Preparing Financially for Your Future
Welcome to the UA Local 67 Pension Plan. Your plan is designed to help you prepare for a secure and comfortable retirement. As a plan member, you’re part of a long-standing tradition that ensures retirement benefits for union members, retirees, and their families.
Who Runs the UA Local 67 Benefits Pension Plan?
The plan is managed by a Board of Trustees made up of elected union members and the UA Canada-appointed Business Manager. They work with professional advisors and UA Local 67 Benefits staff to ensure the plan is well managed and secure.
Pension Plan Eligibility
To join the pension plan, you must:
- Be a UA Local 67 member in good standing,
- Earn 1,000 pension hours over 24 consecutive months working for an employer that contributes to the pension plan, and
- Complete and return the Pension Plan Enrollment/Change Form to UA Local 67 Benefits
Pension Highlights
- A monthly pension for life based on pension hours earned, your retirement age, and the payment option you select
- Death benefits to support your family
Contribution Details
All contributions are made by participating employers based on the hours you’ve worked. Your pension therefore grows with the hours that you work for a contributing employer.
You can review your earned pension details in the quarterly and annual statements you receive from UA Local 67 Benefits.
Contributions During Long Term Disability (LTD)
While you’re receiving LTD benefits and unable to work, your employer would not be contributing to your pension plan. UA Local 67 Benefits will credit you with 100 pension hours for each month you are:
- on an approved LTD claim under the UA Local 67 Benefits Plan,
- a member of UA Local 67 in good standing, and
- under age 62.
Hours will be prorated for partial months of LTD. You will not earn pension hours during periods of Short Term Disability (STD).
The Amount Of Your Pension
The amount of your pension will depend on two things:
- How many hours you earned working for an employer who contributes to the pension plan, and
- When your hours were earned.
PERIODS AND THE CORRESPONDING MONTHLY PENSION EARNED PER HOUR
PERIOD WHEN HOURS WERE EARNED
January 1, 1972 – June 30, 1987
July 1, 1987 – April 30, 1999
May 1, 1999 – April 30, 2000
May 1, 2000 – April 30, 2002
May 1, 2002 – April 30, 2004
May 1, 2004 – April 30, 2016
May 1, 2016 – Present
MONTHLY PENSION AT AGE 62
$0.0307 per hour earned
$0.0517 per hour earned
$0.0553 per hour earned
$0.0632 per hour earned
$0.0676 per hour earned
$0.0693 per hour earned
$0.0748 per hour earned
Any pension you earn as an apprentice after April 1, 2002 is adjusted based on your employer contribution rate.
Your pension will be paid as a monthly lifetime benefit, based on contributions made by your employer(s), your age at retirement, your pension payment option selected, and the age of your spouse (if applicable) when you retire.
Pension benefits are not adjusted for cost of living (COLA).
Regulation
The UA Local 67 Benefits Pension Plan is registered under both the Income Tax Act and Ontario Pension Benefits Act, and operates as a Specified Ontario Multi-Employer Pension Plan (SOMEPP) under the Financial Services Regulatory Authority of Ontario (FSRA).
Update Your Information
Be sure to keep your dependent and beneficiary information current when you have a life change.
Learn More About Retirement Options
Review the Pension Plan Booklet or contact the UA Local 67 Benefits team for more information and support in understanding your options.