GENERAL INFORMATION
Who is eligible to participate in the Plan?
You are eligible to join the plan as soon as you have worked 700 hours. You must complete and return an enrolment form to the administrator.
What types of benefits does the Plan provide?
There are four types of benefits provided by the plan.
• Pensions
• Disability benefits
• Pre-retirement death benefits
• Benefits on termination of membership in the plan.
When may I start my pension?
You may start pension payments from the plan any time after age 55. Canadian tax law states you must start a pension by the end of the calendar year in which you turn 71.
When am I eligible for an unreduced retirement benefit?
The pension described in the “Pension Calculation” section of the Pension Plan Booklet is available to you when you reach
age 65 if you have terminated vested status in the plan. If you have active status in the plan, the pension amount outlined by that formula is available from the first of the month on or after your 62nd birthday.
Do I have to start my pension by 65?
No. The age at which you start your pension is entirely your decision. However, your pension must start before the end of the year in which you turn age 71.
When do my retirement benefits start?
Once your complete application has been received, your pension calculated, and your hours of work in the relevant periods have been confirmed, your retirement benefits will start on the first day of the next month.
When should I apply for my pension?
To give yourself enough time to review the optional forms of pension and complete the necessary forms, you must contact the administrator’s office at least three months in advance of your retirement date to ensure that you receive your pension on
your chosen date of retirement. Once you have received your forms, applications for retirement should be filled on a form available from the administrator’s office at least one month in advance of the first of the month on which retirement benefits are expected to begin.
How are normal retirement benefits determined?
Your pension is calculated by a formula, which can and has changed over time, based on the recommendations of the actuary and their assessment of the plan’s affordability to pay benefits.
Please see the Pension Plan Booklet for details on calculating retirement benefits.
Coordinating with the Canada Pension Plan and Old Age Security
If you start a pension from this plan before 65, then when payments from government retirement programs (CPP and OAS) start at age 65, your income may increase.
The actual amount payable depends on your age at retirement as well as CPP and OAS rates in effect at the time and whether you qualify to receive the maximum CPP benefit.