Administration of the York University Pension Plan April 18, 2008

2 Pension Administration Notice was provided to all active and deferred members of the York University Pension plan that there are changes occurring January 1, 2009 and January 1, 2010 for those individuals projected to retire on a money purchase pension January 1, 2009 – the mortality table will be changed to reflect a 83% loading factor of the GAM 1994 table, the male/female ratio will be revised to 65%/35% and the non- reduction reserve is adjusted from 1.5% of ongoing concern liabilities to 3.5% of ongoing concern liabilities. These changes result in approximately 3.5% reduction in the starting income for someone retiring January 1, 2009 to December 1, January 1, 2010 – the mortality table will be changed to reflect a 70% loading factor of the GAM 1994 table. This change will result in a further approximately 3% reduction in the starting income for someone retiring January 1, 2010 or later.

3 Annual Pension Statements We are currently in the process of updating the pension administration system to incorporate the changes going into effect January 1, 2009 and January 1, The pension statements will reflect the applicable changes for normal retirement dates of July 1, 2009 onward. YURP will be updated with the account balances at December 31, 2007 and the upcoming changes sometime in June – once the December 31, 2007 pension statement has been distributed.

4 Abolishing mandatory retirement Effective December 12, 2006, mandatory retirement was abolished. In 2007 the Income Tax Act was amended to permit contributions to a Registered Pension Plan until the end of the year in which you turn age 71. This impacts employees as follows: Employees must now inform their department of their intended retirement. Non-academic employees are asked to provide six months notice while academic employees are asked to provide nine months notice. Non-academic employees may retire the first of any month following attainment of age 55. Academic employees may retire January 1 or July 1 following attainment of age 55. You must begin your pension no later than December 1 in the year you turn age 71. You may continue to work beyond age 71 so you would be in receipt of your pension income and your active salary/earnings.

5 Resources available to employees Pension & Benefits website: Pension & Benefits office Finance website: Retirement Planning Centre website: extension CPP website:

6 Pension & Benefits office Website provides active and post-retirement benefit information, pension plan text, pension plan booklet, and forms Questions may be directed to the Pension & Benefits office by calling and the extension for the counsellor associated with your last name. Your last name initialCounsellorExtension address A – EMargaret Crowe20377 F – LIda Condotta20702 M – RYvonne Rego33912 S - ZPeter Chakonza20617

7 Finance website Provides: Financial statements Newsletters Annual Pension meeting presentations

8 Retirement Planning Centre website Provides: Seminar dates and times E-Seminars with topics such as – –How to Read Your Pension Statement, –Wills & Estate Planning - Part I & II –Retirement Lifestyle Planning –Understanding York's Pension Options & Post-Retirement Health Benefits –Retirement within 5 years - a York Perspective –When Can I Afford to Retire? –Tips for Managing Money, and –Health Equals Wealth: Invest in Yourself

9 CPP website Provides: General information such as - –Your CPP Statement of Contributions –Request a CPP Statement of Contributions Benefit information Payment information such as – –Payment rates and payment dates –Direct deposit Fact sheets such as - –Credit Splitting Upon Divorce or Separation –Non-Resident Tax on Canadian Pensions

10 Retirement Planner Run estimates from the Retirement Planner – currently only active members can access the Planner however effective July 1, 2008 deferred vested employees will also have access Will you be receiving salary increases? What rate of return are you using? Will you be transferring your RRSP funds into the York Pension Plan prior to retiring? Will you reduce your workload prior to retirement?

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