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Misc. Information |
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- How are
the Pension Funds invested?
- Can the
Trustees change the Plan?
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Will
I receive a Statement of my benefits from time to time?
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To
whom should other questions and inquiries be directed?
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What
should I do if I become divorced or legally separated from
my Spouse?
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How is the Plan run?
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What
is I previously worked for Ironworkers Local 97 and am now
re-employed?
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How
can I learn more about Government provided pension?
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18. How are the Pension Funds invested?
The Funds are invested in securities authorized by law for
investment of Registered Pension Trust Funds with the
objective of obtaining the best possible returns consistent
with sound investment policies. The Trustees regularly review
the results achieved by the professional money managers and,
from time to time, they make changes in managers.
19. Can the Trustees change the Plan?
Yes. The Trustees are empowered and may from time to time
change, modify or alter the Plan in any respect.
The Plan must always comply with applicable federal and
provincial legislation.
20.
Will I receive a Statement of my
benefits from
time to time?
Yes. The Trustees will issue statements annually through
the office of the Administrator provided that you keep your
address up to date with the Plan Administrator.
21.
To whom should other questions
and inquiries be
directed?
The Board of Trustees have appointed D.A.Townley
as the Administrator of the Fund to
receive contributions from the employer on behalf of the
Trustees and to maintain all necessary records. Any questions
can be directed to them.
22.
What should I do if I become
divorced or legally separated
from my Spouse?
The Family Relations Act sets out the rights of your
Spouse to share in your pension benefits, and imposes
responsibilities on the Trustees and the Administrator.
Should you find yourself in this situation, it is strongly
recommended that you get legal advice. The Plan will charge
you and/or your Spouse for reasonable costs for complying with
the separation or divorce agreement, a copy of which must be
filed with the Plan if your benefits are affected.
23. How is the Plan run?
The Trustees interpret the Plan, provide certain
guidelines to the Plan Administrator, Custodian, Investment
Manager and Actuary as well as oversee the running of the
Plan.
The Plan Administrator (currently D.A. Townley) administers the Plan by keeping records of service
and contributions and by calculating pensions and benefits
under the Plan.
The Custodian of assets (currently RBC Global Services)
holds the pension fund assets and invests them following
instructions from the Investment Manager. All contributions
are made to the custodian, and all pensions and benefits are
paid by the custodian.
The Investment Manager makes investment decisions within guidelines and
objectives set by the Trustees.
The Consultant (currently D.A. Townley).
The Actuary
makes periodic estimates of pension fund surpluses and
deficits, and provides direction and advice to the
Trustees.
The Plan is subject to rules for registration under the
Income Tax Act (Federal) and the BC Pension Benefits Standards
Act (Provincial) and is subject to change from time to time
when those rules change.
24.
What if I previously worked for Ironworkers Local 97 and am
now re-employed?
If as a result of a previous termination of membership
from the Plan you were entitled to receive benefits from the
Plan but elected to not withdraw the value of them, you will
be immediately vested for additional benefits upon returning
to work. However, if you withdrew your funds from the plan
then you will be treated as a new employee and have a new
vesting period.
25.
How can I learn more about Government provided pensions?
You can phone the Government of Canada Income Security
Programs at 1-800-277-9914 or you can obtain the information
on-line via their web site.
If you would like further information on your Old Age Security
(OAS) benefits, please visit http://www.hrsdc.gc.ca/en/gateways/topics/ozs-gxr.shtml.
If you would like further information on your
Canada Pension Plan (CPP) benefits, please visit http://www.hrsdc.gc.ca/en/gateways/topics/cpr-pip.shtml.
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