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McMaster University

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Pension Trust Committee

Terms of Reference

The Board of Governors By-Law No. 1, section 15, sub-section 3 (f) states:

The Pension Trust Committee shall be composed of the Chair, the Vice-Chair(s) of the Board, the President and the Vice-President (Administration) as ex officio members; four members appointed by, but not necessarily from, the Finance Committee of the Board; eight members of the Pension Plan, three of whom shall be appointed by the McMaster University Faculty Association, one of whom normally shall be appointed from the professional librarians; one of whom shall be appointed by the McMaster University Clinical Faculty Association; two of whom shall be appointed by CAW Canada, Local 555; one of whom shall be appointed by the McMaster University Retirees Association; and one of whom shall be appointed by the President, in consultation with the Assistant Vice-President (Human Resources), from The Management Group.

Eight members of the Committee shall constitute a quorum.

Appointments shall become effective on July 1, and members shall hold office for a period of one year but any member shall be eligible for re-appointment. If a vacancy occurs during the year, a replacement shall be appointed within sixty days in the same manner as the prior appointment. The Pension Trust Committee shall elect a Chair from among its members.

The Committee shall:

  1. Recommend to the Board general pension investment policy and the annual Statement of Investment Policies and Objectives for submission to the Financial Services Commission of Ontario;
  2. Monitor and review performance of Investment Consultants and Fund Managers:
    1. Make recommendations to the Board with respect to situations of deviation or proposed deviation by Fund Managers from the Statement of Investment Policies and Procedures;
    2. Make recommendations to the Board on the appointment or replacement of such Investment Consultants and Fund Managers;
  3. Monitor the annual calculation of the "Net Interest on the Fund" and the "Annual Pension Increase";
  4. Discuss and promote awareness and understanding of the pension plan by members of the plan and persons receiving benefits under the plan;
  5. Comment and make recommendations to the Finance Committee on
    1. the performance and appointment of the actuary; and
    2. the actuarial methods and assumptions used in determining the financial condition of the pension plan and the contributions to the pension plan;
  6. Comment and make recommendations to the Finance Committee on proposed changes to the pension plan text, and propose changes to the pension plan text;
  7. Monitor at least annually the administrative expenses paid from the pension plan, and determine whether they are appropriate. Changes in the nature and structure of administrative expenses paid may be approved by the Board only if recommended by the Pension Trust Committee as a result of a ballot of all Pension Trust Committee members.

Membership

The Chair  of the Pension Trust Committee is elected by and from the members. The Pension Trust Committee consists of the following members for July 1, 2017 to June 30, 2018:

Name Type Position
Vacant Member Appointed by the Finance Committee
T. Bedard (Terry) Member Appointed by the Finance Committee
D. Bridgman (Donald) Member Appointed by the Finance Committee
D. Henne (Deidre) Member Appointed by the Finance Committee
T. Chamberlain (Trevor) Member McMaster University Faculty Association
S. Cheung (Sherman). Member McMaster University Faculty Association
M. Letendre (Marc-Andre) Member McMaster University Faculty Association
J. Turnbull (John) Member McMaster University Clinical Faculty Association
B. Diacon (Barry) Member UNIFOR
E. Heikoop (Emily) Member UNIFOR
B. Beckberger (Brian) Member McMaster University Retiree's Association
S. Mitchell (Susan) Member The Management Group
P. Douglas (Paul) Ex Officio Chair of the Board
B. Merkel (Bradley) Ex Officio Vice-Chair of the Board
P. Deane (Patrick) Ex Officio President
R. Couldrey (Roger) Ex Officio Vice-President (Administration)
S. Moore (Steven) Consultant  
P. Christiani (Paul) Consulting Actuary  
T. Smith (Tawnya) Chief Internal Auditor