Total Compensation Statement

Employer contributions are comprised of two parts.  First, the independent actuarial valuation determines the percentage of member contributions that are required (for 2015, 112% for Retirement Plan and 110% for Professional Plan).  This is called the normal cost and is shown on the Total Compensation Statement.   Second, special lump sum deficit payments are made.    In the pension plan year ending April 30, 2015 the University paid $22 million in special payments.   The two components are added together to determine the overall employer cost.

The term total compensation is used by many employers to describe not only salary and wages, but also all the plans, programs, benefits and opportunities that become available to you through your employment. Some people refer to Total Compensation as the combination of direct (paid to you) and indirect (paid on your behalf) compensation. 

Yes.   The earned income on your Total Compensation Statement is your Employment Income (Box 14) less Taxable Benefits (box 40).

Most of the values on the 2015 Total Compensation Statements are actual figures that correspond to the actual amount you and the University paid during 2015.  Some figures were only available on an annual basis (such as Professional Development Reimbursement, Post-Retirement Benefit amount).  If you were only employed for part of 2015 (or were on a Leave of Absence for part of 2015) these figures could be overstated.

If you find any errors in the information, please call your Human Resources Service Associate at 519-824-4120 extension 53374.  If changes have been made to your information since the end of 2015, they may not be reflected on this statement.

Statutory benefits are benefits provided by the government for which the University must contribute on your behalf.  For some of these benefits you are also required to make contributions. While the University must make these contributions, these statutory benefits are still a cost that the University must pay on your behalf, so they are included in your Total Compensation statement.  The following outlines each of the required statutory benefits:

The University provides the following group insurance benefits to eligible employees:

Extended Health Coverage
The Extended Health care plan provides you and your eligible Spouse and dependant children with coverage for drugs legally requiring a prescription, semi-private hospital room accommodation, a wide range of medically necessary services and supplies, vision care, paramedical services, emergency out of country coverage and much more.  

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.  

This amount reflects the current service cost of retiree benefits which is an estimate of the cost of adding one more year of service for our active employees. It is the best measure of the annual cost of post-retirement benefits and best reflects the annual cost of our active employees.

Professional Development Reimbursement (PDR)
In the interest of staff development, the University provides an annual Professional Development Reimbursement to eligible employees.  Eligibility criteria and amounts are outlined in applicable collective agreements and/or compacts.   The value of PDR varies by employee group.    The value showing on your Total Compensation statement is the maximum available to you based on your employee group and employment status.

Other benefits provided include: