INFORMATION FOR MEMBERS
Pension Increase Special Notice
On behalf of Local 213 Electrical Workers’ Pension Plan, we are pleased to convey that the target benefit pension accrual rate has increased effective January 1, 2014.
What this means is that for every 1,200 hours of contributions (one pensionable year) you work after December 31, 2013 you will accrue a target benefit accrual of $70 per month in pension credit for when you retire. Please note 1,200 hours counts as one pensionable year of service, the following are examples based on 1,800 hours in a year. (1800/1200 x $70 = $105)
Example of the new target benefit accrual base on working 1,800 per year is:
- 10 years @ 1,800 hours $1,050 per month of retirement income
- 15 years @ 1,800 hours $1,575 per month of retirement income
- 20 years @ 1,800 hours $2,100 per month of retirement income
The increase is retroactive for hours worked January 1, 2014 forward.
To see how the calculations are made please see the Amount of Pension page on this website.
The Local 213 Electrical Workers’ Pension Plan was established in 1975, and continues to operate on the basis of Collective Agreements between Local 213 IBEW and Participating Employers. The Plan is administered by a Board of Trustees who are elected by the Members of the Plan.
About the Plan
The Plan provides benefits on death or retirement for Members of Local 213 who have been employed by one or more Participating Employers, and who qualify in accordance with the age and employment rules. These rules and the precise terms of the Plan are set out in the Plan Text, but the main features are summarized on this site for the convenience of the Members and their spouses. In the event of disagreement between this site and the formal text of the Plan, the formal text will govern. If you wish more information with regard to any items, please contact the Director.
Annual General Meeting
Our 2021 Annual General Meeting (AGM) will be held immediately after the December 2021 Unit #2 information meeting on:
Date: December 9, 2021
Time: approximately 8:30 p.m. following the Unit #2 Union meeting
Place: Union office auditorium, 1424 Broadway Street, Port Coquitlam