Update on the Ryerson Retirement Pension Plan contributions

In November 2020, we notified pension plan members that employee and university contributions to the pension plan were increasing on January 1, 2021 as a result of a valuation report that showed this was legally necessary to meet regulatory requirements. The increase amounted to about 0.4% each for both contributing members and the university.

As you may know, after the notice was provided to members about the January 1 increase, the Ryerson Faculty Association filed a grievance taking the position that contributions to the plan by members of the Ryerson Faculty Association could only be increased through the collective bargaining process with the faculty association.

On April 26, 2022 the university was notified that the arbitrator found in favour of the Ryerson Faculty Association with respect to the contributions of the Association’s members.

The pension plan is a defined benefit plan, which means the pension that a member will receive is based on a set formula that takes into account the member’s average earnings and credited service. Since its inception, it has been funded through equal contributions from plan members and the university.

We are disappointed by this decision. However, while it represents a significant change in administration of the plan and will present challenges, our goal is to continue to ensure that the plan remains sustainable over the long-term and that employee pensions are protected now and into the future.

The university is reviewing the details of the arbitration decision and will provide further updates once they are available.