1.When was the Plan established?
The Plan went into effect on January 1, 1975. The Plan was
most recently amended as of January 1, 2001. The Plan is a Defined Contribution
(money purchase) Plan.
is Covered Under the Plan?
Each person who is working under the terms of the
Collective Agreement between an Employer and The Machinist,
Fitters & Helpers Local 3 and is a member of the union,
shall automatically participate in the plan. An enrolment card
must be completed by each Member and submitted to the
Contributions are Made to the Plan?
Each participating Employer will contribute on an hourly rate
at the amount stipulated in the Collective Agreement.
4.What is the
objective of the Plan?
The Plan is designed to provide a monthly life income for Members who retire under the Plan.
Additionally, benefits are payable if you leave the Plan prior to retirement or if you die prior to retirement.
May You Retire and Begin to Receive a Pension?
The following are four possible dates when you
can receive pension benefits.
The normal pension commencement date is
the first day of the month on or after your 65th birthday.
You may also retire when you have accumulated 30 years of
A Member who is age 55 or older may elect to
receive pension benefits as of the first day of any month,
provided that you have 5 years of credited service and that
you have stopped working under the Collective Agreement.
Delayed Retirement After Age 65
If you continue to work beyond your normal
retirement date, then you may receive a pension on the first
day of any month following your normal retirement date. You
must, however, retire no later then the end of the 2 calendar
year following your 69th birthday. You may earn pension
credits up to the date that you start to receive pension. You
will not receive any credit for pension contributions received
after your retirement date.
If you become totally and permanently disabled
as defined under the Plan, you may retire on a disability
retirement date which may be the first day of any month before
your 65th birthday and after the date your permanent and total
disability is found to be total and permanent by the trustees.
A Member is considered to be permanently and totally disabled
under the Plan if, in the opinion of the Trustees and based on
medical evidence, the Member is deemed to be unable to engage
in any gainful occupation or employment. In no event, however,
will disability be considered to be permanent until it has
continued for a period of at least 6 months.
What Retirement Benefits are Provided by the Plan?
Retirement benefits are based upon the
contributions received in respect of hours of credited service
after the start of the Plan, up to the date of your
The contributions received on your behalf are
invested in a Trust Fund. The Trust Fund is managed by
professional money managers selected by the Board of Trustees.
Each year there is credited to your account, interest at the
net rate earned by the Plan. At retirement the amount of money
in your Account is used to provide you with retirement income.
When you retire, the amount of money in your account will be
used to buy a pension, in the form of an annuity, which will
provide you with retirement income. If you do not wish an
annuity to be purchased on your behalf, you will be able to
transfer your money out of the Plan into another financial
instrument that will provide income in retirement.
You will be
given a number of options when you retire, including an
annuity. If you do not wish an annuity to be purchased on your
behalf, you will be able to transfer your money into an RRSP,
or use it to buy a Registered Retirement Income Fund (RRIF) or
a Life Income Fund (LIF). The money contributed by your
Employer after 1992 will be deemed to be “locked-in”.
Locked-in money is money that can only be used to buy you
retirement income. It will never be available to you in cash.
Any Member who is coming up to retirement
should contact the Plan Administration at least 3 months
before retirement to ask for estimates of their pension