Compulsory

• If you meet the Plan’s definition of a full-time employee, you can join the Plan immediately (and, in fact, must join within three months)

Optional

• If you meet the Plan’s definition of a part-time employee, you may choose to join the Plan once you have:
  • completed 24 months of continuous employment, and
  • either worked 700 hours or earned at least 35% of the Year’s Maximum Pensionable Earnings (YMPE) in each of the two calendar years prior to enrolling

• Your employer matches your contributions. They also contribute an additional amount of up to 1.4% of your pensionable earnings.

• You will earn a monthly pension (based on a pre-set formula) that is payable for your life
• If you retire before age 65, you will also receive a monthly bridging benefit, payable until you reach age 65 (or until you die, if earlier)

• Normal Retirement Age is 65
• You can also retire with an unreduced pension:
  • at age 60 or over, if you have 10 or more years of continuous service; or
  • age 55 through age 59, if your age plus your years of continuous service equals 85 or more points

• Age 55, or
• Age 50 with 10 or more years of continuous service, or
• At any age, if your age plus years of continuous service equals 80 points or more

• Once you start receiving your pension, the payments will be increased each year by 100% of the previous year’s increase (if any) in the Consumer Price Index (CPI) for Canada – up to a maximum increase of 3%
• If the year-over-year increase in inflation is more than 3%, the portion over 3% will be considered by the Board of Trustees

Your pension is paid for your lifetime and is guaranteed to be paid for a minimum of 5 years (the guarantee period). Depending on your marital status at the date your pension begins, the Plan pays the following death benefits when you die after your pension starts:

Marital Status is Married or equivalent

If you have a spouse or a common-law partner on the date your pension begins the Plan considers you to be married or equivalent for the purpose of determining death benefits

If you die before the 5-year guarantee period is over, your spouse or common-law partner (as the case may be) will receive your pension for the remaining months of the guarantee period. Following that, a survivor pension equal to 66 2/3%* of your pension will be paid to your spouse or common-law partner (as the case may be) for his/her lifetime

If you die after the 5-year guarantee period is over, your spouse or common-law partner will receive a survivor pension equal to 66 2/3%* of your pension for his/her lifetime

* Before your pension starts, you will have the option to increase this survivor pension amount from 66 2/3% to 75%, in exchange for a small reduction in the amount of your monthly pension

Marital Status is Single

If you do not have a spouse or a common-law partner on the date your pension begins, the Plan considers you as single for the purpose of determining death benefits

If you die before the 5-year* guarantee period is over, your named beneficiary will receive your pension for the remaining months of the guarantee period, after which your pension ceases

If you die after the 5-year* guarantee period is over, your pension ceases

* Before your pension starts, you will have the option to extend the duration of the guarantee period from 5 years to 10 years, in exchange for a small reduction in the amount of your monthly pension

• If you leave the Plan before completing 24 months of plan membership (i.e. not vested): you’ll receive a refund of your contributions, with interest
• If you leave the Plan after completing 24 months or more of plan membership (i.e. vested), subject to minimum requirements you may:
  • leave your benefit in the Plan and collect a deferred pension, or
  • transfer the commuted value* of the deferred pension to a locked-in retirement account or the pension plan of your new employer, if that plan permits

* Note: Members who are eligible to start receiving an immediate pension upon termination of employment, whether on a reduced or unreduced basis (usually after age 50) can transfer the commuted value only if the funds are transferred to the registered pension plan of a new employer on a locked-in basis (provided that plan will accept a transfer).

If you are a Plan member and you die before your pension begins:
The Plan pays survivor benefits when a member dies before their monthly pension begins. The type of benefit paid to the survivor (i.e., a lump sum payment or a monthly survivor pension) depends on the amount of your continuous service and your marital status at the time of your death

If you were a Plan member and you die after your pension begins:
The Plan pays survivor benefits when a former member dies after starting their pension. Benefits are paid based on:

• your marital status as at your pension start date
• the pension option you choose at retirement, and
• the amount of your monthly lifetime pension at the time of your death

The Plan pays benefits to children who meet the Plan’s definition of dependent children, if any exist at the date of your death

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