The Plan Administrator along with the Board of Trustees are responsible for the Pension Fund, Pension Plan Actuaries, Investment Management Firms, and ensuring that the Pension Fund is maintained in a financially balanced method that will provide pension benefits for union members over the long term.
BOARD OF TRUSTEES RESPONSIBLE:
Al D. Phillips, Sr. – Chairman of the Board
Tom McKinley – Union Trustee
A.D. Al Phillips (Jr.) – Union Trustee
Bryan Stocking – Union Trustee
Gerry Forcier – Management Trustee
Jim Stewart – Management Trustee
Mike Vesterback – Management Trustee
Lisa Peterse – Administrator
ABOUT THE PENSION PLAN:
The purpose of the Plan is to provide a monthly income for members of the Local Union 170, upon retirement and to help support their spouses after their death.
The Plumbing & Pipefitting Workers Local 170 Pension Plan is a Target Benefit Pension Plan and is governed by the Pension Standards Branch of B.C.
The Plan came into effect October 1, 1966 and it is entirely employer contributed.
The Board of Trustees is responsible for the complete control and management of the Plan and Trust Funds, and is also accountable to the Local 170 membership for the duties performed and to adhere to the Trustee Act of B.C.
The Plan Administrator is responsible and accountable to the Board of Trustees to accommodate their stated directives.
The Staff Coordinators are responsible and accountable to the Plan Administrator to carry out the day-to-day requirements for the ongoing functioning of the Plan.
As of September 30, 2015 under the regulations of the Pension Benefits Standards Act of B.C., a Member has immediate vesting once the Pension Plan receives contributions on your behalf from your Employer.
Prior to September 30, 2015 Pension Plan benefits are only payable to Vested Pensions. Vesting service from October 01, 1995 to September 30, 2015 was 300-hours worked in each of two (2) Pension Plan years.
A member can retire at any time after age 55, with a reduced pension.
Between the ages of 55 – 64, where there is at least 10-years of credited service, a reduced pension is calculated based on the member’s age and number of credited years of service. Once a member retires with a reduced pension benefit, the reduced amount remains the same.
When a member is at least age 60, he can elect to retire with the Old Age Security Option (Bridging).
The only unreduced Early Retirement option is when the member is at least age 62, with at least 15-years of service.
Any retirement effective between the ages of 66 – 71, is considered to be a Delayed Pension.
Pension Benefits must begin no later than December 1st of the calendar year in which the member turns age 71.
Once a member’s pension has commenced pursuant to his election, such election shall be deemed irrevocable and not subject to change.
Income Tax must be withheld from the pension payments by the Trust Company holding the pension funds, as per the Federal Tax Regulations of Canada.
Contact the Pension office three (3) months prior to your intended Retirement date.
If an eligible active member of Local 170 dies:
A spouse or common-law spouse will be entitled to either a monthly survivor benefit for lifetime or a lump sum amount for the commuted value of the member’s accrued benefit as at the date of death.
A named beneficiary will be entitled to a lump sum payment equal to the commuted value of the member’s accrued benefit as at the date of death. If the named beneficiary is under age 19, the benefit must be paid “In Trust”.
A limited member will have a choice of a monthly benefit or the lump sum commuted value of that person’s share as stated in the separation agreement or court order according to the Family Relations Act of British Columbia.
If a retired member of Local 170 dies:
A spouse or common-law spouse will be entitled to the lifetime Joint & Survivor benefit option as selected by the member at the date of retirement.
TRANSFER OF PENSION PLAN BENEFITS:
In order for a member to transfer their pension benefit out of the Plan, they must be under the age of fifty-five (55) and fall under one of the following categories:
A member’s pension will become terminated vested when they have under 300-hours credited in four (4) Plan years. They will automatically receive a “Termination Benefit Statement” once they have reached this status.
A member with a pension with under 350-hours worked in two (2) consecutive Plan years can request to transfer their benefits out of the Plan. At the time of request you cannot have any hours worked in the current Plan year.
A vested member who becomes expelled from Local 170 will automatically receive a “Termination Benefit Statement” when they have under 350-hours worked in two (2) consecutive Plan years.
If you transfer your membership to another UA Local, you will automatically receive a “Termination Benefit Statement” when you have under 350-hours worked in two (2) Plan years. This is also when your pension will become terminated vested.
Under 8.7 of the Pension Plan Document, election to transfer benefits out of the Plan must be made within 180-days upon receipt of the “Termination Benefit Statement.”
The option to transfer your benefit will not be made available beyond 180-days.
MISCELLANEOUS PENSION INFORMATION:
A plan year begins October 1st and ends September 30th.
Accrued benefits are calculated by the multiplication of the earned hours by a factor of .0456 per hour. There is no maximum amount per plan year.
Years of Credited Service are calculated by the multiplication of the earned hours by a factor of .000834. The maximum is one (1) year per plan year.