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Tuesday, December 5, 1995

Last day of classes

"This is it -- our last day," as the front page of the last Toronto Telegram said. Classes end today; exams start Friday; in between comes the English Language Proficiency Examination, Thursday night at 7, for those who haven't yet passed it and need to. Also in between come a few celebrations, such as a supper and party planned tonight by the math teaching option students' association. Chimo!

Here's the early retirement plan

An "enhanced" pension, a lump-sum payment, a "bridge benefit" until Canada Pension kicks in, and extended dental insurance -- those are the main features of the Special Early Retirement Program announced yesterday. It's available to staff and faculty who are aged 55 with 10 years of UW service, or whose age plus service totals at least 80.

Brief excerpts from the official description, which was sent yesterday to the roughly 550 people who are eligible to apply:

The pension enhancement and bridge benefit will be paid from surplus in the pension plan and are subject to approval by the pension regulatory authorities. On the Pension and Benefits Committee's recommendation, the Board of Governors has approved the use of up to $35 million for this purpose. The pension plan should still be fully funded with a sizable surplus. . . .

Normally, a full UW pension is payable at age 65; for retirement prior to age 65, the pension is reduced becuase it will be paid over a longer period. The usual reduction is up to 4% per year below age 65, and 6% per year below age 60. Under the SERP, the usual pension reduction for early retirement will be eliminated subject to Revenue Canada limitations. . . .

Faculty and staff retiring under the SERP are not eligible for reappointment into regular faculty and staff positions. However, as a transitional measure to help the University continue programs and services, re-employment on a casual-earnings or temporary part-time basis (e.g., as a sessional lecturer) is not precluded.

Applications will be accepted starting January 15. There's enough money to provide the enhanced pensions for about 50 per cent of the 550 eligible people, should that many apply, a department heads' meeting yesterday morning was told.

The text of the SERP announcement is available on UWinfo and will be in Wedneday's Gazette.

Talking more about money

A pair of "town hall meetings" today will give the provost and president a chance to say more about early retirement -- and about UW's financial situation -- to all interested faculty and staff. (Students can come too, though they weren't formally invited.) The first meeting started at 8:30 in the Theatre of the Arts, and the second one is set for 3 p.m. in the same place.

In between the two, the staff association holds its annual general meeting at 12 noon today in Davis Centre room 1302. UW president James Downey will be guest speaker. (Activities start with "a light lunch" at 11:45.)

Now, a word from management

Negotiations between UW faculty and the administration over the Memorandum of Agreement -- the document that recognizes the faculty association as the representative of faculty members -- have broken down. The association made that announcement last week in its newsletter Forum, and a campus-wide memo issued yesterday by the four administration representatives in the negotiations confirms it.

Says the memo: "Because FAUW has not been willing to confine negotiations or agree to mediation on those items specified at the opening, and because the University is not willing to respond to a changing agenda and the introduction of new issues for negotiation at this time, an impasse has been reached."

The memo was sent to all faculty members; its text will appear in tomorrow's Gazette. And it's bound to be brought up in debate when the faculty association holds its annual general meeting tomorrow afternoon (2 p.m., Engineering Lecture room 101).

A couple of other things

The UW Shop is selling poinsettias this week to help benefit the staff association's bursary fund. There are six-inch, eight-inch and ten-inch plants ($7.50, $15 and $20) -- order by today and pick them up Friday, a flyer says. You can call ext. 3914 to order.

The Cercle Francais is holding "un diner pot-luck" at 6 tonight in MacKirdy Hall of St. Paul's United College. "Le repas sera suivi de la projection du film 'Les Visiteurs' (comedie)."

Chris Redmond
Information and Public Affairs, University of Waterloo
(519) 888-4567 ext. 3004
credmond@watserv1.uwaterloo.ca

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