CUASA files complaint with pension regulator
On Friday 6 April 2018, CUASA filed a legal complaint (CUASA letter to FSCO (6 April 2018)) with the Financial Services Commission of Ontario (FSCO), echoing the CUPE 2424 legal complaint filed with FSCO on 23 March 2018 (CUPE letter to FSCO 23 March 2018). Both the CUASA and CUPE 2424 complaints ask FSCO to declare invalid the 2003 amendment to Carleton’s Retirement Plan that eliminated the Minimum Benefit Guarantee. This amendment essentially eliminated the Defined Benefit plan for all employees’ service after 1 July 2003. CUASA will also be asking the Retirement Plan’s administrator whether any pensions in pay have been reduced because of the 2003 amendment, i.e. whether the monthly amounts a retiree is receiving have been reduced.
The FSCO complaint is independent of and separate from the association grievance CUASA filed on 23 March 2018 regarding the pension plan amendment of 2010, which mandated that employees contribute approximately 2% more of their pay to the Minimum Guarantee Pension. The parties are currently scheduling a grievance meeting.