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May 5, 2022

Diversity and Inclusion Shareholder Win!

Constellation Software Shareholder Proposal Approved

(Toronto) The Pension Plan of The United Church of Canada filed a shareholder proposal with Constellation Software urging the company to improve their DEI (diversity, equity and inclusion) practices.  The proposal requested the preparation of a report on the company’s plans to identify, address, mitigate, and dismantle racial disparities within its workforce.  Despite the Board of Constellation Software recommending that shareholders vote against the resolution, shareholders approved it!

The United Church of Canada Pension Plan is very proud of this outcome.  In concert with SHARE, we will follow up with the company in the coming months to ensure it issues a report and to review its content and goals.  Marcus Robertson, Chair of the Pension Board commented, “This is great news, and demonstrates the effectiveness of ongoing engagement on diversity and inclusion issues with invested companies.”

SHARE commented, “We are pleased that a majority of Constellation Software Inc. shareholders have voted to adopt our shareholder proposal, filed on behalf of The United Church of Canada Pension Plan to undertake a thorough review of racial equity at the company and report publicly to investors on findings. This is a crucial step for the company, which has previously taken very limited measures to address diversity, equity and inclusion. The majority vote from shareholders sends a strong signal to Canadian issuers about the growing expectations of institutional investors on racial equity. The company announced that the proposal had passed during the AGM.”

For information, Constellation Software is a leading provider of software and services to a select group of public and private sector markets. They acquire, manage and build industry specific software businesses which provide specialized, mission-critical software solution.  The Pension Plan’s current investment in the company is $2 million, and market value of the company is approximately $42 billion.

SHARE's full press release can be found here.

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March 24, 2022

Welcome Back, Connex!

After a year-long hiatus, Connex is back! This version will pick up where the print version left off and will only be available online. Going forward, Connex will focus mainly on pension, benefits, and payroll news.

If you were previously receiving an email about Connex and didn’t see it in your inbox, check your spam folder! If it’s still not there and you would like to receive Connex, please sign up for the latest news and updates on the Newsroom page by filling out the form below.

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Previous issues of Connex can be found on the United Church Commons, under Communications, Publications and Media.

March 1, 2022

Pension Increase Effective January 1, 2022

Good news! As announced in a recent letter from Pension Board Chair, Marcus Robertson, pension plan members will receive a pension increase effective January 1, 2022.

Pensioners and Deferred Members
Current pensioners and deferred members will receive a 4 percent* increase to their pension amount effective January 1, 2022.

* The Income Tax Act and regulations limit pension increases to the cumulative growth in Consumer Price Index since the pension commenced. For this reason, recently retired pensioners and deferred members who terminated employment recently will see a lesser increase.

Active Members
For active members, the accrual rate will increase to 1.85 percent in 2022 from the base rate of 1.4 percent. In 2023 the accrual rate is scheduled to return to 1.4 percent.

What Does “Accrual Rate” Mean?
The accrual rate is the rate at which you earn your pension. In 2019, you earn your pension at the rate of 1.4 percent of your pensionable earnings.

How Does This Work?
You earn a piece of pension every year that you work and contribute to the plan—like building blocks.

For example, let’s assume that a member’s pensionable earnings stayed constant at $60,000 every year, (for easy figuring). From 2019 to 2023, that member would earn

Year

Accrual Rate Formula

Pension Credit Earned

2019

1.4% 1.4% of $60,000 $   840

2020

1.85% 1.85% of $60,000 $  1,110

2021

1.625% 1.625% of $60,000

$    975

2022 1.85% 1.85% of $60,000

$  1,110

2023 1.4% 1.4% of $60,000

$   840

At the end of your career, the annual pension amounts earned each year will add up to the total annual pension you will receive every year for the rest of your life. So, the higher amount earned in 2022 will continue to benefit you for the rest of your retired life.

What about Future Increases?
There will be no automatic indexing or increase going forward. The Pension Board and Pension Plan Advisory Committee annually assess the resources available and determine whether there are surplus funds that can be used to increase benefits.

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January 27, 2022

Fact Sheet: Augmenting the Active Member Health and Dental Plan

Are you looking to augment the Active member health and dental plan? Here are a few things to consider:

The United Church plan, the United Church rates

  • Our plan’s premium is 100% employer paid. Your employer pays 7.77% of your pensionable earnings for the Active benefits plan, of which 5.96% is for health and dental coverage. These rates change annually and will be posted on the Pension and Benefits deductions page mid-December.
  • You do not have to complete medical or health questionnaires to enroll in our benefits plan.
  • We pay for expert advice to design and manage a plan for our members.
  • We do not pay commissions on insurance or services we purchase for the plan – this may not be true of third parties selling individual plans, including affinity groups.
  • The rates we charge reflect the anticipated costs of running the plans and there is no profit margin.

Other plans

  • Will include a profit margin and possibly commission.
  • Will not integrate with our plan. They will be designed to provide coverage where there is no employer sponsored coverage, and will essentially, in many cases, simply duplicate our plan’s coverage, not augment it.
    • For instance, our insurer (Green Shield Canada) can offer such individual supplemental plans but our analysis found them to represent poor value for money.
  • Some options offered in the market or by affinity groups are actually ‘conversion plans’ and are only available to people who lost coverage under their employer sponsored plan. Members who were previously enrolled in the “Optional Health & Dental Plan” did not lose health and dental coverage – access to the additional coverage afforded by the Optional plan was lost.

Can I opt-out of the United Church Health & Dental Plan?

  • Our plan does not allow waiver of coverage unless you have another privately sponsored plan from other employment or a spouse. (Please note, it does not save any premiums because core benefits are assessed as one benefit, fully paid by the employer.) Full participation is an integral part of the Active plan.
  • We offer a broad plan to provide benefits to our members that are affordable to employers while still protecting members against catastrophic hardship.
  • The Active plan is largely employer paid and includes a number of valuable benefits:
    • Employer Paid
      • Health and Dental Coverage
      • Life insurance
      • Dependent Life Insurance
      • Accidental Death & Dismemberment
      • Employee and Family Assistance Plan
      • Restorative Care Plan
    • Employee Paid
      • Long Term Disability Plan (employee paid is the common practice, allowing any benefits collected to be tax free)
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January 10, 2022

Retiree Benefits

A letter from the General Secretary, Michael Blair, was sent to all retirees on November 22, 2021 that outlined recent discussions and decisions about benefits for retirees of the United Church. You can review the General Secretary's letter here.

If you are a retired member of the United Church and did not receive this communication by email or Canada Post, please contact UCCBenefitsNews@united-church.ca to provide your current information so we can update our records.

 

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January 1, 2022

Health and Dental Benefits for Active Members: Plan Summary

The plan summary for the Health and Dental Benefits for Active Members, effective January 1, 2022, is now posted on the Group Benefits page, under Life, Health and Dental, Disability Benefits. Please note, this plan summary is subject to a final review by external consultants. If you have any questions, please email benefits@united-church.ca. The General Council Office will reopen on January 4, 2022.

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December 8, 2021

2022 Pension & Benefits Deductions

The 2022 rates are now posted on the Pension and Benefits deductions page. If you have any questions, please email pension@united-church.ca or benefits@united-church.ca

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November 3, 2021

Canadian Investor Statement on Climate Change

The United Church of Canada Pension Plan joined 34 other institutional investors to sign a Canadian Investor Statement on Climate Change. Collectively, these investors manage more than $5.2 trillion in assets.

Coordinated by the Responsible Investment Association (RIA), the Statement also makes clear the actions major Canadian investors will take to advance the global pursuit of net zero ahead of the most important climate gathering in history – COP26. This includes disclosing their financed emissions and setting an expectation that their investees will establish emissions targets and report on their progress.

Marcus Robertson, Chair of the Pension Board, said, “The Pension Plan has endorsed the Canadian Investor Statement on Climate Change as part of the Plan’s journey to net zero. The Plan has made strides through its engagement efforts, but this significant commitment to net zero by 2050 will require changes to the Plan’s investment strategy, as long-term goals are established, portfolios are adjusted and progress towards those goals is measured.”

RIA worked closely with the Reconciliation and Responsible Investment Initiative (RRII) in the development of the Statement to ensure Indigenous perspectives are incorporated into the Statement. “Despite Indigenous Peoples often being the first and most affected by the climate crisis, Indigenous perspectives and voices are often left out of investors’ decision-making on climate action,” says Mark Sevestre, Founding Member of NATOA. “This raises the stakes of the transition to a low carbon economy for Indigenous Peoples. For the transition to be just in Canada, Indigenous Peoples’ rights and perspectives need to be centred and prioritized.”

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November 2, 2021

Additional Information on the Group Benefits Plan Changes

As we try and uphold our commitment to you by providing more information about the Benefits Plan changes, please visit the Group Benefits page, under Life, Health & Dental, Disability Benefits. The formal benefit plan text document is in development and will be published when finalized, so stay tuned. Meanwhile, what you need to know is in the following:

  • FAQ
  • Comparison Chart
  • Benefits Plan Video
  • Benefits Plan Summary (coming soon)
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October 20, 2021

Group Benefits Change

Further to the announcement of changes to the group benefits plans, a letter has been sent to all plan members with more detail. It can be found in the Document Library, under Benefits Administration.

A Comparison Chart of the changes and an FAQ are also available on the same page with more information.

If you have any questions about these changes, please contact Benefits@united-church.ca. Due to current workloads, the Benefits Team will only be accepting questions by email at this time.

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