1. When can I retire?

As an active plan member, you may retire at age 60 with a full pension, or as early as age 55 with a reduced pension.  If you leave the industry and break service before age 55, you will become an inactive plan member. You will be entitled to receive a full pension benefit at age 65 or a reduced pension payable as early as age 55.

Planning on retiring soon? Please contact the Plan Office at least three months before your planned retirement date to complete the necessary paperwork and ensure you receive your pension payments on time.


2. How much will my pension be when I retire?

The amount of pension you receive is based on your years of credited service as well as the contributions you and your employer contribute to the plan.


3. When can I transfer out my pension?

If you work for less than 350 covered hours in two consecutive calendars years, you break service with the plan and become a deferred plan member. If you are under age 55 when you break service, you will be given a one-time option to either remain in the plan and receive a pension from the plan in retirement, or take a lump-sum payout from the plan and end your membership. You will be given 90 days after receiving a break in service notice to request a lump-sum payout from the plan. After 90 days, this option expires and you must leave your pension in the plan until retirement.

If you do break service, you can expect to receive a termination statement in March of the year following your break in service. The deadline to request a lump-sum payout will be indicated on your termination statement.

4. What is a lump-sum benefit?

When you break service with the plan, you may be entitled to receive a lump-sum benefit. This is calculated as the amount of money that, if invested today and left until you are 65 years of age, would be expected to provide the same monthly pension as you would have received from the Plan at 65. The amount of pension you receive is based on your years of credited service as well as the contributions you and your employer contribute to the [lan. If you break service and you have not attained age 55, you are entitled to receive a lump-sum transfer of your termination benefit, as long as you transfer in the time limit provided by the plan, usually 90 days after your break in service.


Post retirement


1. What should I do if my pension cheque doesn't arrive?

If you have not received your pension cheque by the 1st of the month, please contact the Plan Office.  If you moved recently, we may not have a current address.


2. What should I do if my pension benefit doesn't arrive in my bank account?

Pension cheques are automatically deposited in your bank account on the 1st of every month.  If your cheque does not arrive in your bank account, please contact the Plan Office.  If you've changed bank accounts recently, we may not have the correct account information. Changes to your banking information do not occur automatically; you need to complete a new direct deposit authorization form.

If the 1st of the month falls on a weekend or public holiday, the payment will be deposited on the next business banking holiday. 

3. I've changed banks. How do I make sure my benefit will get deposited correctly?

You must complete a new direct deposit authorization form and return it to the Plan Office in order for us to make changes to your banking information.  


4. How do I report the death of someone who was receiving a pension?

Please contact the Plan Office as soon as possible.  Any payments made to the pensioner in the month following the month of the pensioner's death must be returned to the plan. Plan Office staff will review the pensioner's file and determine if any death benefits are to be paid (depending on the option chosen by the member) and will adjust the records and, if applicable, the pension benefit amount, accordingly. The Plan Office also requires a copy of the death certificate.


5. What happens to my pension if I return to work after I retire?

You cannot receive a pension and earn pension credits in the pension plan at the same time. If you retire and begin to receive your pension, then return to work for a participating employer: Your pension will stop if you work 20 hours or more per week.

  • When you stop working for a participating employer, any pension credits you have earned since you started working again will be added to your retirement benefit.
  • Your pension will continue if you work less than 20 hours a week for a participating employer.
  • Your pension will continue regardless of your employment status if you work after December 1st of the year in which you turn age 71.

You ARE NOT restricted from working full-time or part-time in non-IWA work.

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