TABLE OF CONTENTS - IWA Forest Industry Pension Plan

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The actuarial adjustments are determined periodically by the Trusteesbased on expected long-term economic assumptions. The adjustment ismade because by retiring earlier, you are expected to be receivingpayment of your pension over a longer period of time. Currently, theactuarial adjustments are as follows:Pension Adjustments for Inactive Members:Age Pension Begins Percentage of Pension Payable55 42.4%56 46.0%57 49.9%58 54.2%59 59.0%60 64.2%61 70.0%62 76.3%63 83.4%64 91.3%65 100%If you are an Inactive Plan Member who had an involuntary job lossafter you had reached your 50 th birthday, you may be eligible to receivea special status in the Plan (see page 21).Options for the Payment of your PensionAs a retired Member of the Plan, you will receive a pension for life. Ifyou have a spouse, government regulations require you to select the60% Joint and Survivor Option as a minimum coverage for your spouse,unless your spouse signs a form waiving his or her right to this benefit.Waiver forms are available from the Plan Office.If you do not have a spouse, or if your spouse signs the waiver form,you may provide a benefit for another beneficiary by choosing one ofthe guaranteed options described below. The Pension Plan requires youto sign a declaration confirming that you have no spouse.Straight LifeA pension payable for aslong as you live. It givesyou the highest possiblemonthly pension payments,but your beneficiary will receivenothing. Paymentsstop at the end of the monthin which you die.Joint and Survivor PensionUnder a Joint and Survivor pension form, you receive your pension onthe first day of every month starting on your retirement date and endingon the first day of the month in which you die. Following your death, ifyour spouse is still alive, he or she will receive a monthly pension fromthe Plan for the rest of his or her life.27
The amount of pension your surviving spouse receives will be apercentage of the benefit you received in your lifetime, depending onthe option you choose.You can choose one of the following options:• Joint and 60% Survivor Pension• Joint and 66 % Survivor Pension• Joint and 75% Survivor Pension• Joint and 100% Survivor Pension• Joint and 60% Survivor Pension with 120 month GuaranteeExample:If you choose a Life Pensionwith 120 month Guaranteeand you die after you havebeen retired for six years,your named beneficiary iseligible to receive the balanceof 120 months.Since you received:• 72 monthly payments(6 yrs x 12 mths = 72mths).your beneficiary would receivebenefits for a further48 months:• 120 mths-72 mths = 48mthsIf you choose a Life Pensionwith no Guarantee, no benefitsare payable after yourdeath.Life Pension with and without Guarantee PeriodUnder a Life with Guarantee Period pension form, you also receive yourpension on the first day of every month starting on your retirement dateand ending on the first day of the month in which you die. If you diebefore receiving the number of guaranteed monthly payments, yourpension will continue to your beneficiary until the total number ofmonthly payments made to you and your beneficiary combined, equalthe guarantee period.You can choose one of the following options:• Life Pension with 60 month Guarantee• Life Pension with 120 month Guarantee• Life Pension with 180 month Guarantee• Life Pension with no Guarantee (Straight Life)Supplemented Early Retirement OptionUnder a Supplemented Early Retirement option, you receive a greaterpension from the Plan prior to age 65 and a smaller pension after age65. The difference between the amounts paid before and after age 65 isintended to equal the amount of pension you are expected to receivefrom Old Age Security.The Supplemented Early Retirement option is available with all of theforms of pension benefits shown above.28
Page 2 and 3: TABLE OF CONTENTSOVERVIEW .........
Page 4 and 5: OVERVIEWThe IWA ‐ Forest Industry
Page 6 and 7: PENSION BASICSWhat is a Pension?As
Page 8 and 9: Unfunded HoursUnfunded hours are ho
Page 10 and 11: Benefit RatesThe benefit rate appli
Page 12 and 13: PROVISIONS FOR DISABLED MEMBERSIf y
Page 14 and 15: Disabled but Not Eligible for Disab
Page 16 and 17: DEATH BEFORE RETIREMENTIf you die b
Page 18 and 19: LEAVING YOUR JOBBreak in ServiceYou
Page 20 and 21: Transfer DeficiencyIf you elect to
Page 22 and 23: Leave of AbsenceIf you take a leave
Page 24 and 25: As long as you return to work for a
Page 26 and 27: RETIREMENTApplying for a PensionYou
Page 30 and 31: FURTHER INFORMATIONDivorced or Sepa
Page 32 and 33: For more informationPension estimat

TABLE OF CONTENTS - IWA Forest Industry Pension Plan

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