INFORMATION FOR MEMBERS
Please visit the Forms Library for the full Annual Report (2021).
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.
Plan Governance and Financial Security
There are several factors that go into ensuring that your pension is secure. The Trustees’ focus, along with input from their trusted advisors, is on growing the Pension Plan fund, carefully managing risk and adequately funding the Plan. It is no small task, but you can rest assured that in good hands and that your pension will be there when you need it.
- Your Pension is Secure because it is backed by assets worth almost $500 million and supported by a funding strategy aimed at covering the cost of current and future pension obligations while providing a funding cushion for unexpected, negative events.
- Your Pension is Secure because investments, funding and risk are all managed based upon a Strategic Plan (a formal policy called Statement of Investment Policy and Procedures) that is continuously reviewed and updated to the benefit of all Plan members.
- Careful risk management is at the core of every decision the Trustees make and they take an integrated approach to funding and investments.
- Your Pension is Secure because the Trustees meet on a monthly basis, unlike other Trusteed plans, which may often meet quarterly. This means Financial Performance is reviewed constantly, and provides the advantage to make decisions on asset changes quickly, when and if needed.
- Your Pension is Secure because annually, independent auditors perform a comprehensive review of the plan’s financials, data, calculations, income and liabilities. The result of this review is the annual Financial Statements which are included within this Annual Report. These Financial Statements for the Plan are required to be filed with the BC Pension Plan regulator, BCFSA, annually, within 6 months of the completion of the Plan’s fiscal year.
- Your Pension is Secure, because in addition to the annual Financial Statements, BCFSA also requires a pension plan valuation to be performed at least every three years and filed within 9 months of the end of that period. The valuation is performed by independent pension plan actuaries, who are experts in this field.
- (Increases were given in 2017 Annual Report after the June 30 2016 Report. The next plan valuation is scheduled for the three year period ending June 30, 2022.
- In addition to the above, the Trustees are also members of the Pension Plan and as such, are vested in preserving the interests of the Plan and its members. The Trustees are also bound by a fiduciary duty to make sound decisions and undertake training and education to ensure they are well informed on various pension-related matters.
Local 213 Electrical Workers’ Pension Plan (“The Pension Plan”) respects the privacy of its members and website users. We are committed to protecting the privacy of the personal information we gather and retain for administrative purposes.
We are committed to inform plan members what personal information we gather and why we gather it, how we use this information, how we protect it, what personal information we might share with third parties, and to whom we might disclose this information.
The Pension Plan only collects personal information that it requires for administration purposes. This information includes a member’s name, address, e-mail address, telephone and/or facsimile number(s), social insurance number, gender, date of birth, date of union membership, occupation, employer’s name, date of hire or dispatch, and record of financial contributions to the plan. We use the contact information to communicate with our members by e-mail, telephone, fax, and post. We use the statistical information to track and report payments, determine eligibility and develop policies.
Pension Plan Update
As of the end of September 2021, there are 1,604 retirees receiving pensions from the Local 213 Electrical Workers Pension Plan. The total pension amount paid out in the past fiscal year was $11,919,834, averaging to $7,431 annually per member. The following chart diagrams active (still contributing) members, pensioners, pensions paid and average annual pension paid from the plan over the past five years. Note – pensions paid out are represented in the $1,000s.
The accrual rates haves increased over time as follows:
Prior to the January 1, 2000 amendments, the $37 and $44 figures were $36.90 and $39.90 respectively.
Annual General Meeting
Our 2021 Annual General Meeting (AGM) will be held on:
Date: Monday December 13th, 2021
Time: 6:30 p.m.
Place: Union office auditorium, 1424 Broadway Street, Port Coquitlam, BC
- Attendees will be required to wear masks at all times
- Proof of double vaccination will be required before entry to the auditorium
- Due to space limitations, attendance will be limited to a maximum room capacity