D.A. Townley  -  Plan Administrators Iron Workers Union Local 97 International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers 
 

pension
plan

        
 
 
 
 
     
   
 
 
 
 
 
 

Leaving the Plan

  1. What benefits are payable in the event of my death prior to retirement?
  2. What happens if I terminate my membership with the Plan prior to retirement?
  3. How do I earn years of Participating Service?
  4. When am I deemed terminated from the Plan?

14. What benefits are payable in the event of my death prior to retirement?
If you have two years of Continuous Plan Membership and you have a Spouse (see above for who is a Spouse), then she may receive an immediate pension for the rest of her life at least equal to 75% of your accrued pension at the time of your death. Alternatively, she can choose to receive a lump sum benefit equal to 60% of the actuarial value of the pension you have accrued up to your date of death. 

Should your Spouse choose to receive the lump sum benefit as noted above, she can either:
  1. transfer the commuted value of her pension to a locked-in RRSP; or

  2. transfer the commuted value to another registered pension fund; or

  3. purchase a deferred or immediate annuity purchased from a Life Insurance Company; or

  4. transfer the commuted value to a Life Income Fund.
If you die and you do not have a Spouse, your beneficiary will receive a lump sum equal to the commuted value of sixty monthly payments of the benefit earned to your date of death. 



15. What happens if I terminate my membership with the Plan
prior to retirement?
If you were terminated after January 1, 1998 and have two or more consecutive years of Continuous Plan Membership you are entitled to benefits from the Plan. If you were terminated before January 1, 1998 and have five or more consecutive years of service you are entitled to benefits from the Plan. If you do not meet the service requirement, depending on when you terminated from the Plan, you are not entitled to benefits from the plan. 

If you are entitled to benefits and are under age 55 you may choose to withdraw the commuted value of your earned pension from the plan. If you choose to transfer the value of your Accrued Pension from the Plan, the following options are available to you:
  1. a transfer of the commuted value of your pension to a locked-in RRSP; or

  2. a transfer of the commuted value to another registered pension fund

  3. a deferred or immediate annuity purchased from a Life Insurance Company
A locked-in retirement vehicle, must, by law, be used to provide a monthly income at retirement.

You may also choose to leave your funds in the Plan until a later date, however, you must access your pension prior to the end of the year in which you turn age 69.

If are entitled to receive payments from the plan, either on retirement or on termination of membership, and have reached age 55, you are required to take a pension from the Plan.



16. How do I earn years of Participating Service?
For each year that you have 200 or more hours of employment, you earn one year of Participating Service.



17. When am I deemed terminated from the Plan?
Your membership in the Plan terminates if you have two consecutive plan years in which you have less than 200 hours of employment in each year, or have less than 350 hours combined in two consecutive years.




 

Form Link
Death of Member Form
Termination Forms
 

related Links
Printable Version of the Pension Plan Booklet

 
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