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Memorial's Pension Plan During the COVID-19 Pandemic

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Memorial's Pension Plan During the COVID-19 Pandemic Your Voice MUN Pensioners’ Association (MUNPA) Newsletter • Vol. 18, No. 3, June 2020 Co-editors: Bernadette Power, Ann Ryan • Design and layout: Mark Graesser Photo/Gene Herzberg Memorial’s Pension Plan During the COVID-19 Pandemic By Glen Roberts Manager of Benefits, Pensions and Compensation Department of Human Resources e are living in unprecedented socio-eco- amount at age 65 tied to integration with the Wnomic times. As a result, many pension Canada Pension Plan. plan members, both retired and still working, may be concerned about their pension and their Nowhere in the pension formula is there any own long term financial security. reference to the impact of year over year invest- ment performance of the pension fund. As you might expect, the Memorial Universi- ty Pension Plan, like many others across the This is unlike an RRSP or defined contribution country, has experienced some financial chal- type of pension plan where investment per- lenges due to the investment market turmoil formance and economic conditions will have a brought on by the combined effects of the direct impact on the amount of annual pension a COVID-19 pandemic and world oil prices. person receives. Status of the Plan What does the future hold? he pension fund began 2020 in good standing he future remains to be seen. No one knows Thaving earned 16.4 per cent for the year Thow long or how deep the current economic ended Dec. 31, 2019. However, in the ensuing cycle will be or what the ultimate impact will be months the fund declined by 8.3 per cent. on pension plan funding. Annual actuarial valua- Compared to other similarly invested funds, this tions of the pension plan keep us informed of our result was relatively good. Out of 100 compar- financial position and highlight any changes in ator investment funds, Memorial’s pension fund the plan’s cost structure. A valuation is currently ranked in the 12th percentile. Only 11 per cent underway for the year ended December 31, of funds did better. 2019. Continued on page 3. The ups and downs of the economic cycle are normal activity and the pension plan has been through many such cycles over its lifetime Inside this issue with no impact to the pensions it pays. This is because Memorial pensions are not directly President’s Message ..................... 2 related to the performance of investment New MUN President Timmons ....... 4 markets as the university has a defined benefit Outings Group advice ................... 5 plan. With a defined benefit plan retirement pensions are based on a pre-determined formula Connaigre driving tour ................. 6 contained in the plan rules. University pensions Philip Hiscock reminisces ............. 7 are paid for life and are calculated or defined by Joan Scott ponders nature the formula: 2 per cent x years of pensionable and the virus ............................ 8 service x best five-year average salary, less an 1 President’s Message ocial distancing, sheltering in place, staying Swithin our bubbles… All of us have been adjusting to a new normal different from anything we imagined a few months ago. If we have been lucky enough to remain healthy, that has meant moving in constricted circumstanc- MUNPA Contact Information es, not getting together with friends or family, going for coffee or lunch, or doing things that Office Room 2003E, Signal Hill Campus had been part of our normal routine. Travel Office Assistant Jackie Collins plans are on hold. Harder still, some have been Main e-mail [email protected] unable to visit relatives who are ill or grieve, as Phone (709) 864-6979 they normally would, for those who have died. Website www.mun.ca/munpa Seeing friends and family online, via Zoom or Your Voice [email protected] other platforms, for those who can, has been a St. John’s Programme Committee partial substitute but not the same thing. [email protected] Grenfell MUNPA Committee Like many organizations, MUNPA has also been Mary Sparkes [email protected] adjusting to a new normal, grappling with what Lois Bateman [email protected] we can and cannot do. Some changes have been easy, others more difficult: Our last three Board meetings have been online. Despite some initial glitches, the process has worked From the Editors well enough that, at least to me, it seems normal. One benefit is that Mary Sparkes, our ell, we’ve come to the end of another year West Coast Representative, and former board of Your Voice and what a year it has W member, Lois Bateman, who has been assisting been! While the pandemic has brought the world her, are no longer figures on large screens at to a halt, it has also given us an opportunity the other end of the room, but participants to put our lives in perspective. We have been as present as people here in St. John’s. In a forced to recognize the many disparities in the different vein, our office assistant, Jackie Collins, world depending on where you live, how you has been able to perform most, but not all office live, governance structures, supports you have, functions from her home. freedom you have, etc. We’ve always known it was there but now the knowledge is obvious and iguring out what to do about programming unavoidable to consider. While many of us are Fhas been another matter. We initially still quarantined in our homes, there is a great suspended everything, but realized that some deal to be grateful for. We hope this summer we of our focus and special interest groups might will be free to get outside more and spend time want to meet online. The Memoir Group, the with family and friends. Continued on page 3. This year we have tried to provide our members with a variety of interesting stories and infor- Join the MUNPA Facebook Group mation that is relevant to our membership. We ask that you consider submitting articles of your MUNPA’s Facebook Group is up and running. choice in the coming year. Your words can bring Social networking is alien to many of us, but a smile or memory to someone and, in turn, it provides a way to share thoughts and keep inspire them to do the same for you. PASS IT in touch with others. At last count, fifty-five ON! MUNPA members have joined. Give it a try and see what others are thinking or doing. Enjoy your summer. You must have a Facebook account. Go to Bernadette Power the MUNPA group page and ask to become a Ann Ryan member. 2 President’s Message, continued Pension Plan, continued Shutterbug Club, Health and Aging, and the ith respect to funding, the University Craft Group have taken up the challenge. The WPensions Committee has engaged the process has not been seamless – some people pension plan’s actuary and investment consul- have had trouble joining -- but it has worked. tant to prepare an asset-liability study that will The Memoir Group normally meets once a month inform how the fund is invested in the future. on Mt. Scio. Since the pandemic began, it has This study will guide the plan’s investment policy been meeting every two weeks, with members with the primary objective of ensuring its future turning out copy at an accelerated rate. In sustainability so that it is well positioned to meet another, Shutterbug Club members have been its obligations and weather future economic sharing photos on Zoom as readily as we did downturns. In addition, since the beginning of on Signal Hill. In a different vein, members of this year, the university and employee groups Games groups have chosen not to play games have continued to work on a future governance online but get together once a month to chat. structure for the pension plan that would entail joint responsibility for its management and The AGM and our 35th Anniversary Event funding. ur Annual General Meeting was to have As for the day to day administration of the Otaken place on June 4th. Hoping that pension plan, this is continuing. Human we could have a “normal” meeting in fall, we Resources staff are working remotely. People are postponed it. However, Memorial’s decision retiring, pensions and refunds are being paid, to teach fall semester classes online precludes plan expenses are being met and investment large gatherings. Instead, we will hold either a related activity is ongoing. ‘blended’ AGM, with some members physical- ly present and others participating online or, if What can you do to help? need be, an online meeting during the week of October 5th. Uncertain about when we might be As the team has moved to a remote-based, able to hold it, we have also decided to cancel paperless work environment, there are some our 35th anniversary celebration. things that employees and retirees can do to help Human Resources maintain a safe, secure Tribute Awards, Facebook Group and other and efficient workplace. If you are retired and matters still receive your pension payment by paper cheque, please request a change to direct Nominations for MUNPA’s Tribute Awards are deposit by contacting [email protected]. Communi- due by August 31st. MUNPA’s Tribute Awards cate with Human Resources and submit pension “recognize the importance of the ongoing contri- related forms via e-mail at [email protected] or butions of Memorial’s retirees to the University direct e-mail with a pension specialist if you or the Community.” Putting together a nomina- have already initiated your retirement process. tion takes time and effort. If you know someone who deserves recognition, now is a good time to Above all, ask questions.
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