The Universities Academic Pension Plan (UAPP) is a jointly-trusteed, defined-benefit pension plan registered under the Employment Pension Plans Act of Alberta, and the Income Tax Act (Canada). The eligible academic and professional staff of Athabasca University, The Banff Centre, the University of Alberta, the University of Calgary and the University of Lethbridge participate in the Plan.
The Plan pays retirement, disability, spousal/survivor, and termination benefits to eligible members or their eligible survivors. Pension benefits are based on the highest 5 consecutive years' earnings and are indexed at 60% of the annual increase in the Consumer Price Index (Alberta).
The UAPP is financed by employee and employer contributions and by investment earnings. The Alberta Government also makes contributions towards eliminating the unfunded liability for service before 1992. The Plan's funds are invested in a diversified portfolio that includes domestic and foreign equity, bonds and debentures and money market securities.