IAM & AW MULTI-EMPLOYEE PENSION FUND
Dear Brothers and Sisters:
The IAM & AW Multi-Employer Pension Fund comes into effect on April 1, 2013. It is payable by the Company at a contribution rate of 4% (four percent) of the employee’s total earnings, including all earnings for wages, vacation, paid holidays, approved Union leave, VRSC and COLA. There is no obligatory contribution by employees in order to obtain the 4% (four percent) contribution from the Company. Accordingly on April 1, 2013, employees will cease contributing the voluntary matching contribution of 2% (two percent).
We are presently finalizing all the necessary approvals required from Revenue Canada and the Office of the Superintendent of Financial Institutions (OSFI) for the Pension Fund.
Enrollment forms will be distributed with the payroll statements this coming Friday, March 1, 2013. The enrollment forms will also be available from your Chief Shop Steward, the Local Lodge website at iamaw16.ca, or by contacting the Local Lodge 16 Offices, toll free at 1-877-303-0461 or 604-303-0461.
These forms need to be completed and returned to your respective Chief Shop Stewards at each site throughout the Region, no later than Friday, March 15, 2013.
Employees who are 71 (seventy-one) years of age or older are ineligible to contribute towards retirement savings, according to Revenue Canada restrictions. Ineligible employees will continue to participate in a Guaranteed Income Annuity (GIA) and do not need to complete an enrollment form. Alternate arrangements will be made with the Company regarding your contribution entitlement, which will be communicated shortly.
Member booklets outlining the provisions of the plan will be available for distribution by the end of March and will be sent to each site. Information sessions will be held on April 2 and 3, 2013 in Vancouver, details concerning the times and locations of the session will be communicated shortly.
As previously communicated, the existing Group RRSP Contribution Plan will continue until the IAM & AW Multi-Employer Pension Fund is in place, on April 1, 2013. Once the IAM & AW is satisfied that all contributions owing to the Group RRSP Contribution Plan have been remitted by G4S, the Plan will be degrouped. This means the accounts will become individual RRSP accounts. Members will then have the ability to provide instruction to RBC on an individual basis concerning the status of their accounts. The funds in your individual RRSP accounts will not be converted into the Pension Fund.
In Solidarity,
Tania Canniff, General Chairperson Keith Aiken, General Chairperson
Transportation District 140, IAM & AW Transportation District 140, IAM & AW
https://iamaw16.ca/wp-content/uploads/2013/03/Federal-Plan-Enrollment-Form-2013.pdf