Posted on Jan. 21: Pension surplus distribution gets green light

The Financial Services Commission of Ontario (FSCO) has approved the distribution of McMaster's pension surplus.

Funds will be distributed as soon as possible to members, both individually and to RRSP institutions by the trustee, CIBC Mellon. Each member will receive a direct payment. Members will be sent a letter by the end of January with details explaining the final calculation and interest portion.

For more information on timelines of distribution, click here.

Discussions between the McMaster Employees' Surplus Sharing Committee and the University have been going on for more than four years. During the negotiations, the University and the Committee (representing approximately 4,500 pension plan members) agreed that each group will share the $150-million surplus — $75 million will be returned to plan members, including pensioners, and $75 million will be returned to the University to fund other initiatives.

“In October 1998, a committee was formed by the President made up of administrators and employee groups, and this committee looked at the rather large and growing surplus of the pension plan,” said Les Robb, chair of the McMaster Employees' Surplus Sharing Committee. “It took a long time and much negotiation to get to this stage. I'm relieved we have finally reached the goal of distributing this surplus and I thank all members for their patience.”

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The Financial Services Commission of Ontario (FSCO) has approved the distribution of McMaster&#039;s pension surplus.<p><br />
<br />
Funds will be distributed as soon as possible to members, both individually and to RRSP institutions by the trustee, CIBC Mellon. Each member will receive a direct payment. Members will be sent a letter by the end of January with details explaining the final calculation and interest portion.<p><br />
<br />
For more information on timelines of distribution, <a href="http://www.mcmaster.ca/mufa/penjan20.html">click here</a>.<p><br />
<br />
Discussions between the McMaster Employees&#039; Surplus Sharing Committee and the University have been going on for more than four years. During the negotiations, the University and the Committee (representing approximately 4,500 pension plan members) agreed that each group will share the $150-million surplus -- $75 million will be returned to plan members, including pensioners, and $75 million will be returned to the University to fund other initiatives.<p><br />
<br />
"In October 1998, a committee was formed by the President made up of administrators and employee groups, and this committee looked at the rather large and growing surplus of the pension plan," said Les Robb, chair of the McMaster Employees&#039; Surplus Sharing Committee. "It took a long time and much negotiation to get to this stage.  I&#039;m relieved we have finally reached the goal of distributing this surplus and I thank all members for their patience."<p>

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