Waterfront Industry Pension Plan – March 2010

            March, 2010                                                                                                            Issue 7

WATERFRONT INDUSTRY PENSION PLAN

 

The purpose of this bulletin is to provide up to date changes in both your Pension Plan and additional benefits provided through Canada Pension Plan (CPP) and the Old Age Security pension (OAS). This information should assist you in your overall retirement planning.

LONGSHORE PENSION BENEFITS

Your Waterfront Industry Pension Plan was increased by $5.00 per month per year of service (an increase of approximately 7%) on the basic pension effective July 1, 2008. The base pension rate became $75 per month per year of service to a maximum of 35 years of service ($2,625 per month at the age 65). See back page for approximate pension calculations.

EARLY RETIREMENT BRIDGE

This is a benefit payable to Plan Members who retire prior to the Normal Retirement Date (age 65). Effective January, 1, 2010, the monthly amount is determined by multiplying $36.35 times years of Credited Service to a maximum of 25 years as follows. If your age at retirement is 65 there is no bridge amount. If your age at retirement is 62 or older and you have 25 years of Credited Service you will receive $908.75 ($36.35 X 25 yrs) per month from the date of retirement to age 65.

RETIRING ALLOWANCE (M&M)

The 2009 Retiring Allowance (M&M) benefit is $66,000. If you retire before age 60 this benefit is actuarially reduced based on both age and years of service. The former SUB monies provide an additional benefit upon retirement of $2,750 with 25 years of service at age 55

($66,000 + $2,750 = $68,750). The maximum benefit under the M&M program is payable with 25 years of service at age 60. For M&M purposes only, the graveyard shift will count as eight (8) hours worked. The M&M increase (April 1, 2009 – March 31, 2010) is based on the terms of the  last Collective Agreement.

The Early Retirement factors have also changed for the special early provisions of the Pension benefit. The following benefit change was approved at the Trustee meeting on December 18, 2009. At the age of 60 years with 25 years of Industry service, the actuarial reduction in benefits has been reduced from 12% to 5%. The change will only affect retirees who retire as of January 1, 2010 going forward.

 

 

CPP/OAS @ January 1, 2010

 AGE YEARS OFSERVICE PENSIONPER

MONTH

BRIDGE PER MONTH  M&M C.P.P.MAX.

MONTHLY

BENEFIT

OASPER MONTH

JULY 09

60 25 $1,781 $545.25 $68,750 $654  
60 35 $2,494 $545.25 $68,750 $654  
62 25 $1,819 $908.75 $68,750 $766  
62 35 $2,546 $908.75 $68,750 $766  
65 25 $1,875 0 $68,750 $934.17 $516
65 35 $2,625 0 $68,750 $934.17 $516

 

Anyone considering retirement in the next couple of years

should check out their own individual situation with our

Health and Benefits office at (604) 689-7184, or one of your

Union Pension Plan Trustees at (604) 254-8141 

This document can be viewed at www.ilwu.ca 

180 – 111 Victoria Drive, Vancouver, BC   V5L 4C4 Tel. (604) 254-8141 Fax (604) 254-8183 E-mail: ken@ilwu.ca

WATERFRONT INDUSTRY PENSION PLAN                                          BASIC PENSION CALCULATION  

This page outlines the approximate monthly rates for retirees using the Ten Year Minimum Guarantee (no increase since July 1, 2008)

Maximum Amount Per Year of Service          $75
Years of Service
  10 11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35
Age                                                    
55 300 330 360 390 420 450 480 510 540 570 600 630 660 690 720 750 780 810 840 870 900 930 960 990 1020 1706
56 345 380 414 449 483 518 552 587 621 656 690 725 759 794 828 863 897 932 966 1001 1035 1070 1104 1139 1811 1864
57 390 429 468 507 546 585 624 663 702 741 780 819 858 897 936 975 1014 1053 1092 1131 1170 1209 1248 1906 1964 2021
58 435 479 522 566 609 653 696 740 783 827 870 914 957 1001 1044 1088 1131 1175 1218 1262 1305 1349 1992 2054 2117 2179
59 480 528 576 624 672 720 768 816 864 912 960 1008 1056 1104 1152 1200 1248 1296 1344 1392 1440 2069 2136 2203 2270 2336
60 525 578 630 683 735 788 840 893 945 998 1050 1103 1155 1208 1260 1781 1853 1924 1995 2066 2138 2209 2280 2351 2423 2494
61 570 627 684 741 798 855 912 969 1026 1083 1140 1197 1254 1311 1368 1800 1872 1944 2016 2088 2160 2232 2304 2376 2448 2520
62 615 677 738 800 861 923 984 1046 1107 1169 1230 1292 1353 1415 1476 1818 1892 1964 2037 2110 2183 2255 2328 2401 2474 2546
63 660 726 792 858 924 990 1056 1122 1188 1254 1320 1386 1452 1518 1584 1838 1911 1985 2058 2132 2205 2279 2352 2426 2499 2573
64 705 776 846 917 987 1058 1128 1199 1269 1340 1410 1481 1551 1622 1692 1856 1931 2005 2079 2153 2228 2302 2376 2450 2525 2599
65 750 825 900 975 1050 1125 1200 1275 1350 1425 1500 1575 1650 1725 1800 1875 1950 2025 2100 2175 2250 2325 2400 2475 2550 2625
 

 

Your LCEB Trustees are continually pushing for improvements to the Pension Plan – March 2010

            Ken Bauder, ILWU Canada           Mark Gordienko, Local 500     Brett Hartley

            Secretary Treasurer                           Trustee                                                Trustee

  1. Gerald E. O'Dell man.number: 07866Gerald E. O'Dell man.number: 0786606-30-2012

    I want to understand what the Option really mean here, 1. Straight life / 2. 5 Year Guarantee. /
    3. 10 Year Guarantee. / 4. 15 Year Guarantee. / 5. Joint Survivor 3/5 ./ 6. Joint Survivor Full

    My Lady has ALS very sick lady on the last stage of this. What happen if I may have a new Spouse in the future? What is for a new Spouse in this plan?

    • ilwucanadailwucanada07-03-2012

      Mr. O’Dell, first, please refer to the most up to date Waterfront Industry Pension Plan bulletin under the Resources tab, under the title Pensions and Benefits for accurate data about the Plan. Secondly, in order to more effectively answer your questions it would be better for you to contact a Trustee of the Plan directly. Please feel free to give the ILWU Canada office a call at 604-254-8141 and speak with either Jyalmen Sidhho or Mark Gordienko. You may also find information helpful to you on the new YourTrust website at http://www.longshoreplans.ca. If you have not been to this site yet you will find instructions for its use at ilwucanada.wordpress.com/2012/05/16/new-your-trust-website

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