A. In order for the proposed conversion to proceed, the Pension Benefits Act and regulations require that:
• at least 2/3 (two-thirds) of the members of the current plans must give their consent; and
• no more than 1/3 (one-third) of the retired members, former members and other persons entitled to benefits under the current plans, as a group, object.
For members who are represented by a trade union (which includes both certified bargaining agents and bargaining agents such as faculty associations, which are not certified), the trade union may consent on behalf of the members it represents. Before consenting on behalf of its members, each bargaining agent will likely hold an internal vote among plan members in the bargaining unit to determine whether a majority support moving to the UPP. Where a trade union consents, the trade union is deemed to have consented on behalf of all plan members in the bargaining unit. If you are represented by a trade union, then you may contact your local representative for more information about how that trade union will be proceeding.
If you are a non-faculty non-unionized employee, you will receive an individual consent form as part of the regulatory consent process. If you wish to provide your consent to the proposed conversion, then you must submit the consent form as outlined on the form itself.
In addition to the consent requirements, the administrators of the current plans must provide notice of the proposed conversion to the UPP to all members, former members, retired members and other persons entitled to benefits under the current plan. Members can expect to receive a notice in spring 2019.