Universitas Financial, an industry-leading name in the field of education savings, announces the conclusion of the assignment undertook by the Honourable Paul Vézina regarding the implementation of the mitigation measures plan launched last March. As independent evaluator, Paul Vézina was entrusted with establishing the criteria according to which the mitigation measures would be applied.
The measures stem from the commitment made by Universitas to offset the financial impact (for some families) further to the easing of the qualification criteria for educational assistance payments (EAPs). The relaxed criteria were endorsed in December 2018 by a second vote of group RESP subscribers, after which Universitas drew the sum of $1.5M from its own operating budget for those who felt disadvantaged by the increased flexibility of its products.
“We thank the Honourable Paul Vézina for the diligence and dedication he has shown in carrying out his assignment. Although not all the families who feel disadvantaged will be offered a mitigation payment based on the criteria established by Vézina, every dollar paid out under this financial commitment brings us one step closer to helping our beneficiaries reach their full potential. We are convinced the result of this initiative will allow those most affected to look to the future,” says Isabelle Grenier, President and CEO of Universitas.
Vézina reviewed the 18,000 applications received at the end of the registration period that ran from March 20 to April 30, 2019. The outside accounting firm KPMG then ensured the allocated budget of $1.5M was adequately distributed according to the criteria established by Vézina. The complete report explaining Vézina’s decisionmaking process is available at https://universitas-attenuation.collectiva.ca
The distribution of payments to subscribers was entrusted to Collectiva, a firm specialized in claims management. All clients who registered will receive an email from Collectiva informing them the decision regarding their file is ready. Subscribers who are offered an individual mitigation payment will have until April 31, 2019, to accept or decline the offer—after this date, they will be deemed to have refused. The amount determined by the independent evaluator is final and not subject to review.
Collectiva expects all cheques should be delivered by October 1, 2019, at the latest. Universitas will not comment on the mitigation measures until the end of the process.