{"id":553,"date":"2022-10-04T19:20:26","date_gmt":"2022-10-05T02:20:26","guid":{"rendered":"https:\/\/unifor456.org\/?page_id=553"},"modified":"2022-10-04T19:20:26","modified_gmt":"2022-10-05T02:20:26","slug":"article-xxviii-pension-plan","status":"publish","type":"page","link":"https:\/\/unifor456.org\/?page_id=553","title":{"rendered":"ARTICLE XXVIII – PENSION PLAN"},"content":{"rendered":"
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The employer agrees to submit a letter to the Pension Plan Trustees recommending that banked overtime earned, when taken off the following calendar year, will be treated in a like manner to banked overtime hours taken off earned before the employee reached the 2080 hour cutoff.<\/p>\n

Section 1:  The Plan<\/strong><\/p>\n

The Company is a member of the B.C. Pulp and Paper Industry Pension Plan and agrees to abide by the terms, conditions, and rules of the Plan as administered by its Trustees.<\/p>\n

Section 2:  Contributions<\/strong><\/p>\n

The Company contribution level will remain at 10% for the term of the agreement.  Employee contributions will remain at 8% for the term of the agreement.<\/p>\n

Section 3:  Governance<\/strong><\/p>\n

The Company agrees to the revised governance of the plan as proposed below.<\/p>\n

     3 Trustees appointed by the member employers<\/p>\n

     3 Trustees elected or appointed by Unifor<\/p>\n

     3 Trustees elected or appointed by the PPWC<\/p>\n

The Union agrees to provide the Company with audited financial statements and actuarial valuations as per the plan.<\/p>\n

Section 4:  Details of Industry Plan<\/strong><\/p>\n

The complete text of the B.C. Pulp and Paper Industry Pension Plan is available, upon request, at the Human Resources Office and may be examined by a member at any time.  In the event of any conflict between the terms of the Industry Pension Plan and Article XXVII, the terms of the Industry Pension Plan will govern.<\/p>\n

Section 5: <\/strong><\/p>\n

a) Bridge Benefit<\/strong><\/p>\n

The parties agree to refer the matter of integrating the bridge provisions into the Pulp and Paper Industry Pension Plan to the Board of Trustees for their review and consideration.<\/p>\n

On the above issue, it is agreed that prior to the implementation of any change to the Pulp & Paper Industry Pension Plan or proceeding with the review, there must be unanimous approval of the nine (9) trustees.<\/p>\n

b) Pension Bridging Benefit<\/strong><\/p>\n

The Company shall provide employees with a pension bridge annuity of twenty dollars ($20.00) per month per year of service at age sixty (60) or older who retire prior to attaining age sixty-five (65).  The pension bridge benefit will not be payable beyond age sixty-five (65).  The calculation of the pension bridge benefit shall be credited on the same basis as under the terms and conditions of the Pulp & Paper Industry Pension Plan.<\/p>\n

An employee who chooses to retire at age fifty-five (55) or later shall have access to the bridging benefit paid by the Company when they reach age sixty (60).<\/p>\n

 <\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The employer agrees to submit a letter to the Pension Plan Trustees recommending that banked overtime earned, when taken off the following calendar year, will be treated in a like manner to banked overtime hours taken off earned before the employee reached the 2080 hour cutoff. Section 1:  The Plan The Company is a member […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-553","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/unifor456.org\/index.php?rest_route=\/wp\/v2\/pages\/553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/unifor456.org\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/unifor456.org\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/unifor456.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unifor456.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=553"}],"version-history":[{"count":1,"href":"https:\/\/unifor456.org\/index.php?rest_route=\/wp\/v2\/pages\/553\/revisions"}],"predecessor-version":[{"id":555,"href":"https:\/\/unifor456.org\/index.php?rest_route=\/wp\/v2\/pages\/553\/revisions\/555"}],"wp:attachment":[{"href":"https:\/\/unifor456.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}