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 year you work full time (1,800 hours per year) after December 31, 2013 you will accrue a target benefit accrual of $105 per month in pension credit when you retire.
Example of the new target benefit accrual 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
This increase helps us to fulfill our mandate to provide the best possible benefits to our members and to ensure that you are looked after both on the job and in retirement.
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.
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 Administrator.
Our annual meeting to discuss plan affairs will be held after the December 2019 Unit #2 meeting on:
December 12, 2019
At about 8;00 p.m.
At the Union Hall