ABOUT THE PLAN
The Towboat Seamen Retirement Plan came into effect June 1, 1973. It is recognized as a Defined Contribution Plan and is "Federally Registered" and is registered with the Office of the Superintendent of Financial Institutions Canada.
This Plan is a Jointly Trusteed Board, meaning there are representatives from both union and management.
Your Board of Trustees:
- Terry Engler (Chair) Local 400, Marine Section International Longshore & Warehouse Union
- Colleen Detina (Seaspan ULC)
- Kevin Rokosh (Seaspan Ferries Corp.)
- David Borins (Borins and Company)
Who is eligible for membership in the Plan?
All employees who are represented by either of the Unions and who are employed by a signatory employer (Employer).
You will be eligible for membership on the first day of the month following completion of 3 months of service with an Employer.
An enrolment form must be completed by each Member and submitted to the Administrator.
How much does my employer contribute to the Plan?
Your Employer contributes a fixed percentage of your basic monthly wage, as set out in your Collective Agreement.
Your Employer is obligated to remit pension contributions to the Plan if you become injured on the job and have a claim with the Workers Compensation Board. Similarly if you have a disability claim with the BC Marine Welfare Plan your Employer is obligated to remit pension contributions up to a maximum of 12 weeks for each claim.
Am I required to contribute to the current Plan?
May I make additional contributions to the Plan?
Yes, providing you are an active member in the Plan, the Plan will accept voluntary contributions from you. You will need to make sure that contributions to all your registered plans do not exceed the CRA annual limit, presently set at 18% of your total taxable income to the maximum limits allowed. You will be issued a tax receipt for these additional contributions.
Additional voluntary contributions may be made through your Employer by way of payroll deduction or through the Plan Administrator. These voluntary contributions are not locked into the Plan.
Do my contributions earn interest?
Yes. Interest is credited to your accounts at a rate equal to the rate the fund earns, less the costs of running the Plan.
What does "Vested" mean?
A "Vested Participant" is entitled to the benefits in the Plan. All Participants are immediately vested upon joining the Plan. To be eligible to join the Plan, employees who are members of one of the Unions, must have completed 3 months of continuous service with their Employer.
Termination from the Plan:
What does "Terminated" mean?
Termination of employment will be deemed to have occurred if the Participant does not work for any Employer signatory under the Towboat Seamen Retirement Plan for a period of at least 6 consecutive months)
Termination of employment will also be deemed to occur when no contributions have been made in respect of that Participant by any of the Participating Employers for a period of twenty-four consecutive months.
What if I am terminated and am now re-employed by a contributing employer?
If you have left your contributions in the Plan, then new contributions will be added to your account and your status will change from Terminated Vested to Active Vested.
If you have taken your money out of the Plan, you will be treated as a new employee and will have to participate in the Plan for 3 months to become a vested member in the Plan.
There are two kinds of service under the Plan: