'Spill' is part of the exhibition "Synaesthesiac" by Nova Scotia artist Colleen Wolstenholme that's on display in the East Campus Hall art gallery until October 29.

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Committee reports on pension plan

The pension and benefits committee issued a report to staff and faculty members last week, summarizing what it’s been doing over the past year and a half. The memo also announced that in view of weakness in the investment markets, the university has filed a “valuation” of the pension fund with the government, guaranteeing more time and latitude for dealing with changed economic conditions.

“The university is required to file an actuarial valuation of the registered pension plan every three years,” the memo reminds its readers. “The filing of the valuation establishes statutory obligations with respect to funding the plan, and determines payments required to the Pension Benefits Guarantee Fund. The funding plan and payment obligations are built into the university’s operating budget.

“Given changes in the legislative environment, the global economic climate and volatile financial markets, the Committee, with delegated authority from the Board, approved filing the 2010 actuarial valuation (one year earlier than required). This decision provided the university with stability with respect to plan funding and Pension Benefits Guarantee Fund obligations until the next required filing.

“At the June 2011 meeting of the Board of Governors, the Committee presented the 2011 valuation for approval, but not filing. Over the summer, with further upheaval in the global economy and financial markets, coupled with a negative outlook for the next few years, the Committee decided it would be prudent to file the 2011 valuation and lock-in the funding plan for an extra year.

“The Committee recommended that the Board approve the filing of the valuation presented at the June 2011 meeting. Board Executive Committee approved the filing on behalf of the Board, and the valuation was filed on September 30, 2011.”

Associate provost Janet Passmore, who chairs the P&B committee, had told the board meeting in June that ““The university is making additional contributions to meet the unfunded liability” found in the pension fund as of January 2011. “Under the funding protocols,” she wrote, “the university contributions to the Registered Pension Plan and Payroll Pension Plan were set at 145% of required member contributions. Effective May 1, 2011, the university increased its contribution to 155% of required member contributions, which, on a full year basis, will result in an annual special payment of $8.4 million.”

Here’s more from last week’s memo: “For much of 2010, the Committee was occupied with monitoring and responding to government pension reform, making amendments to the registered pension plan to ensure its continued health, revising and restating the pension plan text for readability and consistency with administrative practice, considering the future of the flexible pension plan, and reviewing and considering changes to the Statement of Investment Policies & Procedures to allow for greater flexibility in responding to volatile investment markets.

“In the first half of 2011, the Committee was immersed in finalizing the restated pension plan text and changes to the Statement of Investment Policies & Procedures, monitoring and making changes to the registered pension plan’s investments, and commencing a review of the benefits plan.  For the remainder of 2011, the committee intends to continue work on the benefits plan and consider pension plan funding in the context of recent changes made to pension plans at other Canadian universities.”

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New chair for Coates, and other notes

Ken Coates, dean of arts 2006-2011 and a professor of history, will be leaving Waterloo in the spring for the University of Saskatchewan. U of S has just announced that Coates (right) will become a Canada Research Chair in "Regional Innovation", based in the Johnson-Shoyama Graduate School of Public Policy. "Coates and his research team," says a news release, "will work with Aboriginal groups, northern and rural communities, business groups, and provincial and federal governments to capitalize on the economic and social possibilities of 21st century science and technology. The team will focus on policy development and application while identifying opportunities for collaboration and international engagement. Coates and his team will examine barriers to innovation-based investment, skills training and entrepreneurship in non-metropolitan areas. In addition, they will examine efforts to promote scientific and technological innovation in other countries (such as Japan, Hong Kong, Taiwan, Vietnam and Korea) and identify best practices that can be applied in Canada."

Earth-moving machinery will get to work today on the access road behind the Health Services building (the road that passes Renison University College and St. Jerome's University on its way east from Westmount Road). The job, which should take two to three weeks, involves building 20 parking spaces and relocating the sidewalk, says Gary Kosar of the university's plant operations department. It's all being done in preparation for construction of a new student-funded wing on the landmark building.

Tomorrow and Thursday will be “Professional School & Post-degree Days”, says Elisabeth Adrian of the Centre for Career Action, inviting students who are considering graduate or professional school to come by the Student Life Centre between 11:00 and 2:00 either day. “Students will have the opportunity,” she says, “to speak with representatives from 107 institutions (57 on Wednesday and 52 on Thursday) from North America, Europe and Australia. This once-a-year event allows students to find out more about career options, graduate school admission requirements, program specifics, and the procedures and deadlines for applications. Some of the fields of study offered include Architecture, Business, Chiropractic, Education, Engineering, Environmental Studies, Health Sciences, Law, Naturopathic Medicine, Pharmacy, Rehabilitation Sciences, Social Work, and Theology.” She notes that “in addition to organizing PPDays, the Centre for Career Action also offers individual appointments to provide information about the grad application process, review of applications, and mock grad/professional school interviews on an ongoing basis. Book your appointment early – the easy way, online. If you are just starting to think about the next steps after your undergrad degree, you may also consider attending one of the Centre for Career Action’s workshops such as Professional School Interviews, Mastering the Personal Statement or any of the presentations on medicine, law and MBA school featured in the fall and winter terms.”

"A new look and a variety of new services" are coming to the myHRinfo system next month, says a memo from the human resources department. "So we can make the changes, service will be shut down temporarily from Thursday, November 3, at 4:30 p.m. until Wednesday, November 9. During the shut-down period, you will not be able to login to myHRinfo or make changes to any information. Whether you make self-service changes or ask HR to make the changes for you, we ask you to wait until regular service resumes." Over those days, everything from self-service access to recruiting work will be suspended. "All requests for processing to be included in the monthly pay of October 28 must be submitted to payroll by the due date of October 13. All requests for processing to be included in the bi-weekly pay of November 4 must be submitted to payroll by the due date of October 29."

Waterloo president Feridun Hamdullahpur (at centre in the photo) attended a luncheon meeting of the Rotary Club of Stratford in late September, and came away with a cheque for the university. The club is sponsoring the first undergraduate scholarship associated with Waterloo's Stratford campus, and has pledged $2,500 a year for the next ten years, says Jodi Szimanski, marketing manager for the campus.

Michelle Burlock, international specialist for the marketing and undergraduate recruitment office, is in the air again today, en route to a recruitment tour in the Middle East and Africa. "It will start in Jordan and Oman," she reports, "where I will be doing Waterloo presentations at local and international schools as well as meeting up with applicants and parents in the evenings. After that, I will be heading to Johannesburg, South Africa, to join up with the CIS Africa Tour. This tour comprises 17 universities (four from Canada) and travels through nine African Countries. Our schedule will consist of school visits, presentations, education fairs and embassy events. It may surprise you to know that there are over 250 international undergraduate students at Waterloo that have citizenship from an African country. And although we don’t currently have any exchange opportunities in Africa, we have agreements to facilitate joint research projects, joint education, and technology transfer with institutions in Egypt, Ghana, Nigeria, Tunisia, Uganda and Zambia. We also have International Development students doing intern field placements this term in Botswana, Burkina Faso, Ghana and Malawi. I hope to meet up with some of them in my travels!"

CAR

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