GENERAL INFORMATION
WELFARE PLAN
PENSION PLAN
  RETIREMENT DATES
  CREDITED SERVICE
  AMOUNT OF PENSION
  PENSION BENEFITS AT OR AFTER DEATH OF A RETIRED MEMBER
  ADDITIONAL SUPPLEMENTARY BENEFIT
  APPLICATION FOR, AND PAYMENT OF, PENSION
  BREAK IN SERVICE
  NO BREAK IN SERVICE ARRANGEMENT
  DEATH BENEFITS BEFORE RETIREMENT
  TERMINATION BENEFITS
  EMPLOYMENT OF
A PENSIONER
 

DESIGNATION OF
A BENEFICIARY

  GENERAL PROVISIONS
  PENSION PLAN EXCLUDED FROM GROW-IN BENEFITS
  TERMINATION OF PENSION COVERAGE
  GOVERNANCE OF PENSION PLAN AND PENSION FUND
MEMBER BENEFIT BOOKLET
 

 

WELFARE AND PENSION PLANS

Pension Plan

 

            AMOUNT OF PENSION

(a)        Normal Retirement or Postponed Retirement

Effective October 1, 2016 : Members retiring on/after October 1, 2016 from active employment or Members in receipt of WI, LTD, WSIB, or WCB benefits are entitled to an annual pension, payable monthly, of $69.50 for each 100 hours of credited future service.

Monthly pensions (based on pensioners' status prior to their date of retirement and excluding additional supplementary benefit) for pensioners and survivors/beneficiaries of pensioners who retired from active employment in the Elevator Industry prior to January 1, 2015 have been increased by 1.8% effective January 1, 2015 and further increased by an additional 1.8% effective October 1, 2016.

These pensioner increases do not apply to former Members who suffered a break in service and terminated their membership prior to retiring from the plan.

(b)        Early Retirement

• Unreduced Early Retirement Pension

Effective October 1, 2016: If you retire at age 59 or later and after completing at least 20 years of continuous Credited Service in the Elevator Industry immediately before retirement, subject to the consent of the Board of Trustees, your Unreduced Early Retirement Pension will be equal to the annual pension earned to the date of retirement without reduction, provided the funding of the Plan is adequate to allow for this benefit.

• Reduced Early Retirement Pension

Effective October 1, 2016: If you retire after attaining age 55, but before age 59, and after completing at least 20 years of continuous Credited Service in the Elevator Industry immediately before retirement, your Early Retirement Pension will be the annual pension earned to your date of retirement reduced by 1/2 of 1% for each calendar month between your Early Retirement Date and age 59, provided you elect to receive an immediate pension. The above provisions continue to apply to only those Members in active employment immediately prior to retirement.
Similar to (i) above, the funding of the Plan must be adequate to allow for this benefit. If you elect to receive a deferred pension (payable at a later date), your Early Retirement Pension will be the annual pension earned to your date of retirement reduced by 1/2 of 1% for each calendar month between your Early Retirement Date and age 65.

If you retire after attaining age 55, but before age 65, and you have not completed at least 20 years of continuous Credited Service in the Elevator Industry immediately before retirement, your Early Retirement Pension will be the annual pension earned to your date of retirement reduced by 1/2 of 1% for each calendar month between your Early Retirement Date and age 65. 

 



 

   

READ CAREFULLY, BUT REMEMBER…

This is a general outline of the Plans and its purpose is to explain as briefly and clearly as possible each of the benefits to which you are entitled. The benefits outlined under the Plans are subject to the terms and conditions of the Plan documents and Group Master Policies. If there is any conflict between this outline and the Plan documents and Group Master Policies, the Plan documents and Group Master Policies will apply in all cases. Also remember that no benefits are guaranteed and that the benefits can be changed by the Trustees at any time.

 
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