Proudly serving members of IBEW Local 353

The pension and benefit plans for members of IBEW Local 353 are overseen by a Board of Trustees made up of eight members – four named by the union and four named by participating employers. The day-to-day administration of the plan is handled by TEIBAS with active support from the union office. TEIBAS exclusively serves the 9,000 active and retired members of the IBEW Local 353. The trust funds have assets totalling more than $730 million.

TOUGH TIMES FOR PENSION PLANS

In the March 2009 issue of the TEIBAS newsletter, we told you that 2008 was the worst year on record for Canadian pension plans. That downward trend continued during the first part of 2009.

What this means for you?

Like most plans in the construction trades, the Local 353 plan is a multi-employer defined benefit pension plan. This type of plan has many advantages over other types of plans. To begin with, the amount of pension you receive is not directly tied to investment returns. The plan pays a pension based on a formula, so you know in advance the target amount you can expect to get. Your pension is paid for life (you cannot outlive your pension) and monthly payments may continue to your spouse after your death. At retirement, you get to select the payment option that suits you best.

With a multi-employer plan like ours, the collapse of an individual company, although unfortunate, is not a catastrophe. For the IBEW Local 353 pension plan to end, all the electrical contractors in the Greater Toronto Area would need to go out of business (or the union would have to disappear). As well, contributions made on your behalf by your employer must be paid monthly. The Union and Board of Trustees diligently follow up with any employer that fails to make a required contribution.

Learn more by reading the current issue of the TEIBAS newsletter, Click here

Keep us informed

If TEIBAS doesn't have your current address, your claims may be delayed or denied. Call 416-637-6789 or 1-800-267-0602.

Notable life events

Contact us when one or more of these notable events occur.

Starting a family

Be sure to provide TEIBAS with the name of your new spouse and the names of dependent children. It’s important to provide TEIBAS with a full list of your eligible dependents so they’ll be covered. Also make sure you provide TEIBAS with the name of your life insurance beneficiary(ies); otherwise, the insurance payment will be made to your estate and will be subject to probate fees. Coverage for a common-law partner and his or her children will begin on the later of:

  • one year after the date you start living together

  • one year after you last added a spouse to the plan.

 

Moving

When you change your address, let TEIBAS know so that your claims cheques, contribution statements and other important information arrive promptly.

Separation or divorce

To be eligible for benefits, your married or common-law spouse must be living with you. If you separate or divorce, coverage for your spouse ends. Your children remain covered. You can cover only one spouse or partner at any one time and you can’t make a change more than once every 12 months.

Preparing for retirement

At retirement, you may need to self-pay benefits for a period, before becoming eligible for full retiree benefits.



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Latest News

New additions to list of drugs requiring pre-approvals

(January 2010) The following prescription drugs were added to the list that require pre-approval for coverage under the benefits plan.

Planning to retire soon?

(December 2009) To give us enough time to process your application, we recommend that you apply for your pension at least three months before you plan ...

135 hours covers benefits

(December 2009) In general, for every hour worked you receive one hour toward your hour bank balance.
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