IUOE News Fall 2013

More documents

Recommendations

Info

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 New IUOE Local 115 merchandise in stock! New style golf shirts, pullovers, jackets, caps, winter wear and more Show your Local 115 pride! Online store now open Visit www.iuoe115.com/store 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.
BC LIONS VS. CALgArY STAMPEDErS Things to consider when weighing these options are: • What other income sources will continue or may discontinue going to your spouse after your death (e.g. CPP, Old Age Security, other income)? • Does your Spouse have his or her own pension?What financial commitments will you have after your retirement (living expenses, mortgages, other debt)? • You cannot change your spouse under a Joint and Survivor option once the pension has commenced. If your Spouse passes away before you do, the pension will end upon your death and will not continue to any other person. Even if you had a new spouse on your death. If you do not have a Spouse or if your Spouse agrees to sign a waiver forfeiting their right to a lifetime pension of at least 60 per cent, you may choose a Joint and Survivor ½ Pension, a straight Life pension with no continuation after your death, or a Life Pension with a 5, 10, or 15 year certain guarantee period: Straight Life – your pension ends upon your death. No benefit is paid to a beneficiary or Spouse. (Option 1) Life with 5 Years Certain (Normal Pension) – this is the base pension from which all the other options are calculated. This pension is paid to you for your life but if you pass away prior to 60 months of payments being made, the remaining months will be paid to your beneficiary. For example, if you passed away exactly 4 years after the start of your pension, under this option another 12 monthly payments would be paid to your beneficiary. After a total of 60 payments had been made, the pension will stop. (Option 2.) Life with 10 Years Certain – this option works the same as Life with 5 Years Certain except that the certain guarantee period is 10 years (120 months) instead of 5 years (60 months). This is Option 3. Life with 15 Years Certain – this option works the same as Life with 5 Years Certain except that the Certain guarantee period is 15 years (180 months) instead of 5 years (60 months). This is Option 4. Benefits Plan frIDAY NOVEMBEr 1 @ 7PM $10 TICKET DISCOUNT fOr IUOE 115 MEMBErS $3/TICKET gOES TO VArIETY CHILDrENS CHArITY SHOW YOUr PrIDE! CONTACT SHArON jOPIO ON 604-930-5453 TO BOOK As a result of electing an option providing a longer certain guarantee period, which will guarantee a certain period of payments to your beneficiary or estate, the monthly amount of your pension is reduced accordingly. Remember that if you choose a form of pension that provides a certain guarantee period and you survive beyond the certain guarantee period, there will be no continuing payments after your death. In addition to the above options, each of the Joint and Survivor options can also be elected with a 5, 10 or 15 Year Certain guarantee. Under any of these options, the pension is payable for your lifetime and, on your death, payable for your Spouse’s lifetime. Should you pass away before the 5, 10 or 15 Year Certain period has expired, then your Spouse will receive the pension amount that you were receiving until the end of the Certain Period. At the end of the 5, 10 or 15 Year Certain period, the amount payable to your Spouse for her lifetime will revert to either half or 2/3 of the pension amount that you were receiving. If both of you decease prior to the end of the 5, 10 or 15 year Certain Period, the remaining payments of the Certain period will be paid to the applicable beneficiary or estate. The options are as follows: • Joint and Survivor 100% with 5 Years Certain (Option 8) • Joint and Survivor 100% with 10 Years Certain (Option 11) • Joint and Survivor 100% with 15 Years Certain (Option 14) • Joint and Survivor 2/3 with 5 Years Certain (Option 9) • Joint and Survivor 2/3 with 10 Years Certain (Option 12) • Joint and Survivor 2/3 with 15 Years Certain (Option 15) • Joint and Survivor 1/2 with 5 Years Certain (Option 9) • Joint and Survivor 1/2 with 10 Years Certain (Option 12) • Joint and Survivor 1/2 with 15 Years Certain (Option 15) We understand that these options can sometimes be confusing or overwhelming. If you need further assistance in understanding any of the information described here, please contact the Plan Administrator. News October 2013 25
Page 1 and 2: News Getting ready for BC’s megap
Page 3 and 4: Positive negotiations are taking pl
Page 5 and 6: Training is key to meet the develop
Page 7 and 8: Kamloops’ new dialysis clinic has
Page 9 and 10: This has been a busy year for our m
Page 11 and 12: Challenges from all sides, but our
Page 13 and 14: Skilled operators are still needed
Page 15 and 16: Operators are in demand, and certif
Page 17 and 18: not only for future projects, but r
Page 19 and 20: Hazelwood and Chew. We have also ta
Page 21 and 22: The District 4 work picture has cha
Page 23 and 24: Megaprojects start to gather steam
Page 25: Bargaining becomes a priority as th
Page 29 and 30: Clockwise from right: The main conf
Page 31 and 32: Training takes centre stage at even
Page 33 and 34: Training Classes and Updates Brothe
Page 35 and 36: Training Association News October 2
Page 37 and 38: construction,” he says. “Then I
Page 39 and 40: As an interesting coincidence, one
Page 41 and 42: 50 yEAR MEMBERS Member Recognition
Page 43 and 44: 30 yEAR MEMBERS 20 yEAR MEMBERS Mem
Page 45 and 46: Pensions awarded May 2013 - Septemb
Page 47 and 48: Local Union Offices District 1 and

IUOE News Fall 2013

Create successful ePaper yourself

Delete template?

Save as template?