UPEI reaches pension deal

The University of Prince Edward Island is pleased to announce that a pension agreement has been ratified with all of the unions.

The final step in the approval of the pension agreement happened last night when UPEI’s Board of Governors approved the agreement. The University’s unions, which include UPEIFA Bargaining Unit #1, UPEIFA Bargaining Unit #2, IBEW 1928, CUPE 1870 and CUPE 501, ratified the new pension agreement last week.

“The pension plan’s sustainability was critical to all employees of the University which is why I am so pleased with the new pension agreement’s structure,” said Dr. Alaa Abd-El-Aziz, President and Vice-Chancellor. 

Highlights of pension agreement include:

• The University and the UPEI unions will transition to a Jointly Sponsored Pension Plan effective January 1, 2017. 
• The Sponsor Board will make decisions on funding and benefits. 
• The Jointly Sponsored Pension Plan will be administered by a Board of Trustees. 
• Both the Sponsor Board and the Board of Trustees will have equal representation from the University and the unions. 
• The Jointly Sponsored Pension Plan will have 50/50 cost sharing between the University and the unions.