Birth of a child
Your child will be eligible for health & dental benefits from the first day they were born up to the age of 21 or under the age of 25 if they are a full time student at a recognized and accredited educational institution.
You will be required to update your welfare and pension enrollments forms at Reliable Administrative Services Inc., and submit a copy of your child’s birth certificate.
Marriage / Common Law Spouse
Your spouse / Common Law will be eligible for health and dental benefits the first of the month in which you update Welfare Plan enrollment forms at the Administrators office and provide required documentation.
Legally married – a marriage certificate is required
Common Law – a notarized affidavit confirming that you have been in a conjugal relationship for at least 12 months will be required. You can obtain this form from the Administrator’s office.
For the purposes of the Pension Plan, your spouse who is either:
- legally married to you
- not married to you, but who has been living with you in a conjugal relationship
- continuously for at least three years OR
- in a relationship of some permanence if you are the natural or adoptive parents of a child.
Dissolution of Marriage
Your pension is a family asset. This means that if you and your spouse separate or divorce, any pension you earned while married or living as a common law couple may have to be divided.
Before entering into a divorce or separation agreement that affects your pension, we recommend that you get legal advice.
You may be advised to obtain a statement of pension benefits or a Family Law Value of your pension. You will need to contact Reliable Administrative Services Inc. for the applicable forms.
For each Family Law Value requested, there is a $500 fee payable to the Local 67 Pension Plan.
Leaving the Plan
You will become an inactive member of the pension plan if:
- your membership in the union ends AND
- contributions have not been made to the plan on your behalf for 24 months or longer.
|If you leave the plan before you turn 52||Option||How it works|
|Keep your benefits in the plan to collect a pension later||You can start collecting this pension any time after you turn 52, however, it will be reduced if you start collecting it before age 62 (the plan’s normal retirement age)|
|Move the cash value of your benefits out of the plan||Under current pension law, you have three options for transferring the cash value of your benefits. You can transfer to:
If you leave the plan after you turn 52
How it works
1 Collect a pension
You can apply for a pension any time up to age 62
Welfare Plan Benefits
If you die before you retire, your spouse and children will continue to be covered by the plan until your benefits account falls below one month’s payment. Your spouse will then have the option to continue with those same benefits by paying directly for them. Your surviving family member’s coverage will end if your spouse remarries.
Life insurance benefit will be paid out to the beneficiary of your naming. If there is no named beneficiary (ies), it will be paid to your estate.
Pension Plan Benefits
Death Before Retirement
Your Local 67 pension plan includes a death benefit if you die before retirement. Your spouse is your automatic beneficiary of your death benefit even if you have named someone else as beneficiary. The only exception to this rule is if your spouse signs a waiver (before you die) giving up the right to death benefits.
If you have a spouse
Your spouse has the following options for receiving a death benefit
- Collect a lifetime monthly pension. Your spouse can start receiving the pension immediately or at a later date. The pension amount will be calculated based on
- the cash value of the pension you earned
- your spouse’s age at the time he or she starts collecting the pension
- Accept a one-time payment. Your spouse will have the following options for receiving the payment
- Transfer it to an RRSP tax free
- Transfer it to an insurance company to buy an annuity (a lifetime income)
- Receive it as a lump sum cash payment. The money will be taxed as income and taxes will be withheld at the time of payment
If you have children but no spouse:
Your children will receive a one time payment equal to the cash value of your pension. This money will be divided equally among your children and will be taxed as income
If you don’t have a spouse or children:
You can choose anyone you want as your beneficiary (ies). If you don’t name a beneficiary, any pre-retirement death benefits paid from the plan will go to your estate.
The death benefit will be taxed and paid out as a single payment.
The death benefit will be equal to the lesser of:
- the cash value of the pension you earned up to the date of your death OR
- 36 times the monthly pension you’ve earned (or, if greater, the cash value of the pension you’ve earned since January 1, 1987)
Death After Retirement
If you die after retirement, the survivor benefit (if any) will depend on the form of pension you have chosen at retirement.