IUOE News Fall 2013

Benefits Plan
Know your retirement
options and plan
ahead
Shawn Hatch,
Administrator
Choosing between pension options can be a difficult task,
but is one of the most important decisions you will make as
you enter retirement.
Before making your choice, you must first take into consideration
your particular circumstances, and then understand
the options available to you.
Do you have a Spouse?
In this Plan, “Spouse” means:
(a) a person who, at the relevant date, was married to the
Member and who, if living separate and apart from the Member
at the relevant date, did not live separate and apart from the
Member for longer than the 2 year period immediately preceding
the relevant date, or
(b) if paragraph (a) does not apply, a person who was living
and cohabitating with the Member in a marriage-like relationship,
including a marriage-like relationship between persons of
the same gender, and had been living and cohabiting in that
relationship for a period of at least 2 years immediately preceding
the relevant date.
By law, if you have a Spouse, you must choose an option
that provides your Spouse with at least 60 per cent of your
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24 News October 2013
pension to continue after your death. Your Spouse can sign a
waiver giving up his or her right to this.
If your Spouse determines that waiving his/her right to a
minimum amount of survivor pension is the right decision,
then you would be permitted to choose a pension with a lesser
amount of pension for your Spouse or no pension at all for
your Spouse after your death.
The forms of pension that are available under your Plan
(referred to as ‘optional’ forms of pension) include three
options called ‘Joint’ and ‘Survivor’ options. The Joint and
Survivor options, which would all provide a continuing
pension to your Spouse after your death, available under your
plan are:
Joint and Survivor 100% - your Spouse receives 100% of
your pension for her/his lifetime after your death (Option 5)
Joint and Survivor 2/3 – your Spouse receives 2/3 of your
pension for her/his lifetime after your death (Option 6)
Joint and Survivor 1/2 – your Spouse receives 1/2 of your
pension for her/his lifetime after your death (Option 7)
Please note that a Joint and Survivor 1/2 does not satisfy the
law referred to above and would require the spousal waiver, also
referred to above.
As a result of electing an option providing a greater amount
of coverage for your Spouse after your death, the monthly
amount of your pension is reduced accordingly.
For example, providing the same monthly amount to your
Spouse after your death will result in a lower monthly amount
than if you provided no coverage for your Spouse after your
death. However, electing a Joint and Survivor option and
providing for a lifetime pension to your Spouse will help with
financial commitments after your death.