MORE INFORMATION ON THE PENSION PLAN
Amendment or Termination of the Plan:
Can the Plan be changed or terminated?
Yes, the Trustees could cause the Plan to be terminated. However, it is their intention that the Plan be maintained indefinitely.
What happens if the Plan is terminated?
In the unlikely event of Plan termination, you would be entitled to the total of all contributions you and your employer(s) have made to the Plan, with interest.
Do I have any protection from future amendments?
Yes, amendments cannot cause the value of benefits accrued to the date of amendment to be reduced.
Can a Participating Employer ever get a refund of pension fund money?
Only if they have over-contributed to the Plan.
Operation of the Plan:
How is the Plan run?
The Trustees (see next question) interpret the Plan, appoint and provide certain guidelines to the Plan Administrator, Custodian, Investment Manager and Consultant, as well as oversee the running of the Plan.
The Plan Administrator (currently D.A. TOWNLEY Ltd.) administers the Plan by keeping records of service and contributions and by calculating pensions and benefits under the Plan.
The Custodian (currently RBC Investor 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 (currently Leith Wheeler Investment Counsel) makes investment decisions within guidelines and objectives set by the Trustees.
The Consultant (currently D.A. TOWNLEY) provides direction and advice to the Trustees.
The Plan is subject to the rules for registration under the Income Tax Act (federal) and the Pension Benefits Standards Act of Canada (also federal) and is subject to change when those rules change.
How is the Board of Trustees set up?
This Plan is governed by a jointly trusteed Board, meaning there are representatives from both the Unions and the Council.
How can I learn more about the Plan?
In addition to this written explanation, Plan members are entitled to read the complete Plan Text and the Trust Agreement. These documents are on file at the Plan Administrator’s office.
If you have any questions or require clarification of any pension matter, contact the Administrator, at (604) 299-7482 or (800) 663-1356 by phone, or e-mail the Plan at email@example.com.
If you wish to contact the Trustees, you can write them, care of the Plan Administrator’s office or the Union office.
Are benefits taxable?
Yes, benefits are included in your income for income tax purposes when they are paid (except for lump sums transferred directly to another registered pension plan or RRSP).
Each year a "pension adjustment" (PA) under this Plan is calculated by your Employer for income tax purposes. The PA will use up part or possibly all of your RRSP contribution room. The PA each year is equal to the total of all contributions made to the Plan in your name. It is reported on your T4 slip provided by your Employer. Voluntary contributions remitted directly to the Plan Administrator will be reported on a separate T4 issued by the Plan Administrator.
Exercising Your Rights:
How do I exercise my rights?
The following rights under the Plan can be exercised at appropriate times:
- to join
- to elect optional forms of benefit
- to commence benefits
- to obtain information.
In each case, you should contact the Plan Administrator, D.A. TOWNLEY, at (604) 299-7482 or toll free 1-800-663-1356. In most cases, you will be provided with the appropriate forms to complete. You must complete the forms and return them to the Administrator to initiate action.
To ensure that your request is processed in a timely manner, the Administrator recommends that you submit your request within the appropriate time frame:
||Maximum time frame
|New hire joining the Plan needs to complete an "Application for Enrolment" form
||3 months following hire
||At least 60 days prior to your retirement date
|Elect optional form of pension
||At least 60 days prior to election
|Termination benefits election (withdrawal from the Plan)
||Within 90 days after you have terminated employment for 6 months