Here at TEIBAS we say it’s never too early to start thinking about retirement planning. Did you know? Canadian retirement income savings and planning consists of three main streams, also known as the “three pillars of retirement.”

The three pillars are:

  1. Government based programs (Canada Pension Plan (CPP), Old Age Security (OAS), etc.),
  2. Employment based programs like your IBEW Local 353 pension and Group Registered Retirement Savings Plan (RRSP), and
  3. Individual savings like your individual RRSP, Tax Free Savings Account (TFSA), personal savings, property, etc.

These three income streams will make up your retirement income. To learn more about Canadian public pensions available to you, including OAS and CPP and how much you can expect to receive visit the Government of Canada’s Retirement Hub at: https://retraite-retirement.service.canada.ca/en/home

Visit teibas.com and myteibas.com to learn more about planning for your retirement. Follow and subscribe to our YouTube channel, @myteibas.com where you can watch videos on your IBEW Local 353 target benefit pension plan by clicking here and watch the three pillars of retirement video by clicking here.

At myteibas.com you can estimate your IBEW Local 353 pension income at retirement by using our pension estimator tool. You can also find your contribution statements under the myDocuments tab. Contribution statements show how much has been contributed to the pension and Group RRSP on your behalf by your employer. You can also view your Annual Pension Statements to help you keep track of your pension as it grows each year you work for an IBEW Local 353 contractor.

Your Group RRSP investments can be monitored online at My Canada Life at Work, or you can call Canada Life directly at 1-800-724-3402 and speak to someone about your Group RRSP investments.

When you become fully retired, you are eligible for full retiree benefits at no cost to you as long as you qualify. Fully retired means that all of the following apply:

• You’re 62 or older, or you are totally disabled and receiving a Canada Pension Plan or Quebec Pension Plan disability pension, and

• You receive a benefit from the IBEW International benefit fund, and

• You receive your IBEW Local 353 pension or upon retirement received a small lump sum payment from the plan, and

• You were covered under the IBEW Local 353 Benefit Plan at the time you retired, and

• You were covered under the benefit plan for at least 36 of the 60 months immediately before you retired or have at least 39,000 hours of contributory service in the benefit plan. Contact TEIBAS for more details.

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).