Some members have pension benefits under a prior defined benefit component of this Plan. This prior plan was in effect until December 31st, 1987. If you terminated your Plan membership prior to July 1st, 2012, your pension earned under this prior plan is vested after age 45 and 10 years of service. Otherwise, it is vested immediately. The normal form of payment under the prior plan is a monthly pension commencing on your normal retirement date and payable for as long as you live. These payments are guaranteed for at least 120 months. Other pension options will be offered at the time of retirement.
On the last actuarial valuation of the prior plan (as at December 31st, 2021) the prior plan had no solvency deficiency and the Plan’s “transfer ratio” was greater than 1.0. This means there are no restrictions on making benefit payments out of the prior plan. Any deficit in the prior plan may be funded by either employer contributions allocated to the prior plan or by a reduction in accrued benefits.
Your beneficiary is the person who you want to receive your pension death benefit. Under pension legislation: If you have a spouse, your spouse is automatically your pension beneficiary unless...
Your normal retirement date under the Plan is the first day of the month coinciding with or immediately following your 65th birthday. You may retire early any time after you have reached age 55...
