Daily Bulletin

Wednesday, February 4, 1998

University of Waterloo • Waterloo, Ontario, Canada

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Open meeting today on pensions

Proposed improvements to the UW pension plan will be discussed today at public meetings in NH 3001 from 12:15 to 1:45 p.m. and from 3:00 to 4:30 p.m. The meetings have been called to explain the proposed changes, and to allow for input from plan members before the board of governors is asked to approve the proposals.

Last April, the pension and benefits committee decided that, "because of excellent investment returns, it would be possible both to reduce pension contribution levels and to consider modest improvements to the pension plan, while still preserving a margin of safety against declines in the market."

As a result, contribution levels were reduced by 50 per cent in May for a three-year period, subject to annual review by the committee. Since then, the committee has worked with the plan actuary to consider a variety of possible plan improvements, inviting input from faculty and staff along the way.

The committee agreed on two general principles to guide their deliberations:

"Principle 1: to the extent possible, the plan improvements should produce a general increase in members' pensions rather than delivering large increases to some members and little or none to others;
"Principle 2: as much flexibility as possible should be allowed for individual members to use their increased pension values as they see fit, depending on their personal circumstances at retirement."

The following three plan improvements are being proposed by the committee:

"Change the pension formula from 1.3%/2.0% to 1.4%/2.0%, and reduce member contributions on salary below the YMPE from 4.875% to 4.55%;
"Change the normal pension form from single life guaranteed for 5 years (LA5) to single life guaranteed for 10 years (LA10);
"Introduce a flexible pension plan."

More details on what these changes would mean and how they would be implemented are available in the January 28 Gazette or on the committee's Web site. Although there would be no direct costs from increased flexibility, the other two changes are expected to cost more than $20 million. "If approved, the change in the pension formula and normal form would be retroactive to May 1, 1997. The contribution reduction would take effect on May 1, 1998, and the flexible pension plan would be implemented before the end of 1998".

Engineering building named for former UW president

It's official. The board of governors voted Tuesday to change the name of Engineering 1 to the Douglas T. Wright Engineering Building in honour of the former UW president and dean of engineering. A ceremony is being planned to mark the occasion.

The board also approved a budget of $3,826,380 for phase two of the Village One redevelopment project which will provide two group study rooms, a video games room, central kitchen and bakery, multi-purpose/seminar room, open concept servery, grill, cafe and dining room, and elevator, lobby and stairway. The work will be jointly financed by housing and residences and by food services. Phase one, completed last year, included the construction of a central laundry facility, TV lounge, internet cafe, student council office, administration office, graphics centre, gaming space, two group study rooms, residence life coordinator office, and a 24-hour information/help desk.

On a bright, wintry Wednesday

To major, or not to major....That and other questions will be answered today at the Arts Major Preview Day from 10 a.m. to 2 p.m. in the Arts Lecture Hall foyer. First-year students in the faculty of arts who are wondering when and how to select a major, what courses are required for year two, or what employment opportunities lie beyond their degree can find the information they need to chart their academic future. As well, student societies will be on hand to inform students about the "other unique activities sponsored by your department such as field trips, guest lecturers and exchange programs."

Happy Days is here again in the second (and last) week of its run, from tonight through Saturday. Vicki Sloan as Winnie, an aging housewife in Samuel Beckett's "surreal tragi-comedy," garnered a rave review in the Gazettefor her performance. With only 60 seats available each night in Hagey Hall's Studio 180, theatre-goers are advised to reserve their seats by phoning the box office at ext. 4908 to avoid disappointment.

Interested in robotics? Systems design engineering professors Dr. John McPhee and Dr. Paul Fieguth are hoping to put together a team of students this term to compete in the Canada First Robotic Games. A planning session is scheduled today from 4 to 5 p.m. in DC room 1302.

Today at 4:30 p.m. there will be a dedication ceremony for the Buckley Trophy as it's put in the display case located on the landing on the main stairs from the first to the second floor of NH. This honours the memory of Gary Buckley, an avid tennis player and an assistant registrar until his death of leukemia in 1996. The Buckley Trophy is awarded to participants in the Downey Tennisfest for humour on court. A short reception will follow.

The student awards office is closed today to catch up on the "severe backlog" in its workload. The office is open tomorrow and Friday, and resumes regular hours next week.

Eat, drink, and make T-shirts

How to cope and still eat chocolate will be the subject of a workshop on Thursday to mark National Eating Disorders Awareness Week. Starting at noon (bring your lunch) in the Student Life Centre rooms 2134 and 2135, students, staff and faculty are invited to participate in a T-shirt making session, and hear speakers talk about eating for energy, the truth about fat, drinking as a coping mechanism, and using recreation to maintain balance in life.

Undergraduate student to senate

A seat on the university senate from May 1, 1998 to April 30, 2000 is open for one full-time faculty of applied health sciences undergraduate student. At least five nominators are required for each candidate, and nominations must be sent by Wednesday, February 11, to the chief returning officer, in Needles Hall 3060. An election will follow if necessary. Nomination forms are available from the secretariat at ext. 6125.

Barbara Elve
bmelve@nh4.adm.uwaterloo.ca

Editor of the Daily Bulletin: Chris Redmond
Information and Public Affairs, University of Waterloo
credmond@uwaterloo.ca -- (519) 888-4567 ext. 3004
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