Pension Plan Changes 2018

September 26th, 2014

Effective January 1, 2018, a Pension Plan member must be age 55 in addition to meeting the Rule of 80 to be eligible for unreduced early retirement benefits.

The Board, at its meeting on September 23, 2014, re-affirmed their decision to change the early retirement and termination provisions of the Pension Plan to ensure future sustainability. These changes were scheduled to come into effect on January 1, 2016. After careful consideration and additional consultation with the Actuary, the Board decided to provide a longer notice period and delay the effective date to January 1, 2018 which will allow both plan members and employers additional time to plan for the changes.

Please click here for details.