We are excited to announce that on December 31, 2016, the IWA–Forest Industry Pension Plan became a target benefit plan. Target benefit plans are subject to different funding rules that allow them to focus on long-term stability, making them more stable and less prone to benefit cuts. This is why we, and many other pension plans like ours, made the decision to transition to a target benefit plan.
This video below tells you everything you need to know about the transition in less than 2 minutes.
Want more detail? Watch this 20-minute presentation.
Remember, you and your spouse always have the option of leaving your funds in the plan and collecting a pension at retirement. If you choose to leave your funds in the plan, your pension income does NOT change as a result of the transition. The plan’s purpose has always been to provide members with a monthly pension benefit at retirement, and that hasn't changed.