Summary
The Policy on the Payment of Plan Administration Expenses from the Salaried Pension Plan Funds describes how McMaster University pays for the costs of administering its two salaried employee pension plans—Plan 2000 and the Original Salaried Plan. It sets out when and how administrative expenses can be paid directly from the pension funds rather than by the University. The Policy ensures these expenses follow applicable laws, including the Pension Benefits Act (Ontario) and the Income Tax Act (Canada). It applies to all individuals or groups involved in the administration, oversight, or membership of the salaried pension plans, including staff and external advisors.
Under this Policy, only fees and expenses that benefit the pension plans or their members can be paid from the pension funds. These may include accounting, actuarial, legal, investment, communications, and software-related costs, among others. Some University employee costs may also be reimbursed if their work supports plan administration. All costs must be reasonable, and oversight is provided by the Pension Trust Committee. Any changes to this Policy must be reviewed by that committee and approved by the Board of Governors.
Refer to the full policy below for complete details.
Approved by: Board of Governors
Date of Most Recent Approval: April 24, 2025
Responsible Executive: Vice-President (Operations and Finance)
Policy-Specific Enquiries: Human Resources Services (HRS)
Information Box Group
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