Guelph prepares for pension crisis

The University of Guelph is in a pension "crisis," President Alastair Summerlee said at a recent town hall meeting. Although provincial solvency relief will lower payments from $90 million to $40 million, Summerlee says that without financial aid, the university’s three pension plans "would be seriously impaired." Wendy Walker, of the United Steelworkers which represents 900 university employees, accused the administration of fabricating the crisis. “Despite saying the pension is in terrible shape, the university (administration) has continued to take a pension (contributions) holiday,” she said. Judy Sheeshka, president of the faculty association, says she is awaiting guidelines from the province, but noted that pension contributions might have to increase for employees to ensure pensions are viable.