The Multi-Employer Pension Plan (MEPP), a plan that covers members in federally regulated workplaces, will see benefit increases!<\/p>\n
Due to the plan\u2019s stability and performance, in addition to market conditions, the Trustees, based on the advice of the Plan\u2019s Actuary, have decided to provide this benefit increase. Even after providing this increase, the plan\u2019s financial position remains strong and is expected to stay that way in the future. It\u2019s possible that if the plan\u2019s funded status remains healthy that the Trustees and their advisors may consider providing benefit increases in 2025 and 2026. The Trustees and advisors monitor market conditions carefully and regularly, and won\u2019t shy away from improving benefit improvements when it\u2019s prudent and possible.<\/p>\n
What Does This Mean For You?<\/u><\/strong><\/p>\n Retirees will see a 25% increase in their monthly payments<\/strong>\u00a0starting with the February 2024 payment, which will also include the adjustment for the January 2024 increase.<\/p>\n Contributing members, who either make contributions or for whom contributions are made on or after January 1, 2024 will also benefit. Their\u00a0pension accrual rate will increase<\/strong>\u00a0by 25%!<\/strong>\u00a0So, for every dollar of contributions made after January 1, 2024, your pension accrual rate will rise from 0.92% to 1.15%.<\/p>\n The pension fund will issue more information in the coming weeks, make sure you\u2019re signed for the newsletter by going to\u00a0https:\/\/www.iammepp.ca\/contact.html<\/a>\u00a0to make sure you\u2019re contact and mailing information is up to date.<\/p>\n \u201c This is an all-around win for all members who belong to this plan, working and retired, and clear evidence that belonging to a pension plan is a sure way to build retirement security. These improvements partly reflect the due diligence and care that the Trustees, along with our advisors under the direction of Trustees, take in managing the viability and health of our members\u2019 pensions.\u201d commented David Chartrand, Canadian General Vice President.<\/p>\n David Chartrand went on to say that, \u201cIAM pension plans are among the best in Canada, and ranked 9th<\/sup>\u00a0out of 52 comparable pension plans, both in terms of performance and administration. It pays to be a union member, even once you\u2019re retired- the difference unions make in working people\u2019s lives and retirees is irrefutable.\u201d<\/p>\n