You might be surprised to learn that your IBEW Local 353 Pension Plan can become one of the most valuable assets you will ever have, and it’s for life. It grows with contributions made for each hour you work for an IBEW Local 353 contractor until you retire, then it pays off for the rest of your life.
Did you know these 5 facts about your pension?
- Type of pension plan
Your IBEW Local 353 Pension Plan is a “Specified Ontario Multi-Employer Pension Plan” or Target Benefit Pension Plan. It provides a pension based on a formula and grows each year that you work for an IBEW Local 353 participating employer. Every year in June you get a statement telling you how much you can expect to receive in retirement (based on the normal form of pension). That number is the target. Of course, it’s possible your pension payments could end up being higher or lower than the target. Plan performance can’t be guaranteed, but the plan hasn’t paid out less than the target in all the years it’s been run.
- How to join the plan
You automatically join the pension plan if you are a member of IBEW Local 353 and work for an employer party to an IBEW Local 353 collective agreement that requires pension contributions be made to the plan, or work for an employer that has signed a participation agreement with the Board of Trustees.
- Contributing to the plan
Your employer contributes to the plan for each hour that you work. The exact amount of the contribution depends on the collective agreement or participation agreement in place with your employer. The more hours you work, the more your employer contributes, and the bigger your pension is going to be when you retire.
- When you can start receiving your pension
You can retire as early as age 55 but if you retire before age 61 your pension is reduced by 6% per year that you are under the age of 65. This reduction doesn’t apply once you reach age 61 if you’ve had pension contributions made in at least 1 out of the last 24 months before you retire.
- How your pension is paid
Once you retire your pension is paid to you each month for as long as you live.
Did you know? TEIBAS offers ongoing webinars on your how to become retirement ready as well as on how your pension and benefits plans work. They’re a great way to find out how to plan for retirement and how to keep your retiree benefit coverage in force. Sign-up by emailing members@teibas.com.
Want to learn more about your IBEW Local 353 Pension Plan? Watch a new pension explainer video at teibas.com or at myteibas.com on the main page or under the Pension Video Tab. The video gives you a quick overview of your IBEW Local 353 Pension Plan.
Questions? Email us at members@teibas.com or call us at 416-637-6789, (toll free 1-800-267-0602).
We’re here to help!