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Pension Plan (Canada) - IUPAT

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<strong>Pension</strong> <strong>Plan</strong> Bookletof theINTERNATIONAL PAINTERSAND ALLIED TRADES INDUSTRYPENSION FUND(CANADA)Effective January 1, 2010


International Painters and Allied Trades Industry <strong>Pension</strong> Fund (<strong>Canada</strong>)To All Employees and <strong>Plan</strong> Participants:The Board of Trustees of the International Union of Painters and Allied Trades and Industry <strong>Pension</strong> <strong>Plan</strong>(<strong>Canada</strong>) is pleased to provide you with this Canadian <strong>Pension</strong> <strong>Plan</strong> Booklet (Booklet) of the Rules andegulations of your <strong>Pension</strong> <strong>Plan</strong>.This Booklet incorporates the main features of the <strong>Plan</strong>, including all amendments adopted by the Board ofTrustees up until January 1, 2010. As you read through it, you’ll learn how you become a <strong>Plan</strong> participant, whatyour benefits are, how they’re calculated and the different payment choices you’ll have when you retire.We’ve tried to describe the <strong>Plan</strong>’s provisions as clearly as possible in a plain and straightforward manner.However, this is only a summary of the <strong>Plan</strong>. The <strong>Pension</strong> <strong>Plan</strong> is governed by the Rules and Regulations. Ifthere is any conflict between this Booklet and the Rules and Regulations, the Rules and Regulations will apply.Please read the Booklet carefully, and share it with your family. It’s important that you, and your family understandyour retirement benefits and the <strong>Plan</strong>’s survivor protection features. We also suggest that you keep thisBooklet with your family’s other important documents.We would also like to stress that only the Trustees or someone specifically authorized by the Trustees can speakfor this <strong>Plan</strong>, or tell you about your rights and benefits. For example, if a Local Union or District Council official orbusiness representative or an employer makes representations about your rights under the <strong>Plan</strong>, you should notrely on that information. You have a right to a copy of the <strong>Plan</strong> Document.If you have any questions or require any additional information regarding your <strong>Pension</strong> <strong>Plan</strong> and how it affectsyour pension rights and benefits, you should contact the Fund Office at the address listed in the GeneralInformation Section. A complete text of the Rules and Regulations of the <strong>Pension</strong> <strong>Plan</strong> is kept at that office andis available for reference. You may also send your written questions or update personal information by contactingthe Fund Office at the same address.This <strong>Pension</strong> <strong>Plan</strong> represents important protection for you and your family, and the Board of Trustees is proud tobe involved in the continued operations of this valuable program.With our very best wishes for the future.Sincerely,BOARD OF TRUSTEESDecember 2010Effective January 1, 2010—4—


International Painters and Allied Trades Industry <strong>Pension</strong> Fund (<strong>Canada</strong>)<strong>IUPAT</strong> Industry <strong>Pension</strong> <strong>Plan</strong> <strong>Canada</strong>Fiddlers Green Postal OutletPO Box 81032Ancaster, Ontario L9G 4X1Telephone: 800-554-2479UNION TRUSTEESJames A. WilliamsCo-ChairmanRobert KucheranBill NichollsEMPLOYER TRUSTEEAristotle AivaliotisCo-ChairmanRichard PazdzierskiAdolf GustFUND ADMINISTRATORGary J. MeyersLEGAL COUNSELJennings SigmondCONSULTANT AND ACTUARYBuck ConsultantsAUDITORKestenberg · Rabinowicz · Partners LLP—5—


Table of ContentsIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8Participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Who Can Participate in the <strong>Plan</strong>? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9When Do I become a Participant? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Vesting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10When am I Vested? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10<strong>Pension</strong> Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Normal Retirement <strong>Pension</strong> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10When Am I Eligible for a Normal Retirement <strong>Pension</strong>? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10How is a Normal Retirement <strong>Pension</strong> Calculated? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Early Retirement <strong>Pension</strong> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11When Am I Eligible for an Early Retirement <strong>Pension</strong> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11How is My Early Retirement <strong>Pension</strong> Calculated? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Disability <strong>Pension</strong> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12When Am I Eligible for a Disability <strong>Pension</strong>? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12How is a Disability <strong>Pension</strong> Calculated? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12How is Permanent and Total Disability Defined? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12What Happens if I Recover from My Disability? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12Deferred <strong>Pension</strong> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13When Am I Eligible for a Deferred <strong>Pension</strong>? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13How is a Deferred <strong>Pension</strong> Calculated? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13What is the Portability Option? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13Forms of <strong>Pension</strong> Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14How is My <strong>Pension</strong> Paid? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14What if I Have a Spouse on the Date My <strong>Pension</strong> Begins? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Optional Form – Joint and Survivor Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14What if I Don’t Have a Spouse on the Date My <strong>Pension</strong> Begins? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15Optional Form – Ten-Year Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15—6—


Survivor Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15Is My Spouse Protected if I Die Before I Retire? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15What Happens to My Benefits if I Don’t Have a Spouse? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15Applying for Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16How Do I Apply for Benefits? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16How Does My Spouse or Beneficiary Apply for a Benefit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16What Happens if I Work after Retirement? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Can I Assign My Benefits? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16How Will I Know What My Benefits are under this <strong>Plan</strong>? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Will the Benefits Provided under this <strong>Plan</strong> Affect my CPP/QPP Benefits in Anyway? . . . . . . . . . . . . . . . .16What if I get a Divorce, Annulment or Separation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17Income Tax Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17APPENDIX A – BENEFITS EARNED BEFORE 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18Normal Retirement <strong>Pension</strong> Accrued From to January 1, 2000 to December 31, 2009 . . . . . . . . . . .18Normal Retirement <strong>Pension</strong> Accrued to December 31, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . .18Earning Credit for <strong>Pension</strong>s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20How Does My Credit Count? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20When Do I Earn <strong>Pension</strong> Credits? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Am I Eligible for <strong>Pension</strong> Credit for Employment to the Contribution Period? . . . . . . . . . . . . . . . . . . . . . . 20How Do I Earn Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20What is the Maximum Number of Credits I Can Earn? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Expanded Table: <strong>Pension</strong> Credits Earned from January 1, 2000 to December 31, 2009 . . . . . . . . .21Expanded Table: <strong>Pension</strong> Credits Earned up to December 31, 2009 . . . . . . . . . . . . . . . . . . . . . .22BENEFICIARY DESIGNATION FORM—7—


IntroductionThe International Union of Painters and AlliedTrades and Industry <strong>Pension</strong> <strong>Plan</strong> (<strong>Canada</strong>) wasestablished to provide retirement benefits foremployees covered under Collective BargainingAgreements between employers and the Union.This Booklet outlines how the <strong>Plan</strong> works, how yourpension benefits are calculated and the variousways you can receive your pension benefits. Inaddition to describing the calculation of normalretirement benefits, we’ve also included informationon early retirement, deferred and disability pensions.We recognize that many of our <strong>Plan</strong> participantshave family members who depend on them. That’swhy we’ve included information on the various formsof payment available to retiring members with aspouse and beneficiaries as well as pre-retirementspouse’s death benefit provisions.The <strong>Plan</strong>’s benefit formula has been revised forbenefits earned on and after January 1, 2010. Thisbooklet also includes a summary description of thebenefits earned under this <strong>Plan</strong>, prior to January 1,2010 and prior to January 1, 2000. If further detailsare needed, the Fund Administrator will be happy toprovide them. The Fund Administrator’s address islocated on page 17 of this booklet.The <strong>Plan</strong> is registered with the Financial ServicesCommission of Ontario under the <strong>Pension</strong> BenefitsAct and with the <strong>Canada</strong> Revenue Agency underthe Income Tax Act. The registration number is0587519.The financing of the <strong>Plan</strong> is based on employercontributions made on behalf of employees workingunder the terms of an Agreement. Employees arenot required to make any contributions. The contributionsto the <strong>Plan</strong> are held in a trust fund for thesole purpose of providing benefits to eligible participantsand to pay for administrative expenses.The <strong>Plan</strong> is administered by a Board of Trustees,consisting of Union and Employer representatives,who are responsible for the overall operation of the<strong>Plan</strong>. They serve without compensation. Recordsand benefit payments are processed at the FundOffice, which is managed by a Fund Administratorappointed by the Board of Trustees.The provisions in this booklet apply to those <strong>Plan</strong>participants who have not terminated and receivedor are entitled to a termination, death, disability, orretirement settlement, prior to January 1, 2010.—8—


ParticipationWho Can Participate In The <strong>Plan</strong>?You can participate in this <strong>Plan</strong> if your employer is acontributor to the <strong>Plan</strong> under the terms of a CollectiveBargaining Agreement and you are:1. An employee working under a Collective BargainingAgreement;2. A paid employee or officer of a Local Union orDistrict Council; or3. An employee who is not within a bargaining unitprovided that your class has been accepted forparticipation in the <strong>Plan</strong>.You may also become a participant in the <strong>Plan</strong> ifyou are an employee of a union industry-relatedorganization as defined in the <strong>Plan</strong> and acceptedby the Trustees. You cannot participate in the <strong>Plan</strong>if you are a piece worker who is responsible forpayment of your own benefits.When Do I Become A Participant?If you were a participant in the <strong>Plan</strong> before January1, 2000 and you have not terminated your participation,you remain a participant in this amended <strong>Plan</strong>.If you start working in covered employment afterDecember 31, 1998, you will become a participantin the <strong>Plan</strong> on January 1st or July 1st, whichever isearlier, after you have met one of the followingrequirements:• If you work under a Collective Bargaining Agreementrequiring contributions, or you are a fulltimeemployee as defined in categories (2) or (3)above, you will become a participant after 12consecutive months in which you have at least1,000 hours of covered employment.• If you are a part-time employee whose job iscovered by either category (2) or (3), you willbecome a participant upon the completion of a12-consecutive-month period during which youhave at least 700 hours of service in coveredemployment.Covered employment means employment for whichyour employer is obligated to contribute to the Fundon your behalf. Service for eligibility means eachhour you are paid or entitled to be paid for theperformance or nonperformance of duties, or foreach hour for which back pay is either awarded oragreed to by your contributing employer.Your hours may be with one or more ContributingEmployers. All your hours count even though youmay not have worked for some period of timebetween employers; however, if you are employedin British Columbia and you do not meet either oneof the above requirements, you can become a participantfollowing two consecutive calendar yearsin each of which you have at least 350 hours ofservice in covered employment with one or moreemployers, and earnings not less than 35% of theYMPE in each of the 2 consecutive calendar years.Example:John, a full-time employee who started workingunder a Collective Bargaining Agreement inFebruary 2010, earned:• 892 hours of service in covered employmentfrom February to December of 2010, and• 120 hours of service in covered employment inJanuary 2011.Since he completed at least 1,000 hours of serviceover twelve consecutive months, John becomes aparticipant in the <strong>Plan</strong> on July 1, 2011.Example:Steve, who was hired at the beginning of September2009 as a part-time employee of a Local Union,earned:• 203 hours of service in covered employmentfrom September to December of 2009, and• 560 hours of service in covered employmentfrom January to August 2010.Since he has completed at least 700 hours of serviceover twelve consecutive months Steve becomesa participant in the <strong>Plan</strong> on January 1, 2011.—9—


Vesting<strong>Pension</strong> BenefitsVesting means entitlement. If you are vested, itmeans you are entitled to a pension when youretire.When Am I Vested?You will become vested as soon as you have:• Completed at least 24 months of continuousservice as a <strong>Plan</strong> participant, or• You have attained age 65.• If you are a Manitoba participant, you arevested immediately (as required by law).Vesting service is your service after you become aparticipant in the <strong>Plan</strong>. Under special circumstancessuch as disability and some other types of employmentwith your contributing employer, you may stillqualify for vesting service.Once you are vested, you have a right to the pensionyou have earned even if you do not work for acontributing employer again.Example:Jesse began working full-time for a contributing employeron December 1, 2010 and became a participanton January 1, 2012. Jesse continued toparticipate throughout 2012 and 2013. On January1, 2014, Jesse becomes vested. Now, even if hestops working in covered employment, Jesse is eligibleto receive a pension from the <strong>Plan</strong> when heretires.Four types of pensions are provided under this<strong>Plan</strong>:1. Normal Retirement <strong>Pension</strong>2. Early Retirement <strong>Pension</strong>3. Disability <strong>Pension</strong>4. Deferred <strong>Pension</strong>This section describes when you are eligible toreceive each type of pension and the amount ofthat pension. Keep in mind that you may receiveonly one type of pension from the <strong>Plan</strong>.Normal Retirement <strong>Pension</strong>When Am I Eligible for a Normal Retirement<strong>Pension</strong>?You are eligible to retire on a normal retirementpension if you are at least age 65.If you keep working for a Contributing Employerafter age 65, you may continue to earn benefits inthe <strong>Plan</strong> until you actually retire. However, you mustbegin receiving your pension no later than the Januaryfollowing your 71st birthday.How is a Normal Retirement <strong>Pension</strong>Calculated?How your normal retirement pension is calculateddepends on when your benefits were earned. A differentpension formula is used for benefits earnedduring the following three periods:• Benefits earned on and after January 1, 2010• Benefits earned from January 1, 2000 toDecember 31, 2009• Benefits earned up to December 31, 1999A monthly pension amount is calculated for benefitsearned during the above periods separately. Yournormal retirement pension is made up of the totalof these three monthly pension amounts.—10—


(1) For Benefits Earned On and AfterJanuary 1, 2010:• You will receive a monthly benefit equalto 1.5% multiplied by the total contributionsmade on your behalf by your employeron and after January 1, 2010 atthe Base Contribution Rate (the ContributionRate in effect for your employer asof January 1, 2010 that was negotiatedby your local).• However, if your employer’s ContributionRate decreases, then the accrual rate forthose contributions will also decrease asfollows:Example:On and after January 1, 2010, Antonio’s benefitsare based on an accrual rate of 1½ percent of thecontributions made on his behalf by his employer. IfLower Contribution Rateas a % of the BaseContribution RateBenefit AccrualRate for LowerContribution Rate90% 1.2%80% 0.9%70% 0.6%60% 0.3%50% or lower 0%his employer’s contribution rate was $1.00 an houras of January 1, 2010 and Antonio worked 1,850hours in 2010, the monthly amount of normal retirementpension earned in 2010 would be $27.75(1.5% times $1,850 of contributions).(2) For Benefits Earned FromJanuary 1, 2000 To December 31, 2009:• You will receive a monthly pension equalto the benefit rate payable at each ContributionRate multiplied by the number ofunits of <strong>Pension</strong> Credit at each ContributionRate.• Appendix A provides more information onhow benefits earned during this period iscalculated, as well as a table which setsout the monthly benefit rate applicable foreach Contribution Rate.(3) For Benefits Earned Up ToDecember 31, 1999:• You will receive a monthly pension equalto the total applicable monthly pensionamounts which are based on the numberPre-2000 <strong>Pension</strong> Credits and the applicableweighted average ContributionRates (determined as the weighted averageof your Contribution Rates during thelast 12 months prior to January 1, 2000).• Appendix A provides more information onhow benefits earned during this period iscalculated, as well as a table which setsout the monthly pension amount applicablefor each Contribution Rate.Early Retirement <strong>Pension</strong>When Am I Eligible for an Early Retirement<strong>Pension</strong>?You are eligible to retire on an early retirementpension if you are:• At least age 55; and• You are vested.How is My Early Retirement <strong>Pension</strong>Calculated?An early retirement pension is calculated the sameway as a normal retirement pension, but is reducedby one-half of 1% for each month you are youngerthan age 65 when your early retirement pensionbegins.Example:Bill has completed enough service to be vested andis eligible for a regular pension of $1,500.00 amonth payable at age 65. However, since Bill wantsto retire on his 62nd birthday, his early retirementpension is calculated as follows:1. The regular pension Bill would receive if he wereage 65 is $1,500.002. The reduction for early retirement (36 monthsyounger than age 65) is 36 times .005 (one half apercent) or 18% (0.18)3. The early retirement pension will be 82% of theregular pension benefit (100% minus 18%)4. To determine the monthly benefit, multiply theregular pension benefit, $1,500 by 82%. Thatequals $1,230.—11—


Disability <strong>Pension</strong>When Am I Eligible for a Disability <strong>Pension</strong>?You are eligible to retire on a disability pension if you:• Are permanently and totally disabled according toCPP/QPP prior to age 65; and• Earned at least 120 units of pension credit (whichis equal to 18,000 benefit hours – refer to page21 for information about how you earn pensioncredit), or ten years of vesting service (youbegin to accumulate vesting service when youbecome a participant in the <strong>Plan</strong>); and• Earned at least 12 units of pension credit (1,800benefit hours) during the contribution period, orworked at least 1,800 hours in covered employmentduring the 24 months following the beginning ofthe contribution period; and• Worked in covered employment at least 1,000hours in the two calendar years prior to the yearin which you became disabled.How is a Disability <strong>Pension</strong> Calculated?The monthly amount of the disability pension isequal to 110% of your early retirement pension. Theearly retirement pension is based on the normal retirementpension to which you would be entitled andis reduced by one-half of 1% for each month yourdisability pension start date is prior to age 65.Your disability pension cannot exceed the amount ofthe normal retirement pension at the start of yourdisability.If you are not yet age 55 on the date on which yourdisability pension is first payable to you, your benefitwill be determined as though you were age 55 onthat date.Payment of your disability pension will begin sixmonths after the month in which you were disabledand after all paperwork and applications have beenreceived. Payments will continue as long as you areconsidered permanently and totally disabled. Onceyou have reached age 65, provided you remainretired, payments will continue to you even if yourecover.Are There Any Time Limits for Applying for aDisability <strong>Pension</strong>?Once you have received a determination from the<strong>Canada</strong> <strong>Pension</strong>/Quebec <strong>Pension</strong> plans (CPP/QPP)that you are entitled to CPP/QPP disability benefits,you must apply for a disability pension from the <strong>Plan</strong>within 12 months of the date of your CPP/QPPdetermination (if you have not already done so).Can I Apply for an Early Retirement BenefitWhile I am Waiting for a CPP/QPP Award?In many circumstances, long delays can occurbefore receiving a determination from the <strong>Canada</strong><strong>Pension</strong>/Quebec <strong>Pension</strong> plans (CPP/QPP) on adisability application. Because of these delays, if youare age 55 or older, you are permitted to apply for anearly retirement benefit from the <strong>Plan</strong> after applyingfor a disability benefit from CPP/QPP. Should you begranted a CPP/QPP disability award, the <strong>Plan</strong> willchange your benefit from an early retirement todisability pension, retroactive to the date of yourCPP/QPP award. Your CPP/QPP disability awardmust be granted within 24 months of the date youmake application to the Fund Office for an earlyretirement pension. If your CPP/QPP award is grantedafter this 24-month period, you will not be allowed tochange your type of pension under the <strong>Plan</strong> from anearly retirement pension to a disability pension.How is Permanent and Total Disability Defined?You are considered permanently and totally disabledwithin the meaning of this <strong>Plan</strong> based on a writtencertificate by a medical doctor and if you havebeen determined by the CPP/QPP to be entitledto a disability benefit from the CPP/QPP.What Happens if I Recover from My Disability?If you recover from your disability and are over age 65,your disability pension will continue for as long as youlive and as long as you do not return to work. If yourecover from your disability and are under age 65 youwill no longer be entitled to collect a disability pension.If you lose your entitlement to the CPP/QPP DisabilityBenefit before you turn age 65, you must let theTrustees know within 21 days of the date you receivenotice of such loss. If you lose this entitlement,your disability pension payments from the <strong>Plan</strong> willstop. If you return to a job and contributions to the<strong>Plan</strong> are made on your behalf, you will once againbegin earning pension credit. These credits will beadded to your previous credits and will be appliedtoward a normal retirement, early, or deferred pension.Whatever disability payments you receivedearlier will not affect your eligibility, or the amountof one of these pensions.—12—


If, as a disability pensioner, you are advised by theCPP/QPP that you are no longer eligible, for disabilitybenefits, and you appeal the decision of theCPP/QPP, your disability benefits under this <strong>Plan</strong>will continue while this matter is under appeal. In theevent the appeal is denied in final by CPP/QPP,your disability benefits under this <strong>Plan</strong> will stop asof the date of such denial and those benefits youreceived from the <strong>Plan</strong> between the date of suspensionand the date a final denial was made shall berefundable to the <strong>Plan</strong> by way of a suspension offuture benefits. If, however, you demonstrate thatthe appeal to the CPP/QPP was made in good faith(i.e., by providing letters from physicians, etc.), youwill not be required to refund the disability benefitspaid from the <strong>Plan</strong> prior to the final denial.Deferred <strong>Pension</strong>When Am I Eligible for a Deferred <strong>Pension</strong>?You are eligible to receive a deferred pension if you:• Are vested (to be vested, you must have at least24 months of continuous service as a <strong>Plan</strong> participant);• Terminate participation in the <strong>Plan</strong> (your participationin the <strong>Plan</strong> will be terminated after aperiod of 24 consecutive months in which nocontributions are made on your behalf);• Are not eligible for a normal or early retirementpension; and• Do not elect the portability option (see explanationin next section).Normally, this benefit starts at age 65; however, youmay choose to start receiving it any time once youreach age 55. If you choose to begin collecting apension on or after age 55 but before age 65, it willbe reduced as described in the Early Retirementsection. If you are vested and under age 55 at thetime you terminate, instead of receiving a deferredpension you may choose the portability option (Referto the heading What Is the Portability Option? below).How is a Deferred <strong>Pension</strong> Calculated?Your monthly deferred pension is calculated in oneof two ways, depending on your age when youbegin to receive your pension.Age 65 or Older: If your deferred pension beginsafter you have reached age 65, the monthly amountof your deferred pension is calculated the same wayas a normal retirement pension.Before Age 65: If your deferred pension begins beforeyou reach age 65, the monthly amount of yourdeferred pension is calculated the same way as anormal retirement pension, reduced by one-half of1% for each month the start date of your pensionprecedes age 65.What is the Portability Option?The portability option permits you to transfer thelump sum value of your deferred pension to:• A locked-in retirement savings vehicle specifieddefined under provincial pension law (for example,a locked-in retirement account or locked-inRRSP);• The pension plan of a new employer if that planpermits; or• An insurance company to purchase an immediateor deferred annuity that will not begin before age55.The portability option is only available to those whoterminate participation before age 55.Any funds transferred under the portability optionmust continue to be locked-in and used to providea retirement benefit. The law does not permit youto take these funds as a lump-sum cash payment.You should be aware that if you choose the portabilityoption, you will not be entitled to any furtherbenefits in respect of your participation beforethe transfer. If you later return to employment,you will be treated as a new employee, and youmust again satisfy the requirements to becomea participant.When you terminate your participation in the <strong>Plan</strong>,the rules of the <strong>Plan</strong> as they existed on the dateyou terminate your employment with your lastcontributing employer will be used to determineyour entitlement.Please contact the Fund Office for details on thisoption.Forms of <strong>Pension</strong> Payment—13—


How is My <strong>Pension</strong> Paid?You will receive your pension in the form of equalmonthly payments. However, if your monthly pensionat age 65 is less than the specified percentage of theYMPE in effect at the time of your termination, theTrustees will pay you a single cash payment which isequal to the value of your monthly pension entitlement.The specified percentage is based on provincialpension legislation and varies from province toprovince, while the YMPE is the yearly maximumpensionable earnings set by the federal governmenton which your CPP/QPP contributions are based. Forexample, B.C. members who terminate membershipin 2010 will receive a single cash payment if theirmonthly pension payable at age 65 is less than 1/12of 10 percent of the YMPE for 2010 or if the commutedvalue of their pension benefit does not exceed20% of the YMPE for 2010 (the YMPE for 2010 is$47,200 – so 1/12 of 10 percent of that amount is$393.33, or 20% of that amount is $9,440).How your pension is paid is based on whether or notyou have a spouse on the date your pension begins.Generally, you will be considered to have a spouseif you are married or have been in a common-lawrelationship for a period of time. However, eachprovince in <strong>Canada</strong> has a specific legal requirementdefining marriage, common-law relationships andseparation. Please contact the Fund Office for additionalinformation regarding the definition of aspouse in your province.What if I Have a Spouse on the Date My<strong>Pension</strong> Begins?If you have a spouse as defined by law on the dateyour pension begins, your normal, early, deferred, ordisability retirement pension must be paid as a 60%joint and survivor benefit. This gives you a reducedmonthly pension during your lifetime. Then, whenyou die, your spouse will receive 60% of the pensionyou were receiving. The amount of the reductiondepends on your age, and your spouse’s agewhen payments begin and is determined so that thebenefit payable in the joint and survivor form will beequal in value to the pension payable to the participantwho, upon retirement, does not have a spouse.Generally, the joint and survivor pension amount willbe 88.2% of the unreduced pension. This factor willbe increased by 0.5% for each year your spouse isolder than you, and decreased by 0.5% for eachyear your spouse is younger than you. For example,if your spouse is two years younger than you, thenthe amount of the joint and survivor pension paymentwill be 87.2% of the unreduced pensionamount to which you are entitled. The factor willnever be greater than 99%.You and your spouse may waive the payment of thejoint and survivor benefit by submitting a SpousalWaiver Form to the Fund Office. It must be signedby you and your spouse, and a witness who is notrelated, in any way, to you or your spouse. Thiswaiver must be filed with the Fund Office beforepayment of your benefit commences.Once you file a Waiver Form, you will be eligibleto receive your pension benefit as though youdid not have a spouse. This includes being ableto select one of the other optional forms of paymentlisted below, if you retire on a regular, reduced,early, or deferred pension. Please keepin mind that once you have selected and begunreceiving a pension you may not change thepayment format.Optional Form—Joint and Survivor OptionYou may also choose to receive payments in theform of a 75% or 100% joint and survivor pension.This means you will receive a monthly pension foras long as you live, and your surviving spouse willreceive a percentage of the pension upon yourdeath. For example, if you choose the 100% jointand survivor option, upon your death, your spousewill receive 100% of the amount you were receivingbefore your death for the remainder of his or herlifetime.If you elect the 75% joint and survivor pensionoption, then your monthly pension will be reducedto 85% of the unreduced pension to which you areentitled. This factor will be increased by 0.5% foreach year your spouse is older than you, anddecreased by 0.5% for each year your spouse isyounger than you. In no event will the adjustmentfactor for the 75% joint and survivor pensionexceed 97%.If you elect the 100% joint and survivor pensionoption, then your monthly pension will be reducedto 81% of your normal retirement pension. This factorwill be increased by 0.7% for each year your spouseis older than you, and decreased by 0.7% for eachyear your spouse is younger than you.In no event will the adjustment factor for the 100%joint and survivor pension exceed 96%.—14—


In order to elect either of these optional forms ofpayment, you must file a written request with theFund Office prior to the date your pension is scheduledto begin. See Applying for Benefits sectionfor further details.What if I Don’t Have a Spouse on the Date My<strong>Pension</strong> Begins?Your normal, early, disability or deferred retirementpension will be paid to you in equal monthly paymentsfor as long as you live, with a minimum guaranteeof 60 monthly payments. If you die beforereceiving 60 monthly payments, your beneficiary orestate will continue to receive benefit payments untilthe balance of the 60 guaranteed payments hasbeen paid. If you die after receiving 60 monthlypayments, your pension payments will cease withthe last payment payable in the month of your death.Your beneficiary is the person or persons you havedesignated to receive benefits from the <strong>Plan</strong> uponyour death.Optional Form—10-Year GuaranteeThis option gives you a monthly pension paymentfor as long as you live, with the first 120 monthlypayments guaranteed. If you die before receiving120 payments, your beneficiary will continue toreceive benefits until a total of 120 monthly payments,before and after your death, have beenmade. If you die after receiving at least 120 monthlypayments, your pension payments will cease withthe last payment payable in the month of your death.If you elect this option and you are age 65, theamount of your monthly pension benefit will be 94%of the unreduced pension to which you are entitled.This factor will be decreased by 0.9% for each yearthat you are older than age 65. For each year thatyou are younger than age 65, the factor will be increasedby 0.4%. The factor will never exceed 99%.For example, if you are age 66 when you retire andelect the ten year guarantee form of payment, thepension payments you receive would be 93.1 % ofthe unreduced pension to which you would havebeen entitled.In order to elect this optional form of payment, youmust file a written request with the Fund Office priorto the date your pension is scheduled to begin. SeeApplying for Benefits section for further details.Survivor BenefitsIs My Spouse Protected if I Die Before I Retire?If you are vested and die before you retire, yourspouse (providing he/she meets the definition ofspouse as defined by law) is entitled to a pre-retirementspouse’s benefit. The benefit is payable as animmediate monthly pension for the lifetime of yourspouse. The value of this monthly pension is equalto the lump sum value of the benefits you haveearned to the date of your death.Depending on the province in which you live, yourspouse may have the option of receiving this benefitas a lump sum cash payment or transferring thelump sum amount under the portability option. (SeeWhat Is the Portability Option? section above). Yourspouse will be advised of the available option at thetime of application for benefit.If you are employed in Ontario, British Columbia, orManitoba, you and your spouse may waive the paymentof the pre-retirement spouse’s benefit by submittinga Spousal Waiver Form to the Fund Office.Once you file the waiver form with the Trustees, yourspouse will not be eligible for the pre-retirementspouse’s benefit, and you can designate a beneficiaryfor the pre-retirement death benefit explainedbelow.What Happens to My Benefits if I Don’t Have aSpouse?If you are vested, and die before you retire, and youdo not have a spouse eligible for the pre-retirementspouse’s benefit, your beneficiary is entitled to receivethe pre-retirement death benefit. This benefit ispayable to your beneficiary (or estate if you havenot designated a beneficiary) as a single lump sumwhich is equal to the value of the benefits youearned up to the date of your death.—15—


What if I Got a Divorce, Annulment orSeparation?If you get a divorce, annulment or separation fromyour spouse, the allocation of your pension benefitwill be subject to the applicable provincial family/pension law. If your ex-spouse is entitled to any portionof your benefit in accordance with the applicableprovincial family/pension law, the benefit to whichyou are entitled will be adjusted accordingly.Income Tax ItemsThe contributions made by the Employers arerecorded on the Income Tax reporting to the<strong>Canada</strong> Revenue Agency each year. Under theIncome Tax Act, these contributions reduce theamount of allowable RRSP contributions you canmake. Your RRSP allowable contribution levels arereported to you each year, when your Income Taxreturn is processed.General InformationThe name, business address and phone number of the Fund Administrator who handles the day-to-dayoperations of the fund is:Gary J. Meyers<strong>IUPAT</strong> Industry <strong>Pension</strong> <strong>Plan</strong> (<strong>Canada</strong>)Fiddlers Green Postal Office OutletPO Box 81032Ancaster, Ontario L9G 4X1Telephone: 800-554-2479The names, titles and business addresses of the Canadian trustees are:UNION TRUSTEESJames A. Williams, Co-ChairmanGeneral President /<strong>IUPAT</strong> Industry <strong>Pension</strong> Fund7234 Parkway DriveHanover MD 21076Robert KucheranGeneral Vice President / <strong>IUPAT</strong>c/o Local Union 2051430 Osprey DriveAncaster Ontario L9G 4V5Bill NichollsBusiness Manager / Secretary Treasurerc/o District Council 46130 Toro RoadToronto, Ontario M3J 3M9EMPLOYER TRUSTEESAristotle G. Aivaliotis, Co-ChairmanAvalotis Corporation400 Jones Street, P.O. Box 6Verona, PA 15147-1298Adolf GustTempo Insulation &Drywall Co LTD59 Romina Drive, Suite 201Concord, Ontario L4K 4Z9Richard PazdzierskiSeaside Painters & Sandblasters, Inc10095 - 179th StreetSurrey, British Columbia V4N 4J7For the purposes of maintaining the Fund’s fiscal records, the year-end date is December 31st. The Board ofTrustees has been designated as the agent for the service of legal process—17—


APPENDIX A – BENEFITS EARNED BEFORE 2010Normal Retirement <strong>Pension</strong> Accrued FromJanuary 1, 2000 to December 31, 2009The monthly amount of your normal retirement pensionfor benefits earned from January 1, 2000 up toDecember 31, 2009 depends on the following factors:• The number of units of credit for each ContributionRate; and• The benefit rate that is applicable for each ContributionRate (described below).The Contribution Rate used to determine your pensionbenefit is part of the agreement negotiated byyour local. The Fund Office keeps track of each localnegotiated contribution rate and the number ofhours applicable to each contribution rate.Each year the Fund Office will determine yourpension benefit earned in that year based on:• Your Contribution Rate;• The number of units of credit at each ContributionRate; and• The benefit rate payable at each Contribution Rate.CONTRIBUTION RATE / BENEFIT RATEFOR BENEFITS EARNED FROMJANUARY 1, 2000 TO DECEMBER 31, 2009EmployerContribution RatePer hourMonthly Benefit Rate inEffect as of January 1,2000 Per Unit of<strong>Pension</strong> Credit$0.25 $1.16$0.50 $2.31$0.75 $3.33$1.00 $4.29$1.25 $5.20$1.50 $6.03$1.75 $6.79$2.00 $7.50$2.25 $8.43$2.50 $9.37$2.75 $10.31$3.00 $11.25$3.25 $12.18$3.50 $13.12$3.75 $14.06$4.00 $15.00$4.25 $15.93$4.50 $16.87$4.75 $17.81$5.00 $18.74NOTE: An expanded table based on employer contributionrates at 4 cent intervals is set out at theend of this Appendix A.Example:Antonio at age 30 started to contribute to the Fundon January 1, 2007. His contribution rate was $1.00an hour and contributions were made on his behalffor 1,850 hours or 12 units of credit. As you can seein the above table, the monthly amount of normalretirement pension earned in 2007 would be $51.48($4.29 times 12).For each year up to December 31, 2009, Antoniowould be credited with more units of credit and contributionrates. By the time he retires, the Fund Officewould add together the credits accumulatedeach year for each contribution rate to determineAntonio’s monthly pension amount.MergersThe table on the left shows the monthly benefit ratefor each unit of pension credit for various employercontribution rates and represents the “standardlevel” of benefits. Benefit amounts for certain participantsmay be different if the participant was a memberof a group that joined the <strong>Plan</strong> as the result of amerger.The level of benefit depends on many factors suchas age, service, and contribution rate of the newgroup compared to the averages of employees alreadyin the <strong>Plan</strong>. The Trustees may apply a higher“super-standard” benefit level or a lower “substandard”benefit level based on recommendations froman actuary. If you were part of a merger, pleasecontact the Fund Office for more information onyour benefits.Normal Retirement <strong>Pension</strong> Accrued ToDecember 31, 1999Your early, disability, and deferred retirementpension will be based on your normal retirementpension earned to December 31, 1999, reducedor adjusted using the provisions described inother sections of your old copy of the Summary<strong>Plan</strong> Description given to you when you becamea member of the plan (prior to December 31,1999). Your normal retirement pension will bebased on the pension formula set out in Table I ofyour last Booklet. A complete description of thecalculations is also included in this Booklet andthe table used for calculations may be found inthis Appendix.To assist you in understanding the process, we haveprovided you with the steps used when calculatingthe pension you earned up to December 31, 1999.Your pension will be based on:—18—


• The total units of pension credit you earned beforeand after the Contribution Period before December31, 1999 (defined on page 3 of the last Summary<strong>Plan</strong> Description);• The weighted average of the contribution rates ineffect during the time you last earned twelve unitsof pension credit before December 31, 1999; and• The benefit rate from the last Summary <strong>Plan</strong>Description used for determining your benefits.If you have misplaced your copy, please write to theFund Office. We’ve provided a copy of the entire tableat the end of this Appendix A.<strong>IUPAT</strong> Industry <strong>Pension</strong> <strong>Plan</strong> (<strong>Canada</strong>) <strong>Pension</strong> Credits Earned Up To December 31, 1999ContributionRateMonthly Regular <strong>Pension</strong> (360 units)For ActiveCredits Earned BetweenEmployees as 1/1/88 1/1/88 & 12/31/89 1/1/90 & 12/31/99A B C$0.50 $499.50 $549.50 $475.50$0.75 $721.50 $793.50 $686.50$1.00 $929.00 $1,022.00 $884.50$1.25 $1,123.50 $1,236.00 $1,069.50$1.50 $1,303.50 $1,434.00 $1,241.00$1.75 $1,469.50 $1,616.50 $1,399.50$2.00 $1,622.00 $1,784.00 $1,544.50Example:Joseph has earned 250 units of pension creditduring the contribution period up to December 31,1999, of which 133 units were earned prior toJanuary 1, 1988, 27 units were earned during1988 and 1989 and 90 units were earned afterJanuary 1, 1990. The weighted average of hiscontribution rates during the last twelve monthsearned prior to January 1, 2000 was $1.75. Here’show his frozen pension is calculated:For pre-1988 units of pension credit: 133 ~ 360 = 36.9%(Column A: $1.75 = $1,469.50) 36.9% x $1,469.50 = $542.25For pension credit earned betweenJan 1, 1988 & Dec 31, 1989: 27 ~ 360 = 7.5%(Column B: $1.75 = $1,616.50) 7.5% x $1,616.50 = $121.24For pension credit earned betweenJan 1, 1990 & Dec 31, 1999: 90 ~ 360 = 25%(Column C: $1.75 = $1,399.50) 25% x $1,399.50 = $349.88Joseph’s frozen normal retirement pension is the sumof the three amounts which equal $1,013.37 ($542.25+ $121.24 + $349.88). Since the <strong>Plan</strong> rounds allpension benefits to the next higher $0.50, Joseph’smonthly regular pension would be $1,013.50. Remember,this is just for the period up to December 31, 1999.Anything earned under the new formula will be inaddition to this amount.If we assume that Joseph was age 60 as of December31, 1999, and suppose Joseph continues to work andcontribute until age 65. He would be entitled to the followingmonthly pension for the contributions made onhis behalf (see table on page 18 of the booklet):AGE6061626364CONTRIB-UTIONRATE$1.752.002.002.252.50CONTRIB-UTIORYHOURS15001800180012001200UNITS OFPENSIONCREDIT10121288MONTHLYPENSION$67.90$90.00$90.00$67.44$74.96TOTAL $390.30Joseph’s normal monthly retirement pension would be$1,013.50 + $390.30 = $1,403.80 (rounded up to$1,404.00).—19—


Earning Credit for <strong>Pension</strong>sHow Does My Credit Count?The time you work for a Contributing Employercounts in three important ways:• It counts towards becoming a participant in the<strong>Plan</strong>;• It determines when you are eligible for a benefit;and• For benefits earned prior to 2010, your workingtime, measured in units of pension credit andyour contribution rate, determines how muchyour benefit will be.When Do I Earn <strong>Pension</strong> Credits?You earn pension credits while working for an employerwho makes contributions to the Fund under aCollective Bargaining Agreement or equivalentagreement with the Trustees. This period of time iscalled the Contribution Period. A pension credit isequal to 150 contribution hours. A contribution hour isone hour of work performed for an employer acceptedby the Trustees as a contributor to the <strong>Plan</strong>.Hours of CoveredEmployment on theCalendar YearExample:Fewer than 150150 – 299300 – 449450 – 599600 – 749750 – 899900 – 1,0491,050 – 1,1991,200 – 1,3491,350 – 1,4991,500 – 1,6491,650 – 1,7991,800 – 1,9491,950 – 2,0992,100 – 2,2492,250 – 2,3992,400 – 2,5492,550 – 2,699etc.Number ofUnits ofCredit01234567891011121314151617Bill’s employer began making contributions to theFund on his behalf on July 1, 2004. As you can seein the table below, Bill, by the end of 2007, hadearned 41 pension credits.Am I Eligible for <strong>Pension</strong> Credit For EmploymentPrior to the Contribution Period?If you were a <strong>Plan</strong> participant before January 1,2000 and worked for a Contributing Employer, youmay be eligible for pension credits for your earlierservice. This is covered in the Retirement <strong>Pension</strong>Accrued to December 31, 1999 section.YEAR2004200520062007BILL'S HOURS1,1201,2501,9851,985PENSION CREDITS78131341How Do I Earn Credit?You earn pension credit in each calendar yearbased on the number of hours for which youremployer contributes to the Fund on your behalf.One unit of pension credit is earned for every150 of contribution hours worked. The Fundmust receive your employer’s contributions inorder for you to earn pension credits. Thefollowing table demonstrates how your creditsincrease with the hours you work.What Is the Maximum Number of <strong>Pension</strong>Credits I Can Earn?There is no maximum on the total number of units ofpension credit you may earn under the <strong>Plan</strong> overyour working career or in any one year.—20—


Expanded Table For: <strong>Pension</strong> Credits Earned From January 1, 2000 To December 31, 2009EMPLOYERCONTRIBUTION RATEPER HOURMONTHLY BENEFITRATE PER UNIT OFPENSION CREDITEMPLOYERCONTRIBUTION RATEPER HOURMONTHLY BENEFITRATE PER UNIT OFPENSION CREDIT$0.05$0.10$0.15$0.20$0.25$0.30$0.35$0.40$0.45$0.50$0.55$0.60$0.65$0.70$0.75$0.80$0.85$0.90$0.95$1.00$1.05$1.10$1.15$1.20$1.25$1.30$1.35$1.40$1.45$1.50$1.55$1.60$1.65$1.70$1.75$1.80$1.85$1.90$1.95$2.00$2.05$2.10$2.15$2.20$2.25$2.30$2.35$2.40$2.45$2.50$0.24$0.47$0.70$0.93$1.16$1.39$1.62$1.85$2.08$2.31$2.52$2.73$2.93$3.13$3.33$3.53$3.72$3.91$4.10$4.29$4.48$4.66$4.84$5.02$5.20$5.37$5.54$5.71$5.87$6.03$6.19$6.34$6.49$6.64$6.79$6.94$7.08$7.22$7.36$7.50$7.69$7.88$8.06$8.25$8.43$8.62$8.81$9.00$9.19$9.37$2.55$2.60$2.65$2.70$2.75$2.80$2.85$2.90$2.95$3.00$3.05$3.10$3.15$3.20$3.25$3.30$3.35$3.40$3.45$3.50$3.55$3.60$3.65$3.70$3.75$3.80$3.85$3.90$3.95$4.00$4.05$4.10$4.15$4.20$4.25$4.30$4.35$4.40$4.45$4.50$4.55$4.60$4.65$4.70$4.75$4.80$4.85$4.90$4.95$5.00$9.56$9.75$9.94$10.13$10.31$10.50$10.69$10.88$11.07$11.25$11.44$11.63$11.81$12.00$12.18$12.37$12.56$12.75$12.94$13.12$13.31$13.50$13.69$13.88$14.06$14.25$14.44$14.63$14.82$15.00$15.19$15.38$15.56$15.75$15.93$16.12$16.31$16.50$16.69$16.87$17.06$17.25$17.44$17.63$17.81$18.00$18.19$18.37$18.56$18.74—21—


Expanded Table For: <strong>Pension</strong> Credits Earned Up To December 31, 1999CONTRIBUTIONRATE———MONTHLY REGULAR PENSION (360 units)———CREDIT EARNED BETWEENFOR ACTIVEEMPLOYEESAS OF 1/1/88A1/1/88 &12/31/89B1/1/90 &12/31/99C$0.05$0.10$0.15$0.20$0.25$0.30$0.35$0.40$0.45$0.50$0.55$0.60$0.65$0.70$0.75$0.80$0.85$0.90$0.95$1.00$1.05$1.10$1.15$1.20$1.25$1.30$1.35$1.40$1.45$1.50$1.55$1.60$1.65$1.70$1.75$1.80$1.85$1.90$1.95$2.00$50.50$100.50$150.50$200.00$250.00$300.00$350.00$400.00$449.50$499.50$544.50$588.00$633.00$677.00$721.50$763.00$804.00$846.00$887.50$929.00$968.00$1,007.00$1,045.50$1,085.00$1,123.50$1,159.50$1,195.50$1,231.50$1,267.50$1,303.50$1,337.00$1,370.00$1,403.50$1,436.50$1,469.50$1,501.00$1,531.00$1,561.00$1,592.00$1,622.00$55.50$110.50$165.50$220.00$275.00$330.00$385.00$440.00$494.50$549.50$599.00$647.00$696.50$744.50$793.50$839.00$884.50$931.00$976.50$1,022.00$1,065.00$1,107.50$1,150.00$1,193.50$1,236.00$1,275.50$1,315.00$1,354.50$1,394.00$1,434.00$1,470.50$1,507.00$1,544.00$1,580.50$1,616.50$1,651.00$1,684.00$1,717.50$1,751.00$1,784.00$48.00$95.50$143.00$190.50$238.00$286.00$333.00$380.50$428.00$475.50$518.00$560.00$602.50$644.50$686.50$726.00$766.00$805.50$845.00$884.50$922.00$959.00$995.50$1,033.00$1,069.50$1,104.00$1,138.50$1,172.50$1,207.00$1,241.00$1,273.00$1,304.50$1,336.50$1,368.00$1,399.50$1,429.00$1,457.50$1,487.00$1,516.00$1,544.50—22—

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