What is the objective of the Plan?
The Plan is designed to provide monthly income for life to Plan Members who retire under the Plan.
Additionally, benefits are payable if you leave the Plan, become disabled or die prior to retirement.
Who is eligible for membership in the Plan?
Each person who is working under the terms of the Collective Agreements
shall automatically participate in the Plan. An enrolment card must be completed by each
Plan Member and submitted to the Plan Administrator.
If I am eligible, do I HAVE to join?
How do I become vested in the Plan?
After April 18, 2007, a Member becomes vested in the Plan upon completion of one year of Credited Service.
The Plan Administrator can give you a full explanation of those rules.
All benefits described in this booklet are available to vested Plan members.
Members who terminated from the Plan prior to becoming vested lose all entitlement to benefits.
Once you become vested, you will remain vested unless you withdraw your entitlement from the Plan.
How much does my employer contribute to the Plan?
Your employer contributes a fixed hourly rate for each eligible hour you work, as set out in the Collective Agreements.
Am I required to contribute to the Plan?
May I make additional contributions to the Plan?
Yes. The Plan will accept voluntary contributions from you.
Do my contributions earn interest?
Yes. Interest is credited to your accounts at a rate equal to the rate the fund earns, less the costs of running the Plan.
When can I retire on pension?
You can retire at any time after your 55th birthday, assuming you have retired from active employment.
You must retire from the Plan before the end of the year in which you turn 69.
How much pension will I receive?
Retirement benefits are based upon the total contributions your Employer(s) makes to the
Plan and the total amount of interest earned on those contributions.
This total amount will be used to buy you a pension, in the form of an annuity, which will provide you with retirement income.
What happens to my pension if I stop working for a contributing employer?
You have a choice. You may
a) leave your contributions in the Plan and receive a pension or transfer at any time prior to the end of the calendar
year in which you turn 69 (a "deferred pension"), or
b) transfer the accumulated value of your contributions to a locked-in RRSP or, under certain statutory conditions,
to another pension plan or to purchase a deferred life annuity or a LIF or LRIF.
How long do I have to wait to access my pension?
You will be automatically deemed to be terminated from the Plan when you have worked less than 350 hours in the immediate proceeding Plan year or not worked for a participating employer for one Plan year.
What happens to my benefits if my marriage breaks down?
Where required by the applicable family law legislation in your province of employment,
your benefit will be divided between you and your former spouse and your account balances will be reduced.
You and your former spouse will be required to pay an administrative fee.
Should you suffer a breakdown of your marriage, talk to your legal advisor and ask for advice with respect to your pension assets.