Pension

TERMINATION FROM THE PLAN

A member of the Plan who earned pensionable service in or after 1993 is 100% vested in the benefit earned for that service. A member of the Plan who earned pensionable future service before 1993 but not after 1992 will not be vested and will not be entitled to any benefit under the Plan unless the member had earned at least two years of pensionable future service.

If a member of the Plan has completed less than 350 hours of employment covered by the Plan during a period of two consecutive calendar years the member may elect to terminate membership under the Plan. A member who elects to be terminated from the Plan will be entitled to receive a transfer value and to have this amount transferred to a locked-in retirement vehicle of his or her choice. This election to be a terminated member and to have a transfer value paid must be made before the member’s 55th birthday.
Once an application for termination has been received by the pension plan office, the member will have 120 days to complete or the pension will be deemed as deferred and the member will no longer have the right to transfer.

Where a member transfer pension credits to another retirement vehicle the member will cease to have any interest in this Plan.