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Academic Views

UAPP Pension Contributions Drop

When inflation is on the rise, it’s a relief if some costs actually fall. Fortunately, this relief has arrived for Faculty Association members whose University Academic Pension Plan (UAPP) contributions have declined by nearly one percent effective July 1, 2022.

The UAPP’s funding position has improved, largely due to higher-than-expected investment returns. The post-1991 service period is now fully funded, while the funded ratio for the pre-1992 service epoch continues to decline, as expected. As a result, contributions have fallen on average by 0.9% of gross salary for both employees and employers.

As of the December 31, 2020 valuation, the plan’s overall funded ratio improved by more than three percent since the previous valuation in 2018. Contribution rate changes typically take effect 18-months following the date of an actuarial valuation, which was the case this time around.

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