Pension Benefits - At A Glance

Joining the plan
If you work for an employer who makes contributions to the plan on your behalf, your membership in the plan will begin right away. You must complete a pension enrollment form and return to Reliable Administrative Services.

If you pay union dues but never work for an employer who makes contributions on your behalf, you will not qualify for a pension.

Travel Cards

If you are working on travel card within Canada, ensure that that local you are working in has a pension reciprocal agreement with Local 67. If it does, your pension contributions will be transferred to UA Local 67 Plan.

If you are working on travel card in the US, your pension contributions will remain in the United States as Pension dollars are not allowed to cross the border. You will therefore have a separate pension plan held in the US.

When you can retire

Normal Retirement - You can retire with an un-reduced pension on the first of the month coincident with or after your 62nd birthday.

Early Retirement - You can start collecting your pension as early as the first of the month following your 52nd birthday. Your pension will be calculated just as if you retired at age 62, however, it will be reduced to reflect the fact that you are starting it earlier and will likely receive it longer. The reduction is 6% for each year (1/2 % for each month) that your retirement date falls before your 62nd birthday.

Postponed Retirement - If you delay your retirement and continue to work in the trade after turning 62, your employer (s) will continue to make contributions for every hour you earn and your pension will continue to grow.

Working after age 71 - You must start collecting your pension no later than December 1st in the calendar year you turn 71 - even if you continue to work. Tax law prevents you from building pension benefits past the end of the calendar year in which you turn 71. If you continue to work past this point, your employer must make contributions on your behalf but these contributions will not result in a bigger pension.

Applying for your pension

It can take up to 3 months to process and start receiving your pension benefits. The Administrator must receive all of your employer contributions first.

You will be required to sign the "Out of Work" list at your UA Local 67 office before you can receive your pension.

Signing the retiree list means that you:

  1. Will not be able to apply for jobs or work on travel card
  2. Pay retiree dues
  3. Cannot stop your pension
  4. Cannot earn extra pension credits and your monthly pension will not increase

Signing the retiree active out of work list means that you:

  1. Will be able to apply for jobs that cannot be filled from the active list
  2. Pay full active dues (until you switch to the retiree list)
  3. Will continue to receive your pension while you are working
  4. Cannot earn extra pension credits and your monthly pension will not increase
  5. Can switch to the retiree list at any time.

Pension Payment Options<

The following outlines all of the pension payment options available. The options available will depend on whether you are married or have children at the time of your retirement. When choosing a pension payment option, keep in mind that:

  • Your pension is paid for life
  • If you have a spouse you are required by law to choose an option that provides your spouse with a pension after you die (unless your spouse signs a waiver giving up his / her right to a pension)
  • Your pension choice is final
  • If you have a "small" pension (approximately $178 or less per month as of 2015) you will not receive a monthly pension. Instead the total value of your pension will be paid to you as a single, lump sum amount.
  • You can take this money as a taxable cash payment or make a tax free transfer to an RRSP

 

IF YOU DON'T HAVE A SPOUSE OR DEPENDENT CHILDREN

 

LIFE WITH A 10 YEAR GUARANTEE

You will receive a monthly lifetime pension. If you die within 10 years of starting your pension, your beneficiary will continue to receive your monthly pension for the rest of the 10-year period. If you don't have a beneficiary, a one time payment (equal to the total of payments remaining during the guarantee period) will be paid to your estate. If you die after the 10 year guarantee period, no death benefit will be paid

LIFE ONLY

You will receive a monthly lifetime pension. When you die, pension payment swill stop; no further payments will be made from the plan. Because this option does not include a guarantee period, your monthly pension will be higher.

 

IF YOU HAVE A SPOUSE AND / OR DEPENDENT CHILDREN

 

JOINT & SURVIVOR

You will receive a lifetime pension. If you die before your spouse, he or she will receive a monthly lifetime pension equal to 66 2/3% of the pension you were receiving. This is referred to as a survivor pension. If you and your spouse die, a monthly pension will be paid your dependent children. The total monthly pension payments made to your dependent children will be equal to 66 2/3% of the pension you were receiving. Payments will continue to each child until they no longer qualify as a dependent.

JOINT & SURVIVOR

You will receive a lifetime pension. If you die before your spouse, he or she will receive a monthly lifetime pension equal to 100% of the pension you were receiving. Your pension will be reduced to reflect the cost off providing a higher survivor pension. The amount of the reduction will be calculated by the plan's actuary on a case by case basis. If you and your spouse die, a monthly pension will be paid your dependent children. The total monthly pension payments made to your dependent children will be equal to 66 2/3% of the pension you were receiving. Payments will continue to each child until they no longer qualify as a dependent.

 

Pension Plan Beneficiaries

SPOUSE
Under Ontario pension law, your spouse is a person who is living with you and is either:

  • married to you OR
  • not married to you, but who has been living with you in a conjugal relationship continuously for at least 3 years OR
  • in a relationship of some permanence if you are the natural or adoptive parents of a child.

CHILD
A natural, adopted or step-child of you and / or your spouse who is dependent on you for support and who is:

  • under age 18 throughout the year of your death OR
  • under age 24 and a full time student throughout the year of your death OR
  • any age, but incapable of self sustaining employment due to a physical of mental disability and was disabled before your death