You will join the plan on the first of the month immediately following three months of continuous employment, and upon return of your completed application form.
Pension
One of Brescia’s most valuable benefits is the Brescia Pension Plan. The Defined Contribution plan provides a generous opportunity to save for your retirement. Once you join, both you and Brescia will make contributions to your Pension Plan account. Brescia participates as an employer under the Western Pension Plan, which is administered by Sun Life, and is governed by the Western Joint Pension Board.
Eligibility for the plan is as follows:
Full Time Faculty
Contract Faculty
You are eligible to join the plan on January 1 of the year after you have earned at least 21% of the year’s maximum pensionable earnings in each of the two previous calendar years. Earnings from your appointments with the participating employers: Western University, Brescia University College and Huron University College can be taken into account.
As the participating employers do not share a common payroll, if you had employment with more than one participating employer, please request a Determination of Eligible Service form from the payroll office in order to have your eligibility determined.
Membership in the Plan is optional for employees who are not regular full-time.
Full Time Staff
You will join the plan following three months of continuous employment, and upon return of your completed application form.
Permanent Part Time Staff
You are eligible to join the plan on January 1 of the year after you have earned
at least 21% of the year’s maximum pensionable earnings in each of the two previous
calendar years. Earnings from your appointments with the participating employers:
Western University, Brescia University College and Huron University College can be
taken into account.
As the participating employers do not share a common payroll, if you had employment with more than one participating employer, please request a Determination of Eligible Service form from the payroll office in order to have your eligibility determined.
Membership in the Plan is optional for employees who are not regular full-time.
How the plan works:
- Once you join you will begin making regular contributions, and Brescia will continue making contributions as long as you work for the University, or until December 31st of the year you turn 69, whichever is sooner. Your membership would terminate following the last contribution.
- The regular amount that you contribute will be a percentage of your earnings. Please see your contract for negotiated employee and employer contribution rates.
- You can also make additional voluntary contributions (the total contribution amount is limited by tax regulations) to increase your savings. While regular contributions usually remain locked-in until retirement, voluntary contributions can be cashed at any time, subject to tax withholding, and can be stopped at any time. This can be set up online in your Sun Life account.
- You choose the investments that are best for you from the available options. Once you have activated your participation, you can contact Sun Life for advice and assistance on choosing the best investments for your risk tolerance. An online Investment Allocation Tool is also available.
- You will need to name a beneficiary – someone who will receive your pension savings in the event of your death, subject to Pension legislation . This can be done online in your Sun Life account.
Additional Resources
- Pension Plan Summary (BUC Login)
- Western HR
- Retirement Plan Account