Our Pension Plan, established in 1973, is one of the best in the construction industry with assets of more than $3 billion.
The plan provides pensions to members and their families and operates under the supervision and direction of a Board of Trustees representing both the union and participating employers.
It is financed primarily by negotiated contributions made by employers, and investment income earned on contributions.
Employers contribute to the plan for each hour that a member works. This money is held in trust for the plan members. The contributions are then invested by professional money managers.
At retirement, the funds in the pot are used to provide a retirement income or pension. The amount of pension a member gets depends on total contributions made on behalf of the member.
While ensuring a comfortable future for members, the plan also provides benefits to a surviving spouse and can be used to supplement long-term disability in the event a union member can no longer work prior to age 65.
The plan is a defined benefit multi-employer pension plan.
It began on November 1, 1973, and operates under the supervision and direction of a Board of Trustees from across Ontario. Half of the Trustees represent participating employers and the other half are Trustees appointed by the union.
The plan is regulated by federal and provincial legislation. It is registered under the Income Tax Act and the Ontario Pension Benefits Act.
Our Life and Health Benefits Plan provides members with a wide range of benefits.
- Death Benefits
- Accidental Dismemberment Coverage
- Short & Long-term disability Income
- Extended Health Care
- Vision Care
- Dental Care
- Bereavement Benefits
- Jury Duty Benefits
- Prescription Drugs
- Private Duty Nursing
- Hospital Care
- 100% Coverage for Preventive & Minor Dental Services
The plan is financed primarily by participating employers through contributions determined on a cents-per-hour basis through collective bargaining. The contributions are deposited in a benefit trust fund to secure the future delivery of benefits. Members become eligible under the plan when they first work for an employer who pays contributions. The dollars reported by participating employers are recorded and accumulate in a dollar bank account. It can take anywhere from two to four months to build up your benefit dollar bank.
The plan operates under the supervision and direction of a Board of Trustees representing both the union and participating employers.
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