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Leaving the Plan |
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- What
benefits are payable in the event of my death prior to
retirement?
- What
happens if I terminate my membership with the Plan prior to
retirement?
-
How
do I earn years of Participating Service?
-
When am I deemed
terminated from the Plan?
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14.
What benefits are payable in the event of my death prior to
retirement?
If you have two years of Continuous Plan Membership and
you have a Spouse (see above for who is a Spouse), then she
may receive an immediate pension for the rest of her life at
least equal to 75% of your accrued pension at the time of your
death. Alternatively, she can choose to receive a lump sum
benefit equal to 60% of the actuarial value of the pension you
have accrued up to your date of death.
Should your Spouse choose to receive the lump sum benefit as
noted above, she can either:
- transfer the commuted value of
her pension to a locked-in RRSP; or
- transfer the commuted
value to another registered pension fund; or
- purchase a
deferred or immediate annuity purchased from a Life Insurance
Company; or
- transfer the commuted value to a Life Income
Fund.
If you die and you do not have a Spouse, your
beneficiary will receive a lump sum equal to the commuted
value of sixty monthly payments of the benefit earned to your
date of death.
15.
What happens if I terminate my membership with the Plan
prior to retirement?
If you were terminated after January 1, 1998 and have two
or more consecutive years of Continuous Plan Membership you
are entitled to benefits from the Plan. If you were terminated
before January 1, 1998 and have five or more consecutive years
of service you are entitled to benefits from the Plan. If you
do not meet the service requirement, depending on when you
terminated from the Plan, you are not entitled to benefits
from the plan.
If you are entitled to benefits and are under age 55 you may
choose to withdraw the commuted value of your earned pension
from the plan. If you choose to transfer the value of your
Accrued Pension from the Plan, the following options are
available to you:
- a transfer of the commuted value of your
pension to a locked-in RRSP; or
- a transfer of the commuted
value to another registered pension fund
- a deferred or
immediate annuity purchased from a Life Insurance Company
A locked-in retirement vehicle, must, by law, be used
to provide a monthly income at retirement.
You may also choose to leave your funds in the Plan until a
later date, however, you must access your pension prior to the
end of the year in which you turn age 69.
If are entitled to receive payments from the plan, either on
retirement or on termination of membership, and have reached
age 55, you are required to take a pension from the Plan.
16.
How do I earn years of Participating Service?
For each year that you have 200 or more hours of
employment, you earn one year of Participating Service.
17. When am I deemed
terminated from the Plan?
Your membership in the Plan terminates if you have two
consecutive plan years in which you have less than 200 hours
of employment in each year, or have less than 350 hours
combined in two consecutive years.
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