Eligibility to Join the Plan

All Regular Bargaining Unit Employees are required to join the Plan.

All Temporary Bargaining Unit Employees are eligible to join the Plan when their Employer has reported that they have completed 2 consecutive years of earnings and earned at least 35% of the Canada Pension Plan Yearly Maximum Pensionable Earnings (YMPE) in each of those 2 years.

Enrollment

Regular Employees are automatically enrolled.

Temporary Employees will be provided with an enrollment form by the Plan Administrator when they become eligible.

Withdrawal from the Plan

You cannot discontinue your participation while employed.

Plan Participation - the Effect on Personal Registered Retirement Savings Plan (RRSP's)

Current income tax legislation restricts the amount an individual can contribute, on a tax deductible basis, towards all retirement savings .

As a result, your Employer is required to calculate the value of your earned Plan benefit each year and report it as a Pension Adjustment (PA) on your income tax information slip (T4). Your personal RRSP contribution limits are reduced by your PA under the Plan. Revenue Canada - Taxation provides each taxpayer with a notice of the amount available for personal RRSP contributions each year as well as any unused RRSP contribution room carried forward from prior years when the maximum RRSP contribution was not made.

If you terminate employment after January 1, 1997 but before retirement and the value of your annual pension credits reported as a PA on your T-4 slips exceeds the value of your actual retirement benefits earned from 1990 to the date of termination, a Pension Adjustment Reversal (PAR) will be reported to Revenue Canada - Taxation. The PAR has the effect of restoring any lost RRSP contribution room and is only generated if you transfer the commuted value of your pension.