February 15th is Pension Awareness Day. The third Thursday of February marks a day launched by Ontario’s pension regulator, the Financial Services Regulatory Authority of Ontario, to recognize the value of a pension.

Your IBEW Local 353 Pension Plan may become one of the most valuable assets you will ever have, and it’s for life! Your pension grows with each hour you work for an IBEW Local 353 contractor that is required to submit pension contributions under your collective agreement. It keeps growing with each hour you work. Then when you retire, your pension pays out for the rest of your life.

Remember, when you’re ready to retire your pension plan will be there to help you live a more comfortable life. And the more hours you work, the more contributions your employer makes, the bigger your pension is going to be.

Take the time this month to learn more about your pension plan and the benefits it will provide you in retirement. Watch a short video about your pension plan on teibas.com or on our YouTube channel (search for the handle @myteibas) to learn more about your pension plan and how it works.

It’s never too early to plan for retirement, and understanding your pension plan is key to having a retirement plan in place to protect your future. As you are thinking about your pension and retirement, remember that in Canada saving for retirement consists of three main avenues, also known as the “three pillars of retirement.” The three pillars are:

  • Government based programs (Canada Pension Plan, Old Age Security, etc.),
  • Employment based programs (like your IBEW Local 353 pension and Group Registered Retirement Savings Plan (RRSP)), and
  • Individual savings (individual RRSPs, Tax Free Savings Accounts, personal savings, property, etc.).

Your IBEW Local 353 pension and Group RRSP are one of the pillars that help you retire with confidence. TEIBAS offers ongoing monthly webinars on your how to become retirement ready, and on your pension and benefits plans. 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.

TEIBAS TIP: The more you can save and invest today, the better off you will be at retirement.

Before you retire, log on to myteibas.com to review your IBEW Local 353 Annual Pension Statement and Pension Plan booklet. Use the TEIBAS Pension Estimator on myteibas.com to estimate your pension amount at the date you’d like to retire. You can also request your personalized Pension Retirement Option Package and meet with us for a one-on-one retirement planning session.

To learn more about Pension Awareness Day visit FSRA’s website at www.fsrao.ca/consumers/pensions/pension-awareness-day-2024.

Questions? We’re here to help! You can also email us at members@teibas.com or call us at 416-637-6789, (toll free 1-800-267-0602).