PENSION REPORT, April 2021
This pension report will be relatively short. In it we will discuss the effort to ensure all members enrolled in the Defined Contribution pension plan are aware of the Optional 1% contribution and the National Union’s push to secure a better pension option the CAAT DB Plus. We will also touch on the number of Defined Benefit members who have retired since January 2021.
For members of the Defined Contribution Pension (hired September 26, 2016 or later):
It is the stance of the Union that members should seriously consider contributing the Optional 1%, which triggers an additional 2% contribution from the Company. This small adjustment will pay dividends after a 30-year career. If you are unsure of your contribution levels, visit www.CanadaLife.com to log into your account. If you do not have an account, call 1-800-724-3402 for assistance setting one up.
Also, for Defined Contribution Pension members, the National Union is in discussions with the Company; advocating for a transition to the CAAT Defined Benefit Plus. This is a contribution-based plan that would guarantee a monthly pension payment for life. While the talks have just began, it is the hope of the Union to make progress on this issue.
For members of the Defined Benefit Pension (hired prior to September 26, 2016):
As of April 1st, another 40 members have retired. We would like to wish them all the best in their future endeavours. Congratulations and enjoy! If you are considering retirement soon, please stop by the office for a pension estimate and Retirement Guide.
We would like to wish all the membership a safe, happy and healthy upcoming long weekend!
Jordan Lennox & Ken Maclean, Alternate
Jordan Lennox, Vice President & GM Pension Rep.
Union Hall: 905-682-2611 x 232
E Mail: Jordan.Lennox@GM.com