Overview
The Pension Plan is designed to provide monthly income for life to Members who retire under the Plan.
Effective January 1, 2021 the Pension Plan is a Target Benefit Plan. For information regarding the Defined Contribution provision, please refer to the Appendix in the Pension Plan booklet.
The Pension Plan has been arranged by the Board of Trustees and is administered by D.A. Townley. As the Administrator, D.A. Townley processes remittances from participating employers, manages Member eligibility, and calculates Member entitlement. The Trustees have also appointed other professional service providers such as: actuary, investment consultant, legal counsel, custodian, investment managers, and auditor.
The Plan is funded by contributions made by your employers as required under the Collective Agreement. Your employers contribute into the plan a set amount for each hour you work. Those contributions are invested, together with all other contributions, in a mix of assets chosen by professional investment managers under the direction of the Trustees in consultation with their advisors.
There are three types of benefits provided by the plan.
- Retirement pensions
- Termination benefits
- Death benefits (pre-retirement)
Pension law requires that a plan valuation be performed by an actuary at least once every three years. The actuary examines the plan to determine if, at the valuation date, the assets and future contributions are sufficient to pay for the cost of members’ benefits (the “liabilities”). If there is a difference between the assets and liabilities of the plan, the Trustees may have to consider changes to the plan to address the imbalance. These changes can include increases or decreases to future benefit rates or the members’ benefits that are accrued under the plan.
Please check your Pension Plan booklet or click on the links to the left to access detailed information regarding the Pension Plan.
