Supporting our members through the COVID-19 pandemic
Please note, we are open for business but our office is closed to in-person visits for our members.
See details.
We are pleased to present the pension plan annual report for the year ending December 31, 2020.
Every year, the Plan Office has a legal duty to verify whether a member is living and that their pension benefit is being paid to the correct individual. This process is designed to prevent fraud and error so that every payout goes to the correct recipient. It is important that the Plan Office be notified promptly of the death of any member to avoid having to recover overpayments and intended estate representatives should be advised of this.
A certificate of existence form will be mailed out this week. Not all members will receive this form. Rather this form will be mailed to a sample number of members and beneficiaries based on pension option, age and amount paid. We use this form to update and confirm information we have on file. If you receive this form, please complete and return it as soon as possible. If the form is not completed, we must withhold pension payments until confirmation is received.
Be sure to check your mail as annual statements are on their way!
To all pensioners:
Your 2020 annual pension benefit statement will be coming in the mail soon. It contains details about your monthly pension, your pension option and any beneficiary coverage you may have.
To all active and deferred members:
Your 2020 annual pension statement will be coming in the mail soon. It contains details of your pension as of December 31, 2020, as well as your current beneficiary on file. Please review carefully and notify us if you have an address change or if you would like to elect or change your beneficiary.
Included with all statements is a copy of the Spring/Summer 2021 After Work newsletter. The newsletter contains informative and interesting member and financial information, articles on your pension and LTD plans as well as any important information or changes to the plans.
Feel free to download a copy here.
If you are a member of the pension plan and do not receive your statement by July 1st, please contact the Plan Office.
Are you a new pension plan member or interested in learning what it means to be an active member of the IWA–Forest Industry Pension Plan? Join us for a live webinar about building your service with the pension plan. At this webinar, you’ll learn about the different benefit levels, how you earn credited service, the difference between credited, eligible and unfunded hours, and more!
The trustees of the IWA–Forest Industry LTD Plan have approved changes to the LTD trust agreement and the LTD plan text to align long term disability (LTD) coverage to weekly indemnity coverage.
Effective July 1, 2021, employees will start contributing and participating in the LTD Plan at the same time they become eligible for weekly indemnity coverage under an Industry Health and Welfare Plan and are not classified as casual or part time as per the employer’s collective agreement. That means contributory hours start at the same time they begin contributing or become eligible for weekly indemnity coverage under an Industry Health and Welfare Plan.
Contributions will continue up to six months prior to the employee’s 60th birthday. If the employee was previously employed and covered by the IWA–Forest Industry LTD Plan in the eighteen-month period immediately prior to their employment with your company, then contributory hours start from the first hour the employee works.
Once an employee starts contributing to the LTD Plan, they are covered for long term disability. However, casual and part-time employees are not eligible for LTD and are not required to contribute to the LTD plan. Here is an example under a sample Industry Health and Welfare Plan of when an employee starts participating:
|
Month 1 (days worked) |
Month 2 |
Month 3
|
LTD contributions start |
| 10 days | 15 days | 15 days | 1st of Month 4 |
| 20 | 15 | 30 | 1st of Month 3 |
| 30 | 25 | 20 | 1st of Month 2 |
| 5 | 5 | 5 | Has not qualified. Would qualify the 1st of the following month after the employee has worked 30 days in 90-day period. |
Effective May 7, 2021, an employer formally becomes a participating employer when required to join the LTD plan under a collective agreement, although Participation Agreements are still required.
These changes modify any prior content in a Participation Agreement, Employer Administration Manual or other plan document. The contributory hours reporting guide has been updated accordingly on our website here. Any questions can be directed to the Plan Office at contributions@iwafibp.ca or call 1.800.663.4384.
The break in service packages for those members who broke service as of December 31, 2020, will be mailed by March 19, 2021. Members who have worked less than 350 covered hours in two consecutive calendar years will have broken service and become deferred members.
If you have moved recently and have not notified the Plan Office, please contact us so that we can ensure you get your package.
Watch this short video to understand your break in service options better:
Employers can now submit their contributions to the IWA–Forest Industry Pension and LTD Plans using our pre-authorized debit service through EmployerConnect. Making the move to pre-authorized debit saves time and money for all involved as no cheques are required. Payments are completed online and on time, faster than mailing a cheque.
To access, we ask employers to:
We'll send a confirmation once your service is up and running. Here are some frequently asked questions on pre-authorized payment services.
We will be mailing the 2020 T4A forms this month. If you have moved recently, please ensure that we have your correct mailing address so that there is no delay in getting your form to you.
In these extraordinary times, the safety of Plan Office staff and the protection of members and their plans are of utmost concern. Following the BC Ministry of Health’s recommended precautions, our Burnaby office is currently limited to essential services only. We are doing our best to minimize service disruptions, and we will continue to update this space should any of the following change in this rapidly evolving environment.
Burnaby Office
Members receiving payment from the pension or LTD plan
Members undergoing rehabilitation
Communication with the Plan Office
Processing delays
Employers
Plan funding
Thank you for your patience and understanding as we all navigate this difficult time together. Stay safe.
Effective January 1, 2021, the gross monthly long-term disability (LTD) payment for members on claim will increase by $200 (before tax). For most members, this means that their gross payment will increase from $2,300 to $2,500 per month.
Also effective January 1, 2021, the extended health coverage is improved for psychologist and clinical counsellor services combined to a maximum of $1,000 per calendar year for members in receipt of LTD benefits and their eligible dependents.
Members on claim will have the LTD payment increase applied automatically, starting with their January cheque or bank deposit. Members with offsets like WCB awards, CPP Disability, or third-party settlements may not receive any payment if their total offsets exceed their gross payment.
For more information, contact ltdrehab@iwafibp.ca.