424 Pension & the International Pension

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Eric Klyne:
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* Disclaimer: If you have questions about my interpretations...direct your questions to the Trustees of Local 424's Pension.
IMPORTANT: Send your questions by Registered Mail and request that ALL your questions be answered in writing and signed by the Trustees

If the Trustees do not have the answers, they should be able to direct you to who can answer your questions.
GET YOUR ANSWERS IN WRITING!

Can any 424 member remember if the IBEW Local Union 424 ever had a Pension Meeting?
This is something that I would be allowed to attend because I do have a Pension with the IBEW 424 and the IBEW International and have great interest in.
I question why 353 even has Pension Meetings when 424 never does?
Is there a special Ontario labour Relations Law that forces Joe Fashion to have Pension Meetings?
We ALL know that Joe Fashion would avoid properly educating members if he could.

Tim Brower did promise to invite the Pension Actuaries to a Regular Union meeting but failed to keep his promise.
Stay tuned as we begin an educational journey into the How's and Why's" of Our Local 424 Pension and the International Pension.    :)

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ELECTRICAL INDUSTRY PENSION TRUST FUND OF ALBERTA
http://www.ebfa.ca/PDF/PensionPlanBooklet.pdf

Here are links to the Alberta and Canada Pension Laws:

Alberta - EMPLOYMENT PENSION PLANS ACT
http://www.qp.gov.ab.ca/Documents/acts/E08.CFM

Alberta.ca > Finance and Enterprise > Pensions
http://www.finance.alberta.ca/business/pensions/

Canada - PENSION ACT
http://laws.justice.gc.ca/en/P-6

One thing to ALWAYS keep in mind:

10.4 Precedence
Notwithstanding any provisions of the Pension Plan, the provisions of Applicable Pension Laws shall take precedence if they provide better conditions and benefits for Plan Members, Pensioners, and Beneficiaries. The Trustees shall, in the first instance, be the interpreter of all provisions.

Don't be fooled by the LIES the IBEW 424 officers tell you!
Unless the IBEW 424's Pension is terminated, you never lose it!
AND... the IBEW International Pension is YOURS, unless it is also terminated, no matter what the IBEW Constitution states.

Eric Klyne:
Quote

* Disclaimer: If you have questions about my interpretations...direct your questions to the Trustees of Local 424's Pension.
IMPORTANT: Send your questions by Registered Mail and request that ALL your questions be answered in writing and signed by the Trustees

If the Trustees do not have the answers, they should be able to direct you to who can answer your questions.
GET YOUR ANSWERS IN WRITING!



I have this book in my personal library.
Christine Mowat says, "Plain language fits in with freedom of information and disclosure. Plain language has to do with being candid and not hiding meaning, as well as being clear."

The Electrical Industry Pension Trust Fund of Alberta Pension Plan booklet could be listed as one of the worst offenders for being wordy, fuzzy, doublespeaking and just plain difficult to understand.
It shouldn't be so.

Did you know, that if you just started to work through the IBEW that you could automatically have your Pension contributions directed to a "locked-in RRSP before being vested?

Did you know, that after terminating employment through the IBEW that you can automatically transfer your commuted value of your Pension to a locked-in RRSP, as long as you do it within 90 days after informing the Pension Trust Fund?

Did you know, that after retiring and terminating your IBEW membership... that if you chose to go back to work with the IBEW... that you are entitled to the Pension contributions?

Correct me if I am wrong.

Eric Klyne:
Quote

* Disclaimer: If you have questions about my interpretations...direct your questions to the Trustees of Local 424's Pension.
IMPORTANT: Send your questions by Registered Mail and request that ALL your questions be answered in writing and signed by the Trustees

If the Trustees do not have the answers, they should be able to direct you to who can answer your questions.
GET YOUR ANSWERS IN WRITING!

Check out page 16 of the Electrical Industry Pension Trust Fund of Alberta Pension Plan booklet.
http://www.ebfa.ca/PDF/PensionPlanBooklet.pdf

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After termination, can I transfer my benefit out of the Pension Plan at any time?

No. If you do not elect to transfer your benefit out of the Pension Plan within 90 days of notification of your benefit entitlement, it will be deemed that you wish to receive a deferred pension and you will forfeit the right to transfer your benefit any time thereafter.

This is doublespeak.
To be clear, it should be written this way:

Quote

After termination, can I transfer my benefit out of the Pension Plan at any time?

Yes.
As long as you notify the Pension Fund office with the form prescribed by the Trustees within ninety (90) days of receiving the statement that advises you of your benefit entitlement and options.

Eric Klyne:
Quote

* Disclaimer: If you have questions about my interpretations...direct your questions to the Trustees of Local 424's Pension.
IMPORTANT: Send your questions by Registered Mail and request that ALL your questions be answered in writing and signed by the Trustees

If the Trustees do not have the answers, they should be able to direct you to who can answer your questions.
GET YOUR ANSWERS IN WRITING!

Retiring, Collecting a Pension and returning to work under IBEW representation

The next topic I will be reviewing and attempting to put into "plain English" is what happens to the Pension contributions on your cheque if you already retired, collect a Pension but re-enter the workforce under the IBEW.

I remember quite a few retired/return-to-work 424 members that were concerned that they were not receiving these contributions. I was too busy with other matters and not as adept at deciphering the doublespeak gobbledeegook of the Pension Plan booklet back then.

Upon returning to reviewing the Pension Plan booklet, I am pissed off with the way it is written.  >:(  It has "doublespeak" that comes close to "lying!"

On closer observation, it looks like retirees that return to work are actually entitled to the Hourly Pension Contributions...  it just won't be added to their current Pension that they are receiving....BUT if you ask... it can be directed to a Locked-in RRSP of your choosing and/or... being that you are already of retirement age... into an account of your choosing.

Correct me if I am wrong....
...this is a study.... that anyone can jump into and join.... as we ALL take a closer look at OUR Pensions....

Eric Klyne:
Quote

* Disclaimer: If you have questions about my interpretations...direct your questions to the Trustees of Local 424's Pension.
IMPORTANT: Send your questions by Registered Mail and request that ALL your questions be answered in writing and signed by the Trustees

If the Trustees do not have the answers, they should be able to direct you to who can answer your questions.
GET YOUR ANSWERS IN WRITING!

Quote

page 4
Effective January 1, 2001
The following changes were made to the Pension Plan:
(c) New Pensioners who are re-employed will no longer have their pensions suspended. Instead, they will continue to receive pensions but will earn no further credits. Existing Pensioners will be given a one time election to choose the new rule or to stay with the prior rule.

The New Pensioners may not be entitled to earn further credits... but I believe they are still entitled to the Hourly Contributions... if they ask for it to be directed to an account of their choice.

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page 21
Can an Employer or the Union ever get a refund of pension fund surplus?
No. The assets of the Pension Fund are for the exclusive benefits of Plan Members, Pensioners, Beneficiaries, and for Pension Fund expenses.

Tim Brower wants to change this so he can put it towards the deficit that the Pension is currently suffering.
It shouldn't be changed. Proper investments, protecting the IBEW's jurisdiction and bringing in and retaining new members is the way to solve 424's insovency problems.

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page 22
What if I previously worked for an Employer and am now re-employed?
If you were not vested or you transferred your accrued benefit out of the Pension Plan after termination, you will, upon returning to Covered Employment at some future date, be treated as though you are a new Employee. You will receive no consideration for your previous Total Years Credit, Future Hours Credit or Past Months Credit related to the benefit you previously transferred out of the Pension Plan or were cancelled after a non-vested Break in Service.

This means:
If you transferred your pension to a Locked-in RRSP after terminating Employment, IBEW membership and Pension Plan membership... but return to work for a Contractor under the IBEW representation in the future... You will receive the Hourly Pension Contribution like any other new worker under an IBEW Collective Agreement.

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page 22
Can I work while I am receiving a pension?
If you work after you commence receiving a pension, you can perform any kind of work while receiving a pension, but you will not be entitled to a higher pension amount as a result of a return to Covered Employment. Contributions will be made to the Pension Plan by the Employer for your hours worked but you will not earn additional pension in respect of those hours. These Contributions may be used for future benefit increases, but are not required to be used for such purpose.

Contributions can be transferred to an account of your choice. For Retirees collecting a Pension that have returned to work under the IBEW, this is YOUR money. If you do not get your Finance officer to send a request to have YOUR contributions sent to an account of your choice... you will not receive it... it will be added to the "slush fund"  ... a term used by IBEW officers... too bad they don't tell the Retirees about their option to receive these Contributions that cannot be used to increase their current Pension or start another Pension.

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page 63
3.7 Termination of Membership - Portability of Benefits

(a) A Plan Member under the age of 55 who has attained Vested Status and incurs a Break in Service shall receive, at his election, either (i) or (ii) as follows:

(i) A lump sum transfer of the Commuted Value of his Normal Pension to his Qualified Plan computed assuming pension commencement at his Normal Retirement Date or at an earlier pension commencement date in accordance with the Early Retirement Pension provisions of Articles 3.3 & 3.4, whichever produces a larger value. For greater clarity, the Early Retirement 10-Year Supplement of Article 3.5 is not applicable in the calculation of Commuted Values. The funds transferred under this Article 3.7(a)(i) shall not be used to provide a pension which commences prior to age 50 nor later than the Plan Member's Maximum Postponed Retirement Date.

This is my interest.
Once I've decided on which Financial Institution to direct my Pension's Commuted Value... I will take ownership of my Pension by transferring it out of the IBEW's hands.
Below are some of the Rules I have to follow to make this occcur.

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page 72
ARTICLE 5 – BENEFIT PAYMENTS
5.2 Lump Sum Payment/Transfer
Lump sum payments and transfers payable under the Pension Plan shall be made within sixty (60) days after the later of the event giving rise to the lump sum payment or transfer and the Trustees having received all of the necessary completed and executed documents required to effect the payment or transfer. Such documentation shall include evidence of entitlement to the benefit.

page 77
ARTICLE 7 – APPLICATION FOR PENSIONS

7.1 Advance Written Application Required
An application for a pension shall be made in writing on a form and in the manner prescribed by the Trustees, and shall be filed with the Trustees at least one month in advance of the first month for which benefits shall become payable.

However, after a Plan Member’s Maximum Postponed Retirement Date, no advance application is required and monthly pension payments will commence on, or be made retroactively to, that Plan Member’s Maximum Postponed Retirement Date and payable under the normal form of Pension as outlined in Article 8.1.

7.2 Information Required
Each Plan Member, Traveler, Pensioner, or other claimant shall furnish to the Trustees any information or proof requested by them and reasonably required to administer the Pension Plan. Failure on the part of any Plan Member, Traveler, Pensioner, or other claimant to comply with such request promptly, completely and in good faith shall be sufficient grounds to delay the payments to such person.

If any Plan Member, Traveler, Pensioner, or other claimant to benefits hereunder makes a false statement material to his claim for benefits, the Trustees shall recoup, offset or recover the amount of any payments made in reliance on such a false statement in excess of the amount to which such Plan Member, Traveler, Pensioner or other claimant was rightfully entitled under the provisions of the Pension Plan.

7.3 Errors and Omissions
If the Trustees or any of their employees, delegates or consultants have inadvertently made any errors or omissions that resulted in payments higher than provided for by the Pension Plan, the Trustees shall have the right to recover from the recipients and shall endeavour to recoup, offset or recover any such overpayments.

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