one great University, two great campuses

1
Welcome
Okanagan

• one great University, two great campuses

2
Information about Your Offer Letter

• Tammy Brimner
• Senior Manager, Faculty Relations
• Presentation for UBC-Okanagan
• December 1-2 6-8, 2004

3
Agenda

• Rank and Tenure
• Basis for Salary Offers
• Tenure and Promotion Schedules
• Study Leaves

4
Rank and Tenure
The Research Stream
Assistant Professor ? Associate Professor ?
Professor
? Instructor II
The Teaching Stream
Instructor 1 ? Senior Instructor
Lecturer
5
Basis for Salary Offers

• 1. UBCs Academic Year
• 2. Year in Rank
• 3. Placement on UBCs Minimum Scale

6
Basis for Salary Offers

• UBCs Academic Year
• July 1 June 30
• For tenure clocks July 1 of year of hire
• For placement on salary scale the next July 1

7
Basis for Salary Offers

• Year in Rank Example
• Current OUC rank Associate Professor
• Hire date at OUC January 1, 1994
• Calculation of Year in Rank at UBC
• July 1995 July 2005
• 10 years in rank

8
Basis for Salary Offers

• Year in Rank Example
• Current OUC rank Assistant Professor
• Hire date at OUC September 1, 1999
• Calculation of Year in Rank at UBC
• September 1999 July 2005
• 6 years in rank

9
Basis for Salary Offers

• Placement on UBCs Minimum Scale
• Example of the Associate Professor with 10 Years
  in Rank

10
Basis for Salary Offers

• Placement on UBCs Minimum Scale
• Example of the Assistant Professor with 6 Years
  in Rank

11
Tenure PromotionSchedules
12
Tenure PromotionSchedules
13
Tenure PromotionSchedules
14
Tenure PromotionSchedules
15
Tenure PromotionSchedules
16
Study Leaves
17
UBC Benefit Plans
for Faculty

• Natasha Malloff, Manager, Benefits
• Presentation for UBC-Okanagan
• December 1-2 6-8, 2004

18
Agenda

• Overview of Faculty Benefit Plans
• General
• Coverage
• Cost-Sharing Arrangements
• Navigating UBC Benefits Website
• Next steps

19
What are the plans?

• Health Benefit Plans
• Medical Services Plan
• Extended Health
• Dental
• Employee and Family Assistance Program (EFAP)
• Life Insurance
• Basic Group Life Insurance
• Optional Employee and Spousal Life and ADD
• Income Protection for Illness or Injury
• Short-term Sick Leave
• Income Replacement Plan (long-term disability)

20
What are the plans? (cont...)

• Leave of Absence
• Vacation
• Professional Development Support
• Professional Development Reimbursement Fund (PDR)
• Tuition Waiver Benefit
• Dependent Children Tuition Support
• Tuition Waiver for Dependent Children of Faculty
  Members
• Post-Retirement Benefits

21
Health Benefit PlansEligible Dependents

• A legally married or common-law spouse, or
  partner of the same sex
• Any dependent child who is
• 18 years of age or younger or,
• between 19 and 25 years of age in full-time
  attendance at a school or university
• for Employee and Family Assistance Program, in
  addition to the above
• dependent parents who are living with you and
  financially dependent on you.

22
Health Benefit PlansMedical Services Plan of BC

• Enrollment on UBC group MSP plan is optional
• Coverage
• Medically required services of physicians and
  surgeons
• 100 of premiums are employee paid

23
Health Benefit PlansExtended Health

• Provides for reimbursement of medically necessary
  services and supplies
• Optional benefit
• Annual deductible of 25 per single or family
• 1,000,000 lifetime maximum per person

24
Health Benefit PlansExtended Health

• In-province eligible expenses
• Semi-private or private hospital room, medical
  equipment and supplies, paramedical coverage and
  prescription drugs
• 80 reimbursement 100 reimbursement after
  1,000 in paid claims per person per year
• Pay-direct prescription drug card
• Vision Care (includes prescription frames, lenses
  and contact lenses)
• 100 reimbursement up to a maximum of 250 per
  person in any 24 month period

25
Health Benefit PlansExtended Health

• Out of country coverage
• 100 reimbursement in the event of an emergency
  only
• Out of country medical assistance service
  available
• 100 of contributions are employer paid

26
Health Benefit PlansDental

• Optional
• Coverage
• 100 of Basic Preventative and Restorative
  services
• Cleanings, check-ups, fillings, and x-rays
• 70 of Major Restorative services
• Crowns, bridges, and veneers
• 65 of Orthodontic services (lifetime maximum of
  3,000 per employee or dependent)

27
Health Benefit PlansDental

• Reimbursement based on current year Dental Fee
  Guide
• 100 of contributions are employer paid

28
Health Benefit PlansEmployee and Family
Assistance Program

• Compulsory benefit
• Provides confidential counselling for employees
  and their family members (including dependent
  parents)
• Contributions are based on utilization under the
  program
• 30 of contributions paid by the employee
  (1.20/mth)
• 70 of contributions paid by the employer
  (2.80/mth)
• For appointments employees call Interlock
  directly at 431-8200
• Jointly sponsored program between employee groups
  and UBC

29
Life InsuranceBasic Group Life Insurance

• Compulsory benefit
• Coverage based on your age and annual basic
  salary at death
• Death benefits paid to your designated
  beneficiary
• 100 of premiums are employer paid

30
Life InsuranceOptional Employee and Spousal Life

• Must be enrolled in Basic Group Life coverage
• Coverage available to employee and/or spouse or
  partner
• Cost depends on employees and/or
  spouses/partners age and smoker/non-smoker
  status
• Coverage
• 25,000 to a maximum of 750,000 (in multiples of
  25,000)
• Dependent children automatically covered at no
  extra cost at the rate of 5,000 per 25,000 of
  spousal insurance (or 5,000 per 25,000 of
  employee coverage for single parents)

31
Life InsuranceOptional Employee and Spousal ADD

• Must be enrolled in Optional Life Insurance
  coverage
• Equivalent dollar value to Optional Life
  Insurance coverage
• 100 of premiums are employee paid

32
Life InsuranceBasic Group and Optional Life
Plans

• Following the end of employment, employees may
  convert their coverage to an individual policy
  available from the insurance carrier during a
  31-day conversion period (maximum amount 200,000
  between all life plans)

33
Income ProtectionShort-term Sick Leave

• Up to 6 months of 100 salary continuance

34
Income ProtectionIncome Replacement Plan

• Long-term Disability
• Qualifying period is 6-months
• 100 of contributions are employee paid
• Provides a non-taxable monthly income benefit
• 70 of first 1,830 plus 60 of next 1,830
  plus 40 in excess of 3,660
• No maximum monthly benefit

35
Income ProtectionIncome Replacement Plan

• University maintains health, dental, efap, basic
  life under the terms of the those plans
• Optional Life plan includes disability waiver of
  premium provision
• 15 Faculty Pension Contribution Benefit
• Paid for duration of disability to recovery,
  death, or normal retirement at age 65
• New July 1, 2004 partial disability during and
  after qualifying period

36
Leave of AbsenceVacation

• Arrangements are made with Head or Director,
  generally, one month at 100 salary is provided
• For Librarians
• After 1 year 4 weeks
• After 5 years 5 weeks
• After 8 years 6 weeks

37
Professional Development Support Professional
Development Reimbursement Fund (PDR)

• Yearly entitlement is 500
• Maximum carry-forward of three years of
  entitlement
• Can be borrowed against future five years
• Some examples of eligible expenses include
• Travel and associated expenses for conferences
• Registration and membership fees to professional
  organizations
• Fees and subscriptions for journals and books

38
Professional Development Support Tuition
Waivers for Faculty Members

• Up to 12 credits of undergraduate or graduate
  courses or program fees
• Covers tuition portion of course only
• Yearly renewal credit does not accumulate from
  year to year
• Effective September 1, 2004 12 undergrad
  credits 1,604.40

39
Professional Development Support Tuition
Waivers for Dependent Children of Faculty
Members

• Up to 120 undergraduate credits to dependent
  children
• Available to dependent children attending UBC
  until age 25
• Taxable benefit

40
Post-Retirement BenefitsRetiree and Survivor
Benefits Program

• Eligibility
• Employees leaving UBC at age 55 or older and
• Who have current medical/dental benefits through
  UBC or another plan

41
Post-Retirement BenefitsRetiree and Survivor
Benefits Program

• What are the plans available?
• Extended Health Plan
• Dental Plan
• Employee and Family Assistance Plan (EFAP)
  (Interlock)
• Medical Services Plan (MSP)
• 100 of premiums are retiree/survivor paid

42
Post-Retirement BenefitsRetiree and Survivor
Benefits Program

• Extended Health Plan
• Annual deductible of 1,000.00 per person or
  family
• 100,000 lifetime maximum per person
• 80 of in-province eligible expenses
• 100 of out-of-province eligible expenses
  (emergency medical treatment)
• Out-of-country medical assistance service

43
Post-Retirement BenefitsRetiree and Survivor
Benefits Program

• Dental Plan
• 70 of Basic Preventative and Restorative
  services 50 of Major Restorative services
• 1,500 combined annual maximum per calendar year
  per person covered
• A choice of either Direct Pay or Reimbursement
  method of payment

44
Post-Retirement BenefitsRetiree and Survivor
Benefits Program

• Employee and Family Assistance Plan
• Confidential counselling service for retirees and
  their dependents
• Medical Services Plan
• Medically required services of physicians and
  surgeons
• Life Insurance Coverage
• No retiree life plan, however, Conversion
  privilege available

45
Post-Retirement BenefitsRetiree and Survivor
Benefits Program

• Looking for more information?
• See www.hr.ubc.ca/retiring/rsb

46
Navigating UBC Benefits Website

• UBC-O transition website www.okanagan.ubc.ca

47
Next Stepsfor your Benefit inquiries

• Visit UBC Okanagan website (www.okanagan.ubc.ca)
• Navigate through benefits information
• Visit Frequently Asked Questions (FAQs)
• Other Questions benefitsinfo_at_hr.ubc.ca

48
Understanding the UBCFaculty Pension Plan (FPP)

• Cheryl Neighbour
• Executive Director Operations
• John Beaton / Rosalind Gilbert
• Aon Consulting
• Presentation for UBC-Okanagan
• December 1-2 6-8, 2004

49
Agenda

• College Pension Plan
• UBC Faculty Pension Plan (FPP)
• College Pension Plan Benefits
• Sample Calculations
• Sources of Information
• Next steps

50
College Pension Plan
A defined benefit plan is one in which the
benefit to be paid is established by formula.
51
College Pension Plan (contd)

• 1 Unreduced pension available at earliest of
• age 55 and rule of 90 (age plus service 90)
• age 60 with 2 years service
• age 65

52
UBC Faculty Pension Plan (FPP)
A defined contribution plan operates like a bank
account, where the accumulated balance at
retirement is used to buy an annuity.
53
UBC FPP (contd)
54
FPP Plan Philosophy

• One part of your overall retirement planning
• Choice of risk levels lower expenses
• Appropriate number of contribution, investment
  and withdrawal options for members
• Availability of investment education important

55
FPP Assets and Members

• Assets 974 million as at Sept 30, 2004
• Balanced Fund - 857 million
• Equity Fund - 66 million
• Bond Fund - 17 million
• Short-Term Fund - 34 million
• Approximately 4,200 members
• 2,700 active 1,200 deferred
• 324 receiving retirement benefits from the plan

56
Investment Fund Options

• Balanced Fund
• Diversified portfolio of Canadian equities,
  bonds, real estate plus US International
  equities
• Equity Fund
• Canadian, US and International
• Bond Fund
• Government of Canada, Provincial, Municipal,
  Corporate
• Short Term Investment Fund
• average 180 days

57
Balanced Fund
58
Equity Fund
59
Fees

• Fees for various asset classes
• Bonds 10 - 15 bps (0.10 - 0.15)
• Canadian equity 30 bps (0.30)
• Non-Canadian 39 bps (0.39)

60
Annualized Returns at Sep 30, 2004
Returns are gross (before fees).
61
The University of British ColumbiaFaculty
Pension Plan  STATEMENT OF ACCOUNTFrom July 01,
2004 to September 30, 2004
Quarterly Fund Summary for July 01, 2004 to
September 30, 2004
Net Fund Performance (After Fees) for the Period
Ending September 30, 2004
62
The University of British ColumbiaFaculty
Pension Plan  STATEMENT OF ACCOUNTFrom July 01,
2004 to September 30, 2004

• As at September 30, 2004, you have elected that
  your future contributions be allocated as
  follows

Personal Rate of Return for the Period Ending
September 30, 2004
63
The University of British ColumbiaFaculty
Pension Plan  STATEMENT OF ACCOUNTFrom July 01,
2004 to September 30, 2004
Year To Date Activity Summary for January 1, 2004
to September 30, 2004
64
FPP Retirement Options

• Leave funds invested until age 69
• Purchase Variable Payment Lifetime Annuity
• Commence Income Payments
• RRIF-Type Income Payments (from accumulated
  voluntary contributions or non-locked-in
  transfers)
• Commence LIF-Type Income Payments (from
  accumulated required member and UBC contributions)

65
External Retirement Options

• Non Locked-in RRSP
• Locked-in RRSP
• Life Annuity
• Fixed payments
• Variable payments
• Indexed payments
• RRIF (Non Locked-in Funds)
• LIF (Locked-in Funds)

66
College Pension Plan Benefits

• Retain College benefits accrued to transition
  date
• Usual College termination options available
• Deferred pension payable at future retirement
  date, OR
• Transfer CV to FPP or to RRSP
• Ultimate pension at retirement will be College
  pension (if deferred) FPP annuity
• You can get an estimate of your College and FPP
  pensions from each website

67
Sample Calculation 1

• Age 40, 4 years credited service in College Plan,
  OUC Salary 61,600 UBC Salary 72,500.
  Estimated annual pension

These are ESTIMATES based on indexing at 2½,
salary increases at 3½, and investment returns
of 7. Actual results may vary.
Please note that the College Plan amounts shown
above include the value of starting the College
Plan early, while still working at UBC
68
Sample Calculation 2

• Age 50, 16 years credited service in College
  Plan, OUC Salary 77,200 UBC Salary 86,500.
  Estimated annual pension

These are ESTIMATES based on indexing at 2½,
salary increases at 3½, and investment returns
of 7. Actual results may vary.
Please note that the College Plan amounts shown
above include the value of starting the College
Plan early, while still working at UBC
69
Sample Calculation 3

• Age 55, 32 years credited service in College
  Plan, OUC Salary 65,700 UBC Salary 81,700.
  Estimated annual pension

These are ESTIMATES based on indexing at 2½,
salary increases at 3½, and investment returns
of 7. Actual results may vary.
Please note that the College Plan amounts shown
above include the value of starting the College
Plan early, while still working at UBC
70
Sample Calculation 4

• Age 63, 25 years credited service in College
  Plan, OUC Salary 77.200 UBC Salary 86,500.
  Estimated annual pension

These are ESTIMATES based on indexing at 2½,
salary increases at 3½, and investment returns
of 7. Actual results may vary.
Please note that the College Plan amounts shown
above include the value of starting the College
Plan early, while still working at UBC
71
Sources of Information

• UBC Faculty Pension Plan
• Pension Administration Staff
• Web-site www.pensions.ubc.ca/faculty
• Brochures, Newsletters, Pension Estimator,
  Investment
• Info/Rates of Return, General Information
• E-mail address pensioninfo_at_hr.ubc.ca

72
Sources of Information (contd)

• College Pension Plan
• Pension Administration Staff
• Web-site www.pensionsbc.ca
• Brochures, Pension Estimator, Annual
  Report, General Information
• E-mail address cpp_at_pensionsbc.ca

73
Next Stepsfor your Faculty Pension Plan
inquiries

• Visit UBC FPP website for general information
• Access pension estimators on College Pension Plan
  and FPP websites
• Arrange individual information session if desired