The IBEW Local 353 Pension Plan began on May 1, 1979.
The pension plan is managed by a Board of Trustees made up of eight members – four named by the union and four named by participating employers. Day-to-day administration of the plan is handled by Toronto Electrical Industry Benefit Administration Services (TEIBAS) with assistance from the union office.
The IBEW Local 353 Pension Plan is regulated by federal and provincial legislation. It is registered under the Income Tax Act and is a Specified Ontario Multi-Employer Pension Plan (SOMEPP) under the Ontario Pension Benefits Act (Registration No.0598235). The Trustees employ the staff at TEIBAS and professional advisers including actuaries and lawyers to help run the plan and ensure it complies with legislation.
To join the plan you must be a member of the IBEW Local 353. The benefits including health, dental, short-term disability, and the first 10 years of long-terms disability payments are self-insured, which means that eligible claims are paid directly from the IBEW Local 353 Trust Funds.
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.