AMOUNT OF PENSION
The amounts of pension available from the fund depend in the long run on many factors. For example, the following factors have to be considered:
– The level of future employer contributions;
– The investment earnings on the fund;
– The number of hours worked each year;
– The average age at which members decide to retire; and
– The length of time they will draw pensions.
The Trustees have the responsibility to revise the accrual rate from time to time as necessary in light of the Plan’s experience.
On the basis of assumptions approved by the Trustees, the Fund Actuaries have determined that the assets of the plan, and the present rate of employer contributions, can support pensions at the following level:
The accrual rate is $70.00 per month for each full year of pensionable service (1200 hours) on and after January 2014. The accrual rate is $60.00 for each full year of service (1200 hours) from January 1 2011 to December 31 2013. The accrual rate is $50.00 for each full year of service (1200 hours) from January 1 2008 to December 31 2010.
The accrual rate is $44.00 per month for each full year of pensionable service (1200 hours) from January 1 1996 to December 31 2007, for active members and $40.70 for inactive members.
For years of pensionable service before 1996 the accrual rate was increased to $37.00.
For partial years of pension service one tenth of the accrual rate will be credited for each completed 120 hours.