| INTERNATIONAL
ASSOCIATION OF HEAT AND FROST INSULATORS AND ALLIED WORKERS, LOCAL 110, ALBERTA, CANADA 9335-47 Street, Edmonton AB T6B 2R7 Phone: (780) 426-2874 or Calgary: (403) 243-1234; Fax: (780) 428-9434 Business Hours: 8AM - noon, 1-4:30PM MST |
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ASBESTOS
WORKERS PENSION PLAN
To View the 2009 Pension Plan Booklet click here
Pension Plan Update The latter part of 2008 and early part of
2009 proved to be a difficult period for investors in general. Our
Pension Plan
has not been immune to these turbulent markets and the Pension Plan did
incur
some investment losses over that period. Over the next few months, you
may be
hearing about how some of the other industry pension plans have been
adversely
affected by the investment markets. You may also hear about some
pension plans
being required to reduce benefits because of their investment losses.
The Board
of Trustees for this Pension Plan is pleased to report that no changes
or
reductions are currently being contemplated for this Pension Plan. While the Board of Trustees previously
adopted a diversified investment strategy in order to minimize
investment risk,
no investment strategy completely eliminates investment risk and some
investment losses were realized. For the 2008 calendar year, the
Pension Plan’s
rate of return was ‑13.6%. Relative to other plans across the country,
this was
a less significant loss of what many other plans incurred.
After a tough start to this year, the markets
have turned around and the Pension Plan’s rate of return over the first
six
months of the year was 6.5%. Although this represents a positive change
in
direction, the recent gains have not been sufficient to date to fully
offset
the losses from last year. One of the strengths of a defined benefit
pension plan is its ability to weather a storm over a short period of
time. While
investment professionals did not predict the timing and extent of the
recent
investment losses, the Board of Trustees knew that these types of
events do
occur and that they will re-occur again at some point in the future.
From the Pension
Plan’s perspective, the average long-term rate of return earned by the
Pension
Plan’s investments is more important than any single year’s results.
For our Pension
Plan to meet its financial targets, it must earn an average net rate of
return
of 6.0% per year. Because the occurrence of investment losses
from time to time is expected, even if the timing is not predictable,
the Board
of Trustees decided many years ago to hold a buffer or “rainy day fund”
to
cushion the impact of periods of poor investment results. This buffer
has been
successful in allowing the Pension Plan to weather the recent storm.
Even after
this troubling period, the Pension Plan remains on a sound financial
footing
and it is fully expected that the Pension Plan’s current assets, when
combined
with future contributions and future investment earnings, will be more
than
sufficient to pay for all the pensions earned by individuals in the
past and
the future. For pension plans registered in Alberta,
there is currently a requirement to fund every pension plan on a basis
that
assumes the pension plan will be immediately terminated. This is most
commonly
referred to as solvency funding. The appropriateness of funding pension
plans
such as your Pension Plan using solvency funding has been under
scrutiny for a
number of years, both here in Alberta and in other provinces. Alberta,
British
Columbia, and Ontario have all implemented temporary measures that
allow
pension plans to seek an exemption from solvency funding. It is
expected that
these measures will become permanent in Alberta within a few years. To
date,
this Pension Plan has not sought the relief allowed under the
legislation as
the Pension Plan was fully capable of meeting the more stringent
solvency
funding standards. However, given the significant drop in value of the
financial markets, the Pension Plan may be in a position where it will
be
beneficial to apply for the solvency funding exemption. This will
depend on the
status of the anticipated changes in legislation yet to be put in place. In summary, the recent financial experience
has been poor but the Pension Plan’s strong financial position prior to
the
recent investment losses will allow it to maintain the current benefits
levels
and no changes or reductions are being contemplated at this time. The
Board of
Trustees will continue to keep you informed should any significant
changes in
financial position occur in the future. Working
Beyond Age 60..
The working
population today is generally
healthier than prior generations. For that reason, and due to labour
shortages,
we are now seeing a general trend whereby insulators are working at
older ages
than we have seen in the past. To stay
current with the times, the Pension Plan
now provides insulators with a choice in respect of their retirement
savings. An
active insulator who is 60 years of age
or older can choose between the following two options: A. Continue
to work and earn additional
pension – Under this option, your pension does not start until such
time as
you apply to have your pension commence. Every hour of work you
complete prior
to pension commencement will continue to earn you additional pension
credit.
This option is the default option. Thus, if you do nothing, you will
simply
continue to earn additional pension benefit in the Pension Plan. B. Continue
to work while starting to
receive your pension – With this option, your pension payments
commence
immediately, even though you are still working. Instead of earning
additional
pension, your employer’s pension contributions are added to your
paycheck. In
order to select this option, you must apply to the Fund Office to have
your pension
commence on or after age 60. The Fund Office will then send a letter to
your
employer. The letter will direct the employer to not send further
pension
contributions to the Pension Plan, and instead add them to your
paycheck. Note that the employer cannot add the
contributions to your paycheck without first receiving the letter from
the
Pension Plan. If you return
to work after commencing receipt
of your pension prior to age 60, you are not eligible for Option B
above.
Instead, you can choose between the following two options: C. Continue
to receive your monthly
pension without interruption – Under this option, you do not get any credit for the additional
pension contributions sent in on your behalf. In addition, the pension
contributions remitted to the Pension Plan will reduce the amount of
your
permissible RRSP contributions. Once you attain age 60, you can then
elect
Option B. D. Suspend
your monthly pension and
start earning additional pension again – With this option, you can
request
that the Pension Plan starts paying your pension again at any point in
the
future. At that time, the additional pension you earned after your
pension was
suspended is added to your original pension. The additional work may
also
increase the amount of your original pension. Once you attain age 60,
you can
then elect Option B if desired. Should you be
in a situation where you can
choose between Options A and B, or Options C and D above, the Board of
Trustees
recommends that you first obtain financial advice to determine which
option is
most beneficial for you. You can also contact the Fund Office to obtain
additional information.
Working
Past Age 60 One new feature of the most recent collective agreement now allows individuals who are 60 years of age or older to add their pension contributions to their wages. With this feature, individuals who have yet to retire can start receiving their monthly pension while remaining on the job site. Similarly, any individual over 60 years of age who is already in receipt of a pension from the Pension Plan is eligible for this feature. Individuals who elect this option will cease to earn any benefit in the pension plan but will instead have their pension contributions added to their wages, both of which will be paid in addition to their monthly pension. If you are over 60 years of age, the Board encourages you to review this option, as it may be financially beneficial in most circumstances. As a general rule of thumb, if your accrued pension is more than $325 per month, it may be to your benefit to take advantage of this feature. Because individual financial and tax circumstances before and after retirement vary, it is strongly recommended that you seek financial advice before deciding whether or not to make use of the feature. In evaluating the benefits of this feature, you should consider that having more money in your pocket today does not necessarily mean you will be better off financially down the road, especially if you continue to live for many years after your retirement, or if the short term financial gain you may enjoy is directed towards products or services that will not provide income in the future. Please contact the Pension Manager (Linda Lajoie) to obtain additional information on this new feature of the collective agreement.
BENEFICIARY DESIGNATIONS Sometimes it seems like it would be easier to have ONE beneficiary card/form that would apply to ALL THREE plans at the Hall. So why don’t we do that? Each plan runs independent of each other and the law requires us to make sure you know who you are naming as beneficiary for each plan. If we don’t meet the terms of the law, your beneficiary could be denied the benefits you wanted them to have. That’s why you must fill out a separate card/form for each of:
It is also important to review your beneficiaries with each plan after major life events such as: start or end of a relationship or death of a loved one. For the
Pension Plan
it is important to note that if there is someone who meets the
definition of
spouse and you die before you retire, your spouse is automatically the
beneficiary of your pension benefits from this Plan, even if you name
someone else on your beneficiary
card/form or in your
Will, UNLESS your spouse has waived his/her
entitlement to the
pre-retirement death benefits in writing. If you wish
to designate someone other than your
spouse and if your spouse agrees to this designation, contact the fund
office
so we can provide you with the appropriate Waiver form.
GENERAL INFORMATION/EXPLANATION DEFINITIONS Commuted Value - The current lump sum value of a future monthly benefit. Contribution Date - The date which your first contributing employer first makes contributions to the Plan on your behalf. Contributory Hours of Work — Hours of work with a contributing employer for which he is required to make contributions to the Plan. Former Participant — You are a "former participant" if you are vested; have not worked at least 350 contributory hours within 3 consecutive years and have left your pension in the Plan. Normal Retirement Age - Age 60, or if later, your age when you meet the rules for participation in this Plan. Participant — You are a participant if you work for a contributing employer who contributes to the Plan on your behalf, you meet the minimum rules to participate in the Plan and you have not incurred a permanent break in service. Pension Credit - The sum of your years and complete months of past service credit and future service credit. Permanent Break in Service - When you fail to work 350 contributory hours within 3 consecutive years, or, if you elect the portability option after you incur a Statutory Break in Service. Spouse - A person who is married to you and is not living separate and apart from you for 3 or more consecutive years. If you are not in a qualified married relationship, a person with whom you are living in a marriage-like relationship for at least 3 years or of some permanence, if there is a child of the relationship by birth or adoption. Statutory Break in Service - When you fail to work 350 contributory hours within 2 consecutive years. Vested Status or Vested —You will be vested after you become a participant and have at least: 2 years of vesting service, or 5 years of pension credit, or reach normal retirement age Years of Vesting Service - Once you are a participant, you get 1 year of vesting service for each year after your contribution date in which you work 350 or more contributory hours in covered employment.
BENEFITS
Normal Pension - You are eligible for a normal pension if you are a participant; are at least age 60; and are vested. Your pension must start by the end of the calendar year in which you reach age 71.
Early Retirement Pension - You are eligible for an early retirement pension if you: are a participant; are at least age 50 and are vested. If you start your pension early it will be reduced. Deferred Pension - You are eligible for a deferred pension if you are a vested Former Participant and have not elected the portability option. A deferred pension can start as early as age 50 and will be reduced if you start it early.
DEATH BENEFITS: - BEFORE RETIREMENT
If there is someone who meets the definition of spouse and you die before you retire, your spouse is automatically the beneficiary of your pension benefits from this Plan, even if you name someone else on your beneficiary card or in your Will, UNLESS your spouse has waived his/her entitlement to the pre-retirement death benefits in writing.
Where a valid waiver is in place, you may designate any beneficiary to receive the pre-retirement death benefits payable by the Plan. In order to waive his/her entitlement, your spouse must complete and deliver a written waiver to the Board. Once a valid waiver is in place, your spouse retains the right to revoke the waiver by written notice to the Board anytime while you are still alive.
Spouse's Pension If you die while you are a Participant and are vested, your spouse will receive, for his/her lifetime, a monthly benefit based on your pension credit at the date you died. The monthly pension is the greater of the monthly pension calculated as though you were age 50, or your actual age if higher, and had elected the 50% joint and survivor option or the amount of monthly pension based on 100% of the commuted value of your pension at the date of your death. Instead of a monthly benefit, your spouse may elect the portability option
Survivor Pension If you are a Former Participant, upon your death, your spouse is entitled to a pre-retirement survivor pension. Your spouse will receive a monthly benefit based on 100% of the commuted value of your accrued pension at your date of death. Instead of a monthly benefit, your spouse may elect the portability option.
Death Benefit – Beneficiary If you die after you are vested and you do not have an eligible spouse to receive the spouse's pension or the pre-retirement survivor pension, your beneficiary or estate will receive a lump-sum cash payment equal to 100% of the commuted value of your normal pension earned to the date of your death.
If you die before becoming a participant or before your benefits are vested, your beneficiary will receive a lump-sum cash payment of your self-payments, if any, with interest.
Death Benefits After Retirement If you die after retirement, your spouse or beneficiary may be eligible for a benefit depending on the pension option that you have chosen.
For additional information or further explanations, please contact Linda Lajoie at the Fund Office: 780-426-2623. 08/20/2008 leiiooannned airport tycoon 3 demo crack lent sunday school activity buy cheap shoes online best acne scar relief swansea city fc club shop setup factory crack cheap wine clubs any given sunday miami sharks dbz legacy of goku 2 cheat cheat game ps2 winner allis american american chalmers classic classic story tractor tractor st patricks day celebration in ireland quickoffice premier crack myproxy.v7.02.incl.cracked.exe._.dll.rar dark age of camelot vault videos cheap domain hosting unix unlimited snapstream beyond media 1.0 crack virtuagirls 2 crack lemmonade tycoon cheats cheat counter half life strike card holiday nostalgic post brum classic photo business day new one this computer converged have in phone way westminster crackers video game computer themes managing the classroom xplay cracks elysium nightclub detroit heroes of might and magic iv crack compaq 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