What is the cost of pension benefits provided by the University to help me save for retirement?

The University is the plan sponsor for three defined benefit plans that provided retirement benefits for employees.  Your pension at retirement is based on a defined benefit formula.  This means that the monthly pension you will receive at retirement is based on your years of pensionable service and best 36 months average earnings.   Both you (via payroll deduction) and the University are required to make regular ongoing contributions to your pension plan.  Contribution rates for employee are outlined in the applicable collective agreement or compact.  

In addition to your payroll deductions, the University makes special payments (approximately $22 million in year ending April 2015).   These payments could have been much higher ($101 million annually) if the University’s application for temporary solvency pension relief hadn’t been approved by the provincial government.   Under this legislation, the University has until August 1, 2017, before solvency deficit payments are required once more.  At that time, the total employer pension payments are expected to increase.   Refer to the Pension Plan annual reports for more information on the pension plans.  https://www.uoguelph.ca/finance//

More individual pension details can be found on the personal pension statement that was distributed to you earlier this year.