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

TERMINATION BENEFITS

You are entitled to termination benefits if you have a Break in Service. You may elect termination benefits if contributions have not been made on your behalf for 24 months or more.

If you are entitled to termination benefits, your benefits are locked in. You will be provided with a deferred pension, in an amount equal to the pension earned to the date of your termination, which is payable at your Normal Retirement Date.

If you have not yet reached age 55, the pension earned for service after December 31, 2000 will be adjusted to include 50% of the change in the Consumer Price Index, to a maximum of 2% per year, from your date of termination to age 55.

You may transfer the commuted value of your accrued pension at your termination date to the registered pension plan ("RPP") of your next employer, if that plan so permits, or to a locked-in registered retirement savings plan ("RRSP") to provide you with a pension at retirement, or to a life income fund (“LIF”), or to a locked-in retirement account, or have a deferred life annuity purchased which would be payable at any time after age 55.

If you wish to have the commuted value of your accrued pension transferred to a locked-in RRSP, LIF, LRIF, or RPP of your next employer, you must provide satisfactory proof of age (see Section 13 (f)) and sign a locking-in agreement in the form required by the Trustees when applying for such transfer. Upon completion of this transfer, no further benefits are payable under the Plan.  

If you have reached age 55, you may not transfer your benefit entitlement out of the Plan. You are entitled to a pension at age 65 equal to your pension benefit accrued to your date of termination. You may elect to receive such pension as early as age 55.  However, your accrued pension benefit will be reduced by 1/2 of 1% per month for each month you retire prior to the date on which you would have reached age 65. 

If you are entitled to a deferred pension payable by the Plan, having previously terminated your employment in the Industry, and you die before you have applied to have your pension payments commence, your designated beneficiary or estate will receive a lump sum amount equal to the commuted value of your deferred vested pension accrued to the date of your death.




 

   

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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