The ratification vote scheduled for November 20th will have the effect of finalizing TUFA’s decision to provide consent to the Employer to fundamentally change the structure of our Registered Pension Plan and Aggregate Retirement Arrangement. Put another way, ratifying the collective agreement — as recommended by the Bargaining Team and Executive Committee — will bind the union to make the transition from our current stand-alone registered pension plan into the jointly sponsored University Pension Plan, subject only to the future consent of TUFA retirees and deferred members of the plan, the pension regulator, and the UPP itself. It is critical, therefore, that we ensure that members have access to the information that they need to make an informed decision in regard to the future of their retirement arrangement. For this reason, we have arranged with the Employer to have TUFA’s current plan actuary, Alan Shapira, make a detailed presentation and answer members’ questions on November 14th (from 10:30 to 12:00). This presentation will be recorded and made available for the benefit of those who are unable to attend in person.
The meeting will be held in Champlain College, Room 307. We are finalizing a general summary of the deal which will be emailed to all members as soon as possible. Per the Association’s “Policy on Payment for Care of Dependents,” individual members anticipating such expenses related to attendance at ratification vote should contact the TUFA office to arrange for reimbursement.