|Market Value of assets at September 1, 2012||$1,358,102|
|Contributions during the year:|
|Member required contributions||18,689|
|Member voluntary contributions||1,462|
|Member contributions-past service||10|
|Transfers from other registered plans||1,129|
|Earnings of the fund:|
|Investment income and capital gains/losses||202,603|
|Payments during the year:|
|Pensions and Lump-sum transfers||(85,531)|
|Market Value of assets at August 31, 2013||$1,527,573|
The financial position of the Plan is reviewed by an independent actuary at least once every three years. The next required valuation is due as of August 31, 2014. The Plan transfer ratio reported in the two most recently filed actuarial valuations was 95% as at August 31, 2008 and 80% as at August 31, 2011. The transfer ratio measures the Plan’s funded status on a solvency basis. A transfer ratio of 100% or above means that, if the Plan had been terminated on that date, the fund’s assets would have been sufficient to provide all benefits accrued under the Plan to that date. A transfer ratio below 100% indicates that there would be a solvency shortfall if the Plan were to be terminated on that date (and if that shortfall were not funded, benefits would have to be reduced). A plan with a transfer ratio below 100% requires that additional employer contributions be made. Queen’s is currently making special payments in order to fund the shortfall.
In the event of discontinuance of the Plan for any reason, the assets of the Plan will first be applied to provide the basic benefits in accordance with the terms of the Plan.
Any remaining assets after the provision of basic benefits will be used to enhance member benefits to the maximum permitted level under the Income Tax Act.
Any assets remaining in the Trust Fund after providing the benefits described above to Plan members will revert to Queen’s.