Academic Supplementary Retirement Plan
The Academic Supplementary Retirement Plan (ASRP) is a negotiated component of total compensation for academic staff appointed to continuing full- and part-time positions in the Faculty, Librarian, Administrative Professional Officer and Faculty Service Officer agreements. See the Academic Supplementary Retirement Plan for full details.
To receive ASRP benefits, you must have pensionable earnings that exceed the UAPP maximum pensionable salary in a calendar year, up to the maximum negotiated ASRP limit.
Annual Pensionable Salary Maximum
| Year | UAPP | ASRP |
|---|---|---|
| 2023 | $195,313 | $220,668 |
| 2022 | $190,470 | $220,668 |
| 2021 | $180,758 | $220,668 |
| 2020 | $172,221 | $220,668 |
Plan Benefits
Unlike the UAPP, which is a defined benefit plan, the ASRP is a defined contribution plan. Annual notional contributions made by the university are based on ASRP points. Your ASRP points are equal to your age plus years of continuous service (including any leaves of absence) in an eligible ASRP agreement as of December 31 of each year.
| ASRP Points | Annual Contribution Rate |
|---|---|
| Less than 55 points | 8% |
| 55 to less than 80 points | 12% |
| 80 points or more | 16% |
Notional Accounts
Notional accounts exist only on paper and don't contain actual funds. Although the ASRP is an unfunded plan, the university is required to maintain reserves for plan liabilities (earmarked assets for the liabilities growing in the notional accounts). When you leave the university, the balance in your ASRP account is paid out of the general assets of the University of Alberta. You are not allowed to make contributions to the notional account.
Investment Returns
Average annual notional contributions are credited with interest based on the DEX Canadian 91 Day Treasury Bill return. ASRP-accrued notional account balances (account balances carried forward year to year) are then credited with the annual return (positive or negative) of the TD Emerald Balanced Fund .
Investment Option
You have an irrevocable, one-time option to change the basis for the investment return calculation on your accrued notional account balance from the TD Emerald Balanced Fund to the DEX Canadian 91 Day Treasury Bill return. To make this change, submit an Investment Change form to the Staff Service Centre. Change requests are effective on the first day of the month following receipt of the form.
Your Account
To request a copy of your annual statement, please contact the Staff Service Centre.