The University of Manitoba has called 2 special meetings to ask Pension Plan members to approve of proposed changes caused by a "significant solvency deficiency" - which will require the University to make special payments of up to $19 million per year for the next 5 years" unless special action is taken.
And we have also learned the U of M is not the only University with a troubling pension liability.
In a letter to pension plan members, Vice-president (administration) Deborah McCallum cited three key factors for the crisis- "insufficient ongoing contribution levels" by members and the U of M., longer life expectancy that increases liability by approx. $22M, and "lower-than-expected (net)investment returns" of -15.7% in 08.
The University currently matches the $15M paid into the fund by members but "will have to contribute an extra $2.5-3 million this year."
And "based on the estimated funding shortfall" expected in a required valuation to be filed next year with the Pension Commission, the University would have to annually pony up:
* $ 5 million for the next 5 years to fund the going-concern deficit
* $19 million for the next 5 years to fund the solvency deficit
* $4.5 million for the current service cost
"...they will obviously have a significant and negative impact on the University's annual operating budget - and the services we can provide. ... preliminary estimates indicate that we will be facing a funding deficit of approximately $50 million on a going concern basis and over $100 million on a solvency basis." wrote McCallum.
Two special noon - 1 PM meetings have been called for next week - on Tuesday April 21 at St. John's College on the Fort Garry campus, and the next day at the Basic Medical Sciences Building at 730 William Ave.
At that time, members will be assured that current benefits, derived from "an extremely generous plan by Canadian standards" will not be reduced -- if they approve of a proposal to take advantage of the University Pension Plans Exemption Regulation of 2007.
The U of M "along with two other major Universities in Manitoba" intend to exercise the "solvency relief", which "could reduce the University's required contributions by $19 million or more per year starting in 2010."
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Our thanks to family lawyer Jack A. King for his enlightening discussion yesterday about the issue of parental alienation, and his concerns about the effects of custody battles on the welfare of the kids caught in the middle. His advice was for divorcing couples to realize that they have to look 15 years ahead, and think about how poisoning the well because of bitter feelings towards an ex-spouse can negatively effect the children in the future, including delinquency and social problems. We'll follow up with Jack on the subject in the summer.
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The problems with the 311 service continue, as evidenced by this note from Spirited Kenny:
"Someone I worked with tried to phone 311 to find out how to volunteer for sandbagging.
We dial 9 for an out side line, then 311… and nothing. No dial tone, no busy signal, nothing, just silences.
We phoned the Pan AM pool phone number line to get to 311.
I just found it interesting, another problem with 311."
And check out this email sent today to Mayor Sam Katz by a listener:
"Mayor Katz
On my wife’s way to school today she found a stray dog and tried to call animal services, she was prompted press one for this and two for that then sent over to 311. Unfortunately she had to go to school and could not wait on hold for who knows how long, so she asked me to call from work.
Of course I am unable to call 311 from work, so I find animal services phone number in the phone book not sure what I will do when I get new phone books at work and need to contact a city department. So I call Animal Services press 1 for this 2 for that and get sent to 311.
But this isn’t the end, I was sent to the 311 sandbagging registry and they tell me I need to call 311, I try to explain why I can’t and I’m informed that there is nothing they can do. So I called the Winnipeg Humane Society they gave me contact info for the owners and they will be picking up their dog this afternoon.
This event begs the question why do we even have a City of Winnipeg Animal Services department if it is impossible to contact them? Why not shut them down and give the Humane Society some funding, put them in charge of licensing and whatever else Animal Services does.
Have a great day and look forward to hearing you again on The Great Canadian Talk Show "
(Which will be on Monday, April 27th.)
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Funeral services for the late Matt Bellan, former editor and owner of the Jewish Post, will be held Sunday April 19, at 12 noon, at the Chesed Shel Emes chapel, 1023 Main Street, with interment to follow at the Shaarey Zedek cemetery.
