[PDADC-L] UTFA - pension issue - response to President Naylor

From: George Luste [mailto:luste@utfa.org]
Sent: Monday, January 10, 2011 8:44 AM
To: George Luste
Subject: UTFA - pension issue - response to President Naylor (pdadc-l)

Dear Colleagues:

President Naylor and I both agree that there is a major deficit in our UofT pension plan. We differ on whether it is a $1 billion deficit or a $2 billion deficit. In either case this deficit is one of our university's most critical problems today, and it's important that the entire university community be informed about it. President Naylor and I also differ on other issues, many of which are discussed in my response.

The recent sequence of exchanges on our pension:
(i) December 13, 2010 - I made a presentation to Business Board of Governing Council. The associated memo is posted on www.utfa.org
(ii) December 15, 2010 - President Naylor responded with a public memo/letter. This is also posted on www.utfa.org
(iii) January 9, 2011 – I posted an 8-page response to President Naylor’s memo/letter on www.utfa.org

I urge you to read the January 9, 2011 memo, and the earlier documents if you have not already done so. In the conclusion of my response to President Naylor’s criticisms I write:
I have read the President’s public communiqué of December 15 several times. I find nothing in it that requires any changes in the conclusions of my December 13 presentation.

I invite and welcome all comments.

Best wishes for 2011.

George

George Luste
President, University of Toronto Faculty Association
720 Spadina Ave, Suite 419, Toronto, ON M5S2T9
Tel-416-978-4676 fax-416-978-7061 luste@utfa.org