UNDERSTAND WHAT HAPPENS TO YOUR BENEFITS & PENSION
Leaving UA Local 67?
Learn what to expect when you leave the UA Local 67 or the UA Local 67 Benefits Plans.
Health & Welfare
Your membership in the UA Local 67 Benefits Welfare Plan ends automatically on the first of the month after the earliest of:
- Your membership in UA Local 67 ends; OR
- You no longer have enough money in your Benefits Account to pay the cost of one month of coverage and you do not make a direct payment to UA Local 67 Benefits.
You must submit any outstanding health and dental claims (including Health Care Spending Account claims) promptly as GreenShield must receive them within 90 days of your coverage ending.
If you would like to continue all or part of your Welfare Plan access, as long as you remain a member of UA Local 67, you can elect to cover the direct cost of the plan. Learn more about contributions and be sure to act quickly before your Benefits Account balance runs out.
Important! If your UA Local 67 union membership ends, you will forfeit any remaining balance in your Benefits Account. If you want to continue your Health and Dental benefits until your Benefits Account is exhausted, be sure to remain an active union member or to transfer your membership to another local.
Pension Plan
If you leave UA Local 67 before you retire, your pension doesn’t disappear. You have flexible options to help you make the most of what you’ve earned. Whether you keep your benefits in the plan or choose to transfer them out, it’s important to understand what’s available so you can plan for the future.
Option 1: Stay in the Plan
If you leave Local 67 before you retire, you can still keep your benefits in the Plan until you’re ready to collect your UA Local 67 pension. If you want to stay in the UA Local 67 Pension Plan, there is no action required on your part.
Option 2: Terminate from the Plan
If under age 52, your union membership has ended, and you have not had any pension contributions in the last 24 months, you can request to transfer out the cash value (commuted value) of your pension.
Important Things to Know
- Withdrawal amounts may be reduced based on the plan’s funding.
- Small pensions (i.e., where the commuted value is less than 20% of the Year’s Maximum Pensionable Earnings (YMPE) in the year of termination) may be taken in cash or transferred to a non-locked-in RRSP.
- Regular pensions must be transferred to a locked-in retirement account (LIRA), annuity, or your new employer’s pension plan (if applicable and allowed).
- Consider speaking with a financial advisor before making your decision.
- If you leave the plan and withdraw your pension amount, you will need to earn 1,000 pension hours from a contributing employer again to rejoin the plan later.
Have Any Questions?
Contact UA Local 67 Benefits to discuss your options.