Locked-in means that the funds have to be used for retirement income and typically cannot be accessed until you retire.
The earnings used to calculate the pension contributions.
A pension plan is a way for you and your employer to set aside money for your retirement. With a defined contribution plan, you and your employer contribute a set amount based on your hours worked and when you retire you can convert that money into your retirement income. The amount that you receive depends on how much has been contributed and how well the investments have done.
Spouse refers to with of two person who,
Please contact the Plan administrator for additional spousal information.
Normally as an active member of the plan, you cannot stop contributing unless you are terminated or retired. There are other cases that may allow you to stop contributing. Please contact the Pension Plan administrator.
You cannot use your pension benefits as collateral for a loan.
There are certain situations where you may be able to receive your locked-in benefit as a lump sum cash payment. These situations are the following:
No. Your required employer and employee contributions made to the plan will remain in the plan until your employment terminates, you die, retire or the plan terminates.
If you have a benefit in the Pension Plan, you will receive a statement each year showing the activity of your account. You can also visit the UNITE HERE website at www.uniteherebenefits.ca or contact Ellement Consulting Group (Ellement), toll-free at 1.888.839.1190 or email at unitehere75@ellement.ca.
If a medical physician licensed to practice in the province where you reside certifies that your life expectancy is likely to be shortened to less than two years due to a terminal illness or disability, you may be eligible to receive your pension as a lump sum cash payment or the funds may be transferred to a registered retirement savings plan (RRSP). If you have a spouse, your spouse will need to waive their rights to any entitlement to the pension funds by completing a waiver for as legislated.
If you are experiencing a marriage or relationship breakdown, your pension benefit may be affected. You may wish to contact a lawyer to discuss how your pension benefit may be affected. You should contact the Plan administrator to discuss additional paperwork that may be required to deal with your pension benefit as a result of a marriage or relationship breakdown.
If you terminated on or after July 1, 2012, the value of both the employer and employee contributions made into the Pension Plan is immediately vested (learn more about 'vesting' here) and locked-in (learn more about what 'locked-in' means in the FAQ page). You will be provided with options regarding your account balance with the Pension Plan. If you terminated prior to July 1, 2012 and were in the Pension Plan less than two (2) years, you are entitled to the value of the employee contributions plus any applicable interest and investment gains or losses.
If you are unable to work due to a total and permanent disability, or on a leave of absence or lay-off and you have not had any contributions remitted to the Plan for six (6) months, you are considered terminated. You should contact the Plan administrator (Ellement Consulting Group) for your options.
One a member retires/ terminates, an option package is provided. It consists information on what the member can do with their pension monies and the supporting documents required to facilitate their selection.
There is a minimum standard that the member will need to fulfill before they are eligible to join the plan – it will depend on the member’s Collective Bargaining Agreement (CBA) but normally the employee has to work at least 2 consecutive years of full-time employment or a combination of a certain number of hours and/or salary in 2 consecutive years. The member would start having contributions come off their pay or they would start receiving a pension statement.
If you are single, you can name anyone as your beneficiary. If you have a spouse/common-law partner who has not signed the spousal waiver form, then your spouse/common-law partner must be your beneficiary.
