Pension Surplus Update
(e-mail sent to McMaster Community on June 14, 2002)

This is an update on the progress towards completion of the pension
surplus distribution.  This week, the last of the prescribed documents
have been filed with the Financial Services Commission of Ontario
(FSCO).  A meeting to go over the proposal in detail with FSCO
representatives during the latter part of June is under discussion.
This would be a meeting of the professionals (actuaries and lawyers)
retained by the University and the member committee and the
representatives of FSCO.

Given the backlog because of the OPSEU strike, the 'normal' 90 day
response by FSCO may be stretched somewhat but in any case, we expect
to get approval in September.  Assuming that we then also have Canada
Customs and Revenue Agency (CCRA) approval of Plan 2000, the new plan
created for this surplus distribution exercise, we would expect to pay
out five to six weeks after that date (Plan 2000 was filed with CCRA
for registration in March of this year).

The University representatives have begun discussions with the Plan
trustee, CIBC Mellon, to prepare them for the distribution.  All cash
payments that can be made by direct deposit will be handled in that
fashion.  This covers all current employees and many of the pensioners
as well.  When direct deposit is not an option, checks will be sent
through the mail.

To simplify matters, those individuals taking everything as a cash
payment will be processed first and the more complex options will be
processed later.

We will be keeping the community informed of our progress through email
and web postings over the summer.

Have a good summer.

Les Robb, for the members
Simon Ouellet, for the University