Membership in the plan is automatic if:
- You are a member of IBEW Local 353 and work for a participating employer who contributes to the plan on your behalf, or
- You work for Local 353 and the union contributes to the plan on your behalf.
You can also join the pension plan as a voluntary member if you are a member of IBEW Local 353 and don’t work for a participating employer but your employer agrees to contribute to the plan on your behalf. The amount of your IBEW Local 353 pension depends for the most part on the total contributions paid into the plan on your behalf.
If you have a spouse when you retire, pension law requires that you choose a form of pension that provides a survivor pension of at least 60 per cent of your pension if you die first. Your pension is reduced to provide the 60 per cent survivor pension. You and your spouse can sign a waiver to decline this benefit.
If your membership in the plan ends, you’ll be entitled to the value of your pension benefit provided you’ve been a member of IBEW Local 353 pension plan for at least two consecutive years. You can choose to keep your benefit in the plan to provide a pension when you retire or transfer it to another registered plan.
IBEW Local 353 Pension Plan
The IBEW Local 353 Pension Plan is an important benefit of membership in Local 353.
Currently, less than 40 per cent of working Canadians belong to employment-based pension plans. The amount of retirement income provided by these plans varies widely. In many cases, both the employer and plan member are required to contribute to the plan (with plan members often matching the employer contribution). In your case, contributions are paid by your employer on your behalf. These contributions are in addition to your base wage.
The amount of your IBEW Local 353 pension will depend on how much has been contributed to the plan on your behalf, the contribution rates while you are working and the total number of hours you work and the pension factor.
Government pensions include the Canada Pension Plan (CPP), Old Age Security
(OAS) and, for low income Canadians, the Guaranteed Income Supplement (GIS).
Canada Pension Plan (CPP)-
For further information regarding these plans, you can contact Service Canada at: - 1-800-622-6232 or Service Ontario at 1-800-565-1921.
RRSPs and other personal savings
If there’s a gap between your retirement income target and the combined total of
your Local 353 and government pensions, that’s where personal savings come in.
Personal savings can include investments such as stocks, bonds, real estate and even
art. In Canada, one of the most tax-effective ways to save for retirement is through a
registered retirement savings plan (RRSP). Any contributions you make to an RRSP
come straight off your pre-tax income and can significantly reduce the amount of tax
you pay. The savings in your RRSP (including investment income) grow tax-free until
they are withdrawn or used to provide a retirement income.
How to Apply for your Pension
To give TEIBAS enough time to process your application, you should apply for your pension at least three months before you plan to retire. TEIBAS will prepare a customized package with your options outlined in detail. At that time, you may also want to consult an independent financial planner about your individual situation. In some situations it may take longer than three months to process your application (for example, if you are divorced and your pension is subject to a separation agreement). If so, you will receive a back-payment covering the period from your retirement date.
Retirement application process
- Contact TEIBAS at 416-637-6789 to receive an application form.
- Submit your completed application and required documents to the union office. The union will check your application, confirm your eligibility for benefits, and forward the paperwork to TEIBAS for processing.
- TEIBAS will send you an estimate for each of the pension payment options as well as a selection form.
- Choose an option, sign the form, and return it to TEIBAS – along with any required documents, such as your banking information for final processing.
- The Trustees will provide formal authorization. Once approved, your monthly direct-deposit pension payments will begin.
If you retire at age 62 or later, you can back-date the start of your pension. This
simply means having your pension calculated as of a date that’s earlier than the
date you actually apply for your pension. You can have your pension back-dated to the later of:
- The first of the month following your last date at work
- The first of the month following your 62nd birthday, or
- One year before the date of your pension application.
You can’t back-date your pension through a period that you were working.
This website describes the Pension plan for members of IBEW Local 353 in plain language. It is not a legal document. If there is a difference between the information contained here and the legal plan documents, the plan documents will apply.