Financial wellness is the ability to effectively manage your economic life and maintain long-term financial well-being. Along with physical and mental wellness, it plays an important role in living a healthy lifestyle.
Your IBEW Local 353 pension and benefit plans are an important part of your overall financial well-being. Understanding how these plans work and knowing what resources are available to you can help you make informed decisions for you and your family.
Over the next few weeks, we will be sharing information on various financial wellness topics to help IBEW Local 353 members plan for their future with confidence.
You may be surprised to learn that your IBEW Local 353 Pension Plan (the Plan or the Pension Plan) could become one of the most valuable assets you will ever have. It is designed to provide you with income for life in retirement.
The IBEW Local 353 Pension Plan is a target benefit pension plan. This means that the Board of Trustees can increase or decrease both the formula and benefits earned, including pensions in pay, depending on if there is either a surplus (more funds than needed) or a deficit (less funds than needed) in the Pension Plan to pay the pension benefits earned.
Your pension grows as contributions are made on your behalf while you work for an IBEW Local 353 participating employer. Every year in June, you receive a pension statement showing the pension you have earned as of the statement date. The amount shown is based on a lifetime pension starting at age 65 with a 10-year minimum payment term. If you have a spouse when you retire, Ontario pension law requires your pension to provide a survivor benefit of at least 60% to your spouse unless your spouse waives that entitlement. The amount you receive may be higher or lower depending on your age at retirement and the form of pension you choose. Because the Plan provides target benefits, your pension may also be adjusted up or down depending on the Plan’s funded status as mentioned above.
Your actual retirement pension is based on the total contributions made by your employer(s) on your behalf on which benefits are earned, the pension factor in effect when those contributions are made, any changes to the Plan that take effect during your Plan membership, your age at retirement, your spouse’s age at retirement (if applicable), and the form of pension you choose.
Remember, when you’re ready to retire, your Pension Plan can help support a more comfortable retirement. The more hours you work, the more your employer contributes on your behalf and the more pension you earn. Watch a short video about your Pension Plan on our YouTube channel: https://www.youtube.com/watch?v=vWFrwaxeFqE.
Want to learn more about your Pension Plan? Attend an upcoming information webinar by signing up here: https://teibas.com/member-webinars/.
Whether you are just starting your career or approaching retirement, understanding your Pension Plan is an important part of planning for your future. Your pension helps support your financial well-being and provides a foundation for retirement security. Plan today. Prepare for tomorrow.
Learn more about your Pension Plan by visiting teibas.com.
Questions? We’re here to help! You can email us at members@teibas.com or call us at 416-637-6789 (toll-free 1-800-267-0602) for assistance during our regular office hours (Monday to Friday 7:30 a.m. – 4:30 p.m.).