Memo: UBC Staff Pension Plan – Enrolment changes effective April 1, 2020 (Oct. 9, 2019)

Memorandum
Date: Oct. 9, 2019
To: HR Advisors, HR Associates, and HR Administrators
From: Barbara Meens Thistle, Vice President, Human Resources
Subject: UBC Staff Pension Plan – Enrolment changes effective April 1, 2020


Last month, the Board of Governors approved changes to enrolment under the UBC Staff Pension Plan.

Currently, eligible staff have the option of delaying their enrolment in the UBC Staff Pension Plan for up to three years. After three years, enrolment becomes mandatory. Under the current rules, approximately 89% of eligible staff choose to join the UBC Staff Pension Plan immediately or within one year.

As of April 1, 2020, the following changes will take effect:

  • There will no longer be a three-year optional enrolment period. New staff will be automatically enrolled in the UBC Staff Pension Plan based on eligibility criteria for their employment group. To view eligibility criteria visit: http://www.hr.ubc.ca/wellbeing-benefits/benefits/getting-started/eligibility.
  • Part-time salaried staff and CUPE 116 hourly staff will join the UBC Staff Pension Plan much earlier under the new rules. They no longer have to wait at least 12 months and meet an earnings threshold to become eligible.
  • Existing staff who are currently eligible to join the UBC Staff Pension Plan, but have chosen not to, will be directly notified that they will be enrolled on April 1, 2020.

By making enrolment mandatory earlier, the UBC Staff Pension Plan will help staff save for their retirement by requiring them to start saving sooner.

If you have questions or require more information, please contact Orla Cousineau, Executive Director, Pensions, at orla.cousineau@ubc.ca.