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
|BRIDGE PER MONTH||M&M||C.P.P.MAX.
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: firstname.lastname@example.org
|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|
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