1. University of Northern BC
UNBC Pension Plan
May 10, 2016
University of Northern BC

2. University of Northern BC
Agenda
Introductions
Plan Overview
Fund Lineup
Plan Governance
Initiatives
Questions
University of Northern BC

3. University of Northern BC
Plan Overview:
Defined Contribution Plan
Eligibility – On date of hire if a regular employee works more than .51 FTE or after 2 years continuous employment
Vesting – Immediate upon enrolment
Vesting: when plan member gets access to the employer’s contribution.
University of Northern BC

4. University of Northern BC
Plan Overview
Locking In: Immediate, upon enrolment
Authority: Pension Benefits Standards Act of BC
Education
New & current member orientation sessions with a Human Resources and a Sun Life representative
Online options available on the Sun Life web site
Education Workshops
Voluntary Contributions – Allowed within CCRA guidelines but employer does not match
Locking in means you cannot withdraw until you retire, must be at least 55 years old, there are 4 exceptions: if the amount of pension is below prescribed limits e.g. less than 1/12th of 10% of annual pensionable amount, or physical disability that considerably reduces one’s life expectancy, or you can satisfy CRA you are not a Canadian resident. Voluntary contribution is the only portion you are allowed to withdraw while employed
University of Northern BC

5. Plan Overview Employee Contributions UNBC Contributions
UNBC DC
Pension Plan
Employee
Contributions
UNBC
Contributions
3% of earnings up to the YMPE
5% above the YMPE
Additional Voluntary (no match)
Transfers-in allowed
review
8% of earnings up to the YMPE
10% above the YMPE
2016 YMPE = Yearly Maximum Pensionable Earnings = $54,900

6. University of Northern BC
Funds
20 fund options available through Sun Life:
GIC (1, 3 & 5 years) - Money Market(1)
Bond Funds (2) - Balanced Funds (3)
Diversified Income (1)
Canadian Equity (4) - Foreign Equity (6)
Plan member responsible for obtaining independent investment advice
Default Fund is the Beutel Goodman Balanced Segregated Fund
Investment changes can be made at any time
Investment changes: there are no fees if done…
University of Northern BC

7. University of Northern BC
2016 Fund Lineup
University of Northern BC

8. University of Northern BC
Plan Governance:
The UNBC Pension Plan is managed by a Board of Trustees
4 University Appointed Trustees: (VP Finance & Business Operations; Director – Human Resources; Director – Finance & Budgets; External)
4 Employee Representative Trustees (CUPE, Exempt, Directors & Faculty)
University of Northern BC

9. University of Northern BC
Member Trustees
Catherine King (CUPE Rep)
Aaron Leblanc (Director Rep)
William Chew (Exempt Rep)
Jalil Safaei (Faculty Rep)
University of Northern BC

10. University of Northern BC
Governance continued
Fund administration is supported by Sun Life
Independent investment advice is provided to Trustees by Ellement Consulting Group (formerly Asset Performance Inc.)
Governance advice is provided by AON Hewitt
University of Northern BC

11. Investment/Administration Fees
Investment management, custodial and member record keeping fees are set by fund managers and Sun Life. Fees range from 0.19% to 1.00%.
Administration fees are used to offset any expenses related to compliance with pension legislation, implementation of any changes in pension governance, independent advice, revision of existing pension documents, etc., and are set by the Trustees as part of budget process.
Administration fee $4.00 / month per member.
University of Northern BC

12. Initiatives started/completed in 2015
Plan member education sessions continued throughout the year, delivered by Sun Life
Open pension orientations to new and continuing members on how to use the Sun Life website.
Retirement Planning Seminars
Updated Plan Documents per the New Pension Standards Act
Addition of 3 new funds to our plan
Removed the CI American Value Segregated Fund
University of Northern BC

13. University of Northern BC
2015 UNBC Pension Budget
University of Northern BC

14. University of Northern BC
2016 Initiatives
Trustee education for new trustees
Maintain admin fee charge of $4 monthly
Heighten the members’ awareness of their investment responsibility
Continue to educate members on how to use the Sun Life website for their account and information.
Sun Life webinars now available
University of Northern BC

15. University of Northern BC
Questions?
University of Northern BC