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2008 PENSION PLAN ANNUAL REPORT
Table of ContentsOrganizational Chart 2
Pension Plan Governance 3
Pension Plan Management 3
Benefit Security 4
Pension Plan Information 4
Benefits for Retired Members 6
Actuarial Valuation 6
Global Financial Crisis 6
Statement of Investment Policies and Procedures 7
Investment Performance 7
Market Value of Assets 8
Ariel Pension Administration System 9
Effective Date 9
AppendicesA) Pension Plan Membership Information 10
B) Administration Fees 11
C) External Service Providers 12
D) Mandate of Pension Plan Committee and Committee Membership 13
E) Mandate of Pension Fund Investment Committee and Committee Membership 16
F) Contacts and Additional Information 18
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Organizational Chart of responsibilities and reporting relationships
Plan Sponsor andAdministrator:
- Governance structure- Policies (investment; funding)- Plan terms and provisions
Board of Governors
Executive Committee
Pension Plan
Committee
Pension Fund
Investment CommitteePresident
Administrative
Committee
Treasurer / Director
Pension FundV-P Resources
Assistant DirectorPension Fund
& Treasury
Associate V-PHuman Resources
Treasury Analyst
Assistant DirectorTotal Compensation
& Information
Manager, Pension
Pension Officer
Pension Officer
Pension Fund Investment:
- Policy recommandations- Investment manager selection- Performance objectives- Asset custody
Key Advisors:
Actuary; trustee/custodian, investment managers,consultants
Pension Plan Administration:- Member entitlements- Member communications- Pension administration- Prescribed filings
Key Advisors:Actuary; trustee/custodian, regulatoryauthorities
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Pension Plan GovernanceThe Board of Governors (the “Board”) is the administrator of the pension plan and is ultimately responsible for all aspects of the management and administration of the plan and its related assets. To provide oversight and management of the plan, the Board has established a Pension Governance Structure that delegates certain powers with respect to the administration of the plan to committees of the Board and authorized officers.
The Pension Fund Investment Committee (the “PFIC”) is an expert committee that oversees pension plan investments on behalf of the Board. Key oversight responsibilities include monitoring compliance with asset mix policy and external investment manager guidelines, and achievement of performance objectives. The PFIC establishes strategic investment priorities, assesses investment and risk management initiatives, and makes recommendations to the Board on the Statement of Investment Policies and Procedures.
PFIC membership is comprised of external representatives, investment industry executives, members of the Board and senior management team, and academic staff. Details on the PFIC mandate and current committee membership are provided in the appendices.
The Pension Plan Committee (the “PPC”) was established to oversee all aspects of pension plan administration on behalf of the Board. Key aspects of this role include monitoring compliance with investment and administrative policies, monitoring fees and expenses charged to the plan, and recommending an annual budget for fees and expenses. The PPC also monitors pension plan funding and recommends to the Board on the actuarial valuation.
The PPC is chaired by a member of the Board and membership is comprised of senior management representatives, academic staff, administrative staff, and retirees. Details on the PPC mandate and current committee membership are provided in the appendices.
Pension Plan ManagementThe University employs professional investment staff led by the Treasurer/Director Pension Fund (the “Director”). The Director is the principal staff resource for the Board and committees and provides advice and recommendations to the PFIC on all investment matters. The Director is responsible for ensuring that pension plan assets are invested and managed in a manner that is consistent with meeting the University’s obligations to current and future retirees.
Key responsibilities of the investment staff include oversight of external investment managers and the custodian, strategy implementation, operational management, liaising with consultants and industry service providers, and reporting to the committees. Manager oversight includes assessing qualitative and quantitative factors to evaluate the team of professionals, strategy execution, adherence to philosophy and style, performance versus objectives, compliance, and firm specific issues.
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The Associate Vice-President Human Resources Service (the “Associate Vice-President”) oversees pension benefit administration. This includes ensuring compliance with the pension plan bylaws and regulatory filing requirements, management of pension and membership data, record maintenance, oversight of pension benefit payments, and plan member communications. The Associate Vice-President liaises with the pension plan actuary, external benefit service providers, and representatives of the various employee groups.
Pension benefit administration functions are carried out by the staff in the Human Resources Service Pension Sector. Key responsibilities include processing plan member entitlements and managing all administrative requirements. The Pension Sector is also the central point of communications for pension plan members, provides training and information sessions, and advises employees regarding retirement options. Other duties include submission of all annual regulatory filing requirements.
Benefit SecurityThe University of Ottawa Retirement Pension Plan (1965) is a contributory defined benefit plan. A defined benefit plan means that retired, deferred retirements and active plan members are guaranteed retirement benefits by the employer. Ontario pension plans are supervised by the Financial Services Commission of Ontario (“FSCO”) and retired plan members’ benefits are fully protected under existing legislation. Defined benefit pension plans cannot be amended to reduce accrued pension benefits or indexation that is guaranteed under the plan provisions.
The employer is responsible for funding the pension plan and employer contributions must comply with pension legislation and actuarial standards. Further, pension plan assets must be held in a trust fund that is separate from the assets of the employer. Therefore the assets of the pension plan cannot be used to cover employer operating costs and cannot be seized by an employer’s creditors.
Pension Plan InformationFor the University’s pension plan, normal retirement age is 65, with options for both early retirement and deferred retirement. Retirement benefits are based on years of pensionable service and the best 60 months of salaries at retirement and are adjusted thereafter to reflect some or all of the increases in the Consumer Price Index (the “CPI”).
If an active plan member leaves the University, the plan member may elect to transfer the commuted value of the pension benefits already earned, or leave his or her earned benefits in the plan. Earned benefits left in the plan are called deferred pensions.
The pension plan benefits described above do not include benefits that may be provided to employees under the supplemental plan. The supplemental plan was created through the pension reform process; service is recognized until December 2007.
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Active employees contribute at the rate of 4.25% for salaries up to a value that is adjusted annually in proportion to the Yearly Maximum Pensionable Earnings (the “YMPE”), as defined in the pension plan by-laws. For salaries above that amount, employees contribute 6.55% of salary.
The employer’s contribution rate for 2008 is 12.52%; this rate is determined by the most recent actuarial valuation filed with regulatory authorities, which is the valuation effective January 1, 2008. For registered pension plans, actuarial valuations must be filed at least once every three years.
The employee contributions for 2008 provided below reflect the final two months of a seven month contribution holiday that commenced in the previous year. There was no employer contribution holiday for 2008, the employer completed a seven month contribution holiday in 2007.
2,400
2,600
2,800
3,000
3,200
20082007200620052004
2,704
Active Members as of December 31
2,7552,876
3,0523,143
1,200
1,300
1,400
1,500
1,600
1,700
20082007200620052004
1,359
Retired Members as of December 31
1,4231,487
1,5431,608
550
600
650
700
750
20082007200620052004
630
Deferred Members as of December 31
654676 675
732
0
10
20
30
40
50
20132012201120102009
Normal Retirement Projections
Teaching Staff Support Staff
$12$18
$11$17
$13
$20
$7$10
$13
$28Employee Total
Employer Total
$0$5
$10$15$20$25$30
20082007200620052004
Contributions to Pension Fund ($millions)
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Benefits for Retired MembersThe pension plan benefits are established in the plan text, which provides for automatic annual indexation of pensions according to the following formula:• If CPI is less than 2% CPI• If CPI is between 2% and 3% 2%• If CPI is greater than 3% CPI – 1%• If sufficient investment gains 100% CPI
On January 1, 2008, pensioners received a 2.50% automatic increase in compliance with the formula described above. All indexation of retiree benefits eligible under the plan text has been granted up to January 1, 2008.
On January 1, 2009, pensioners received a 2.00% automatic increase in compliance with the formula described above. As at January 1, 2009 there is an additional 0.50% CPI increase that does not fall under the automatic formula and cannot be granted because the pension plan does not meet the required financial tests at this time.
Actuarial Valuation The most recent actuarial valuation that was filed with the Canada Revenue Agency (CRA) and FSCO was effective January 1, 2008 and filed in July 2008 showing a net surplus of $126,773,000 on a funding basis. Due to the net surplus on a funding basis there are no special payments required by the University. The level of employer contributions and financial position of the pension plan are determined by the actuarial valuation. Since an actuarial valuation must be filed with the regulatory authorities on a triennial basis, the next required filing is due as at January 1, 2011.
Negotiations are underway between the University and its employee groups to finalize amendments to the plan text.
Global Financial Crisis The crisis in global financial markets during 2008 started with the credit market crisis in the previous year that was triggered when the US housing market went into a downturn, mortgage defaults accelerated and financial institutions and hedge funds had to reduce leverage. This led to business and hedge fund failures and with the addition of an economic downturn, the situation accelerated into one of the most challenging economic and capital market environments in decades.
Long-term investors with exposure to global financial markets were impacted by this crisis and the primary factor was unrealized capital losses. The University’s pension plan did not incur any direct losses from the credit market crisis because it did not hold non-bank sponsored commercial paper or other defaulting securities. The investment portfolios are managed by professional firms and none of the firms that the University does business with in this area have failed or are in financial difficulty.
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Statement of Investment Policies and Procedures The Statement of Investment Policies and Procedures (the “SIPP”) provides the objectives, guidelines, and procedures to manage the assets of the pension plan. Investment objectives and risk tolerance are reflected in the asset mix, strategic ranges for asset classes, and diversification policies.
Differences between policy and actual asset mix are expected due to market value fluctuations; the asset mix is in compliance with SIPP guidelines. Asset mix at December 31, 2008:
A portion of the foreign currency exposure is hedged. Hedging is intended to reduce risk by reducing the volatility from the pension plan’s holdings of foreign currency denominated investments through use of currency futures and forward contracts.
The real return asset component includes real return bonds that are held for long term inflation protection and real estate. Funding of real estate commitments commenced in early 2008 and is a key long-term strategy to meet the real return objective established in the SIPP.
Investment risk exposures largely arise from market risk that is comprised of price, currency and interest rate risks, credit risk and liquidity risk. Complete details of the investment risk exposures as at December 31, 2008 and steps taken to mitigate these risks are provided in the audited financial statements and accompanying notes.
Investment PerformanceInvestment performance is evaluated against a benchmark that is comprised of a combination of market indices. Total fund return for periods ending December 31 compared to benchmark:
PolicyCanadian Equities
Global Equities
Real Return Assets
Fixed Income
Cash and Short-Term
Actual
14%0%
41%
13%
32%
13%0.9%
37%
14%
35%
-20%-15%-10%
-5%0%5%
10%15%
20042005200620072008
Annual
Total Fund Benchmark Total Fund Benchmark
-20%-15%-10%
-5%0%5%
10%
10 years4 years3 years2 years1 year
Annualized
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In addition to benchmark comparisons, long-term performance objectives established in the SIPP include a real return objective that is intended to meet the actuarial requirement to fund pension benefits. The global financial market crisis resulted in negative returns severe enough to impact long-term performance. Therefore at December 31, 2008 the real return objective was not met. 1 Year 4 Years 10 YearsTotal Fund Return -16.4% 2.1% 4.6%Benchmark Return -13.6% 2.6% 4.6%Value Added -2.8% -0.5% 0.1%
SIPP 4-year Objective 0.5% Objective Met? No
Total Fund Return -16.4% 2.1% 4.6%Less: Inflation (CPI) 1.2% 1.8% 2.2%Real Return -17.6% 0.2% 2.4%
SIPP 10-year Objective 4.25%Objective Met? No
The PFIC establishes long-term investment strategies and evaluates the total fund return compared to established performance objectives. Due to the long-term nature of the investment strategies, periods of extreme market volatility such as what occurred during 2008 may result in a divergence between investment results and performance objectives. The PFIC does not react to short term market factors and consistently applies its long-term strategies.
Primary factors that impacted 2008 performance versus objectives were Canadian dollar weakness and a shortfall in meeting objectives established for the real return assets component of the asset mix. Real return assets were impacted by negative markets. In addition, the real estate strategy is in the portfolio building stage and it will require years to validate its success.
Individual investment managers have separate performance objectives that are tailored according to the unique aspects of their investment mandate. Investment manager performance is monitored on an ongoing basis and appropriate actions are taken to address any shortfall in meeting performance objectives.
Market Value of AssetsRBC Dexia Investor Services Trust, the trustee/custodian, holds the pension plan assets in trust. As at December 31, 2008, the market value of assets held by the trustee/custodian was $1,033 million (December 31, 2007 - $1,259 million).
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Ariel Pension Administration System The Ariel pension administration system is an application that compiles member information and data on individual contributions and service. It also provides benefit calculations. Active members are able to access their personal data in this system through the new web based retirement planning tool.
Effective DateThe information in this report is as of December 31, 2008, unless indicated otherwise. .
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Appendix A
Pension Plan Membership InformationACTUAL RETIREMENTS DURING 2008
Normal Early Total
Teaching Staff 8 27 35Support Staff 2 59 61Total 10 86 96
FUTURE DEFERRED PENSIONS Unlocated 2009 to 2013 >2013 Total
Teaching Staff 20 45 197 262Support Staff 8 71 391 470Total 28 116 588 732
ACTIVE MEMBERS AGED OVER 65 2007 2008 Total
Teaching Staff 13 11 24Support Staff 2 2Total 15 11 26
REGULAR EMPLOYEES THAT ARE PLAN MEMBERS AS OF DECEMBER 31, 2008 Aged 55 and Over Under 55 Male Female
Teaching Staff 306 899 760 445Support Staff 240 1,698 712 1,226Total 546 2,597 1,472 1,671
PENSION PAYMENTS AND WITHDRAWALS ($)(In thousands of dollars; totals may differ from column sums due to rounding.)
2004 2005 2006 2007 2008
Pension Paid 32,841 34,964 35,944 40,962 43,644Member Withdrawals 4,303 3,845 5,022 8,892 6,694Total $37,144 $38,809 $40,966 $49,854 $50,338
PENSION CONTRIBUTIONS ($) 2004 2005 2006 2007 2008
Employee Contributions 11,563 10,933 12,732 7,285 12,678Employer Contributions 18,355
17,409 20,139 10,092 28,481Total $29,918 $28,342 $32,871 $17,377 $41,159
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Appendix B
Administration Fees
Notes 2004 2005 2006 2007 2008
Investment Management 2,947,537 3,559,676 4,293,286 5,058,238 4,574,256
Custodian 278,576 282,207 339,662 318,915 279,500
Investment Consulting 1 57,244 103,597 123,024 136,150 118,931
External Audit 24,043 28,391 26,760 28,724 32,780
Actuarial Services 2 381,553 376,045 234,390 400,293 441,045
Pension Administration 3 122,723 171,758 178,135 229,741 237,325
Other Professional 4 4,740 0 5,037 9,819 48,921
Other Administration 5 316,592 319,876 327,842 391,865 463,418
TOTAL 6 $4,133,008 $4,841,550 $5,528,137 $6,573,745 $6,196,176 Notes:1. Investment consulting includes fees for fund evaluation, performance measurement services, and special projects.
2. The 2008 expenses include actuarial valuations, consulting for special issues, as well as ongoing actuarial services.
3. Pension administration reflects external fees paid for the Ariel pension administration system; it includes costs related to
producing employee benefit statements.
4. Other professional fees include special projects and legal fees. The increase in 2008 was due to the legal due diligence
required for real estate investments.
5. Other administration includes internal charges from the University of Ottawa, governance costs, and amounts paid to
the Pension Commission of Ontario.
6. The decrease over the prior year is mainly due to lower investment management fees, which fluctuate with the market
value of assets.
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Appendix C
External Service Providers
Actuarial and Benefit Consulting ServicesMercer
Pension Administration and Employee Benefit StatementsMorneau Sobeco
Trustee/Custodian and Securities LendingRBC Dexia Investor Services Trust
External AuditorDeloitte & Touche
Investment ConsultingBrockhouse CooperMercer
Performance Measurement ServicesBNY Mellon Asset Servicing
External Investment Managers
Barclays Global Investors Canada LimitedBarclays Global Investors Canada Limitedhttp://www.barclaysglobal.com/http://www.barclaysglobal.com/
Canadian EquitiesCanadian EquitiesU.S. EquitiesU.S. EquitiesCanadian BondsCanadian Bonds
Jarislowsky Fraser Ltd.Jarislowsky Fraser Ltd.http://www.jfl.ca/http://www.jfl.ca/
Canadian EquitiesCanadian Equities
Advisory Research Inc.Advisory Research Inc.http://www.advisoryresearch.com/http://www.advisoryresearch.com/
U.S Equities U.S Equities
Armstrong Shaw Associates Inc.Armstrong Shaw Associates Inc. U.S EquitiesU.S Equities
Tweedy, Browne CompanyTweedy, Browne Companyhttp://tweedy.com/http://tweedy.com/
Global EquitiesGlobal Equities
Axiom International Investors LLC Axiom International Investors LLC International EquitiesInternational Equities
Letko, Brosseau & Associates Inc.Letko, Brosseau & Associates Inc.http://www.lba.ca/http://www.lba.ca/
Canadian BondsCanadian BondsReal Return PortfolioReal Return Portfolio
Canso Investment Counsel Ltd.Canso Investment Counsel Ltd.http://www.cansofunds.com/http://www.cansofunds.com/
Canadian BondsCanadian Bonds
Mondrian Investment PartnersMondrian Investment Partnershttp://www.mondrian.com/http://www.mondrian.com/
International EquitiesInternational Equities
Aurion Capital ManagementAurion Capital Managementhttp://www.aurion.ca/http://www.aurion.ca/
Real EstateReal Estate
UniveUniversity of Ottawarsity of Ottawa Real Return BondsReal Return Bonds
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Appendix DAppendix D
Mandate of Pension Plan Committee
Save and except the powers to appoint the members of the committee, modify the pension plan, and appoint the trustees and investment managers of the pension fund which are under the exclusive jurisdiction of the Board of Governors, the Pension Plan Committee has been delegated all of the powers necessary for the interpretation of the pension plan and the administration of the pension fund.
In accordance with and without limiting the above, the Pension Plan Committee shall:
1. Monitor the administration of the pension fund so as to ensure compliance with the terms of the Plan bylaws, the pension fund expense policy and the Statement of Investment Policies and Procedures. In order to fulfill this function, the PPC shall receive all relevant information including a copy of the Plan documents, the Annual Information Return and the related Statement of Investment Policies and Procedures, the reports of the Director, Pension Fund in respect of fees and expenses charged to the fund and the relevant parts of the minutes of the meetings of the PFIC.
2. Monitor any proposed plan benefit modifications and advise the Board or one of its committees with respect to these modifications and on any other matters on which the PPC has been asked by the Board or one of its committees to advise.
3. Monitor member communications so as to ensure an appropriate dissemination of Plan matters to the Plan members through the Director, Human Resources, as required.
4. Monitor the funding of the Plan, at least annually, and comment as appropriate. In order to fulfill this function, the PPC will receive the Plan’s audited financial statements and the actuarial reports. The PPC will also receive the reports of the Pension Fund Investment Committee to the Board of Governors.
5. Monitor compliance with legislation through receipt of copies of legislated reports/filings and of annual compliance reports from each of the Director, Pension Fund and the Director, Human Resources.
6. Interpret, when required, any matters relating to the Plan bylaws, the methods to be employed for the calculation of benefits and the determination of a right to a benefit.
7. Review and recommend on the actuarial valuation in a timely manner.
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8. Review and recommend on policies relating to the administration of the pension fund, including the pension fund expense policy.
9. Review and recommend on the proposed annual budget of fees and expenses to be charged to the pension fund prepared by the Director, Pension Fund. The budget shall include an allowance for external assistance for the PPC as is necessary for the exercise of its mandate.
10. Request, through the Chair of the PPC, external assistance when necessary for the PPC to exercise its mandate, subject to the approved annual budget, and subject to the pension fund expense policy for unbudgeted amounts.
With respect to the SIPP, the PPC will review and comment on the SIPP prior to any recommendation by the PFIC to the Board. If there are differences between the PPC and the PFIC after the PFIC has provided a response to the PPC on its comments and recommendations, a meeting between the PPC and the Chair of the PFIC will take place if requested. On those parts of the SIPP where there is still a disagreement following such a meeting, the PPC will make its own recommendation to the Board of Governors.
The PPC shall report to the Board at least annually or more often as requested, on relevant pension issues within its mandate.
Source: Pension Governance Structure (November 2002)
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Pension Plan Committee Membership (As at May 31, 2009)
ChairPeter Harder Senior Policy Advisor, Fraser Milner Casgrain LLP Member of the Board of Governors
Vice-Chair Louise Pagé-Valin Associate Vice-President, Human Resources
APUO Representatives Atef E.F. Fahim Professor, Department of Mechanical EngineeringTony G. Horava Collection and Information Resources Coordinator, LibraryRichard Blute Professor, Mathematics and Statistics Department
Representatives of the Board of Governors Victor Simon Vice-President, ResourcesPamela Harrod Advisor to the President, Special Projects
Representative of Clinical TeachersVacant
Representative of Retired ProfessorsViateur Bergeron Retired Professor
Employee RepresentativesChantal Béland Manager, Finance and Human Resources, Faculty of EngineeringMarie-Claude Langlois Manager, Accounting and Administration, University RelationsDenis Bouchard Chief Administrative Officer, Faculty of Graduate and Postdoctoral Studies
Ex-OfficioAllan Rock President and Vice-Chancellor
Secretary of CommitteeDanielle Mudry Assistant Director, Total Compensation and Information
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Appendix E
Mandate of Pension Fund Investment Committee
The Pension Fund Investment Committee will, after giving proper consideration to the comments and recommendations of the PPC, recommend to the Board of Governors the approval of the Plan’s related SIPP. This includes establishing the return on investment objective and risk tolerance including the asset mix policy and strategic ranges for asset classes.
Within the parameters of the approved SIPP, the PFIC will be given the exclusive power to:
1. Approve criteria for investment manager selection and performance criteria.
2. Monitor investment manager performance and compliance with SIPP and applicable legislation.
3. Recommend to the Executive Committee the adoption of any investment manager mandates/contracts, securities lending agreements and trust/custodial agreements related to the Plan.
4. Recommend to the Executive Committee the criteria for trustee/custodian selection and performance evaluations.
5. Recommend to the Executive Committee the appointment, removal or retention of the trustee/custodian and investment managers.
6. Monitor the performance of the trustee/custodian.
The PFIC shall report to the Board of Governors at least annually or more often as requested, on relevant pension issues within its mandate.
Source: Pension Governance Structure (November 2002)
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Pension Fund Investment Committee Membership(As at May 31, 2009)
Chair, External Member*Gordon Thiessen Retired Governor of the Bank of Canada
Member of the Board of GovernorsLouise Tardif Retired Investment Industry Executive
External Members*William J. Saunderson Retired Investment Industry ExecutiveAndrew Smith Retired Investment Industry Executive
Ex-OfficioVictor Simon Vice-President, Resources
APUO RepresentativesAtef E.F. Fahim Professor, Department of Mechanical EngineeringWilliam F. Rentz Professor, School of Management
Member of the PlanLucie H. Mercier-Gauthier Associate Vice-President, Financial Resources
* An external member is a person who is neither employed by the University of Ottawa, nor a member of the Board of Governors, nor a member of the Plan.
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Appendix F
Contacts
Pension Fund Investment Contacts Barbara Miazga Treasurer/Director Pension Fund 613-562-5953
Sébastien Chabot Assistant Director, Pension Fund and Treasury 613-562-5800 extension 8756
Juliane Hua Treasury Analyst 613-562-5800 extension 2842
Pension Plan Administration Contacts Luc Lauzière Manager, Pension 613-562-5800 extension 1539
Micheline Moreau Pension Officer 613-562-5800 extension 1206
Louise Pelletier Pension Officer 613-562-5800 extension 1747
Address:550 Cumberland, Room 019Ottawa, ON K1N 6N5
Fax: 613-562-5206E-mail: pension @uottawa.caWeb site: www.hr.uottawa.caPension Plan Web Planner: www.hr.uottawa.ca/pension/plan/site/index.php
Additional InformationAdditional information on the pension plan and the link to the web based retirement planning tool can be found on the Human Resources Service website (www.hr.uottawa.ca) or through the Pension Sector of the Human Resources Service (phone: 613-562-5375 or e-mail: [email protected]).
The website provides an important communications tool for active employees and retired pension plan members. The index on the home page directs active staff members (with a special sub-section for employees nearing retirement) and retired members to the forms and information that matter most to them. Visit the web site for Plan Information, Forms and Guides, Activities, Planning, Publications, Plan Management, Contacts and Contribution/Pension Benefit Simulators.
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