Human Resources Services
Room 207 Chrysler Hall Tower
( 519) 253-3000, ext. 2047
Fax (519) 971-3688
University of Windsor
Human Resources Services
401 Sunset Avenue
Section 17 - Future Of The Plan
17.01 Continuation Of Plan
The University intends to maintain the Plan in force indefinitely, but nevertheless reserves the right to discontinue the Plan, in whole or in part, at any time or times, as the Board of Governors of the University, in its absolute discretion, may determine.
17.02 Amendment Of Plan
The Plan may be amended by the University from time to time in order to maintain registration and to incorporate changes prescribed by the Pension Benefits Act and the Income Tax Act and other legislative changes that affect the Plan.
In addition, the University may amend the Plan to reflect any changes in the Plan as a result of an agreement of the University and the Joint Pension Plan Negotiating Committee.
However, no amendment to the Plan shall operate to reduce the benefits which have accrued under the Plan to the Members prior to the date of such amendment.
Where an amendment results in a certifiable past service pension adjustment (as defined under the Income Tax Act) in respect of a Member, the amendment shall not apply to such Member prior to certification of the past service pension adjustment in accordance with the Income Tax Act.
17.03 Discontinuance Of Plan
In the event of discontinuance of the Plan, in whole or in part, for any reason, the University will not be able to recover any sums paid to the date thereof. The assets of the Pension Fund will be applied for the benefit of retired Members, active Members, Members entitled to deferred vested benefits, their respective estates, beneficiaries and joint annuitants in such equitable manner as may be determined by the Retirement Committee in consultation with the Actuary, and the University. Such benefits may be provided through the continuation of the Pension Fund, the establishment of a new pension fund for that purpose, the purchase of deferred or immediate annuity contracts, or through the transfer of funds to other registered plans. No liability shall attach to the Retirement Committee or any person thereon, or the University, in connection with the application and distribution of the Pension Fund in accordance with this Section 17.03, if made in good faith.
17.04 Statutory Requirements
In the event of discontinuance of the Plan, the provision of benefits and distribution of assets of the Pension Fund following termination, shall be subject to the provisions of the Pension Benefits Act and the Income Tax Act.