuary shall determine the actuarial liability for Health Care Reimbursements in the current Plan Year and for future Plan Years and shall allow for and report such liability in the actuarial Valuation report of the SRA.

Notwithstanding any other provision in this Section 2.08, if the SRA is no longer in operation or has been suspended or terminated or discontinued, the University shall pay Health Care Reimbursements directly out of operating funds to each eligible Retired Member or each eligible Spouse, as applicable, except as otherwise provided in paragraph (b)(vi) of Section 9.07 (Discontinuation of the SRA for Legal Reasons) herein. However, in any Plan Year when, after the SRA has been suspended, the University and TUFA agree to a catch-up of SRA accruals for one or more Plan Years as provided in Section 9.04 (Catch-up After Suspension of Accruals) herein, the University and TUFA shall also agree, if there is sufficient Aggregate Surplus, to provide a credit to the University against the University's Retirement Expenditure in that Plan Year equivalent to the amounts of Health Care Reimbursements that the University has paid directly out of operating funds in the same Plan Year or Years for which catch-up of SRA accruals is covered from such Aggregate Surplus. Any resulting reduction in the University's Retirement Expenditure below the Matching Amount of University Contribution through the application of such credit as is agreed for purposes of Health Care Reimbursements catch-up shall be, together with the one-time credit under paragraph (b)(iii) of Section 4.03 (Allocations to the SRA) herein, the only exception to the provisions of paragraph (b) of Section 4.02 (University Funding Obligations) herein and paragraph (b)(v) of Section 4.05 (University Contributions) of the Plan.

 

2.09 Matching Amount of University Contribution

 

"Matching Amount of University Contribution" means an amount that is equal to the amount of the Members' Required Contributions to the Plan in a Plan Year determined pursuant to Section 4.01 (Members' Required Contributions) thereof. For greater clarity, for purposes of this definition, Members' Required Contributions includes the amounts paid in accordance with the manner of payment described in both paragraphs (a) and (b) of Section 4.01 of the Plan.

 

2.10 Member

 

"Member" means an Employee who is or was a Member of the Plan and who has rights or contingent rights to benefits under the SRA. The term "Member" includes a Former Employee who has Retired or otherwise terminated employment with the University on or after the Effective Date or in accordance with Section 5.02 (Voluntary Early Full Retirement) but who retains a right or contingent right to benefits under the SRA.

 

2.11 Minimum Aggregate Surplus

 

"Minimum Aggregate Surplus" means the amount of Aggregate Surplus that is equal to the sum in a Plan Year of (a) + (b) + (c), where (a) is the unfunded liability in the Plan, if any, and (b) is the current service cost of the SRA, and (c) is the result, which can be positive or negative or 0, of (i) minus (ii), where (i) is the current service cost portion of the Full Amount of University Contribution pursuant to paragraph (a)(ii) of Section 4.05 of the Plan and (ii) is the Matching Amount of University Contribution.

 

2.12 Nominal Earnings

 

"Nominal Earnings" means the gross annual salary that would be paid to a Member by the University if the Member worked for the University full-time for a full year, as determined by the payroll records of the University, but not in excess of the maximum salary step under the Collective Agreement (currently, on the Effective Date, $102,910), as that salary step is adjusted from time to time. Nominal Earnings do not include living allowances, additional payments for research, stipends, grants-in-aid, and additional remuneration for part-time teaching.

 

2.13 Pensionable Service

 

"Pensionable Service" under the SRA means, with respect to a Member, the Member's Pensionable Service as determined under the Plan, subject to the cessation of accrual of Pensionable Service for purposes of the SRA, as described in Section 9 (Suspension and Termination of the SRA).

 

2.14 Plan

 

"Plan" means The Contributory Pension Plan for TUFA Employees of Trent University, as amended from time to time.

 

2.15 Plan Surplus

 

"Plan Surplus" means, at any particular point in time, the excess, if any, of assets of the Plan over the liabilities in the Plan, as determined by the Actuary on an annual basis. The assets and liabilities shall be as contained in the most recent going-concern Valuation report with respect to the determination of Plan Surplus on a going-concern basis or the most recent solvency Valuation report with respect to the determination of Plan Surplus on a windup basis.

 

2.16 Retirement Expenditure

 

"Retirement Expenditure" with respect to the University's funding obligation under the SRA means the sum of (a) + (b) in a Plan Year, where (a) is the amount of the University's deposits in that Plan Year paid into the Plan pursuant to Section 4.05 (University Contributions) thereof and (b) is the amount of the direct allocations made by the University in that Plan Year to the SRA. The required amount of Retirement Expenditure in a Plan Year is described under paragraph (b) of Section 4.02 (University Funding Obligations) and further clarified under Section 4.03 (Allocations to the SRA Fund). For clarity, the amount of the University's payments in a Plan Year into the Plan on behalf of Plan Members pursuant to paragraph (b) of Section 4.01 (Members' Required Contributions) thereof is a University obligation in addition to the amount of the University's Retirement Expenditure herein.

 

2.17 SRA

 

"SRA" means the Supplemental Retirement Arrangement for Members of The Contributory Pension Plan for TUFA Employees of Trent University that is comprised of all the provisions set out herein.

 

2.18 SRA Fund

 

"SRA Fund" means the special purpose fund in which the University sets aside funds on a monthly basis in respect of its obligations under the SRA, as described in Section 4 (Financing of Benefits) herein.

 

2.19 SRA Surplus

 

"SRA Surplus" means in any Plan Year the excess, if any, of the funds in the SRA Fund over the amount required for the SRA to be Fully Funded pursuant to Section 2.07 (Fully Funded). For the purposes of paragraph (b) of Section 9.03 (Resumption of Accruals), Fully Funded in the definition immediately above shall mean Fully Funded as defined in Section 2.07 above for purposes of Section 9.01 (Suspension of the SRA for Financial Reasons). For the purpose of determining if an SRA Surplus exists, SRA liabilities shall be determined by the Actuary on a going-concern basis except if the SRA has been terminated, in which case SRA liabilities shall be determined by the Actuary on a windup basis, provided that the Valuation shall be in accordance with the Memorandum on Actuarial Assumptions.

 

2.20 Transition Pension Allocations

 

"Transition Pension Allocations" means the amounts which the University shall allocate to the SRA in order to fund all Transition Pensions otherwise payable pursuant to the terms of Appendix D to the 1996/99 Collective Agreement prior to the establishment of the Plan. After establishment of the Plan, instead of being paid pursuant to Appendix D, Transition Pension Allocations shall be made to the SRA at the same time and in the same amounts as would have been paid by the University pursuant to Appendix D.

 

2.21 Voluntary Early Retirement

 

"Voluntary Early Retirement" means voluntary full or partial early retirement under the provisions of the Voluntary Early Retirement program provided in Appendix D of the 1996/99 Collective Agreement and its successors.

 

	Pension Documents Page, MoA on Pension Matters
Pension Plan	Contents, Section 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, Appendix A
SRA	Contents, Section 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, Appendix A, B, C, D, E
Memoranda	Actuarial Methods, Health Care, 1997-98 Contributions, 1998-99 Contributions, Surplus

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