Who will decide whether to reduce benefits or increase contributions (or a combination of both) in order to eliminate the actuarial deficit?
A The Plan sponsors are UNB and AUNBT. The costs of the Pension Plan are shared equally between the University and the members of the Plan. Both Parties must agree in order to make changes to the benefits or the contribution rates. Representatives of UNB and AUNBT are having discussions to come to an agreement on funding the Plan in light of the new valuation, and will be consulting with their principals (the University’s Board of Governors, and the Association’s Executive Committee and general membership) on recommended actions.
