About the Pension Plan

Your Pension Plan

The goal of the Teamsters' National Pension Plan is to provide its members with the best possible retirement income which can be provided by the assets of the fund and the contributions paid to the fund by the employers.

Pension plans and the legislation that governs them are complex. The description in these booklets highlight the main features of the Plan in a format that is clear and meaningful. Of course not every detail of the Plan can be included in a summary such as this. The full details are contained in the Trust Agreement and the Plan Text which can be either examined in the office of the Plan Administrator or you can request a copy from the Plan Administrator. In the event of any discrepancy between this summary and the official Plan documents the benefits will be administered according to the official documents and the applicable legislation.

Adequate income during retirement is a concern that most of us share. The Teamsters' National Pension Plan was established on January 1 1982 to help meet these concerns.

This is your pension plan and it may play a major role in your financial future. Your are encouraged to learn about it. If you have questions which are not answered in this booklet please contact the office of the Plan Administrator.

Teamsters' National Pension Plan
1610 Kebet Way
Port Coquitlam B.C. V3C 5W9
Telephone: (604) 552-2650
Toll Free (in Canada) 1-888-478-8111
Fax: (604) 552-2653
Email: benefits.pensions@teamstersbenefits.ca

Board of Trustees, Plan Structure and Information

The Pension Plan's Board of Trustees

Pension Quick Facts

• The Teamsters' National Pension Plan (previously known as the Teamster BC Master Employees Pension Plan) was established January 1, 1982.
• The Plan is a "Specified Multi-Employer Plan" (SMEP) and it is non-contributory meaning it is only employers who contribute, not employees. It is also a "Negotiated Cost Multi-Employer Plan". The employer rate of contribution is negotiated during the collective bargaining process.
• The Plan is a Defined Benefit Plan and the formula for calculating the "defined benefit" is: $18.00 of monthly pension at normal retirement for every $1,000.00 in contributions.
• Normal retirement is at age 65. Reduced early retirement is permitted at any time after age 55. Government regulations specify that pensions must be activated by the end of the year in which the member turns 71.
• Under Pension Benefits Standards Regulation, if a member passes away prior to pension commencement, his or her spouse will automatically receive the death benefit payable under the Pension Plan (unless a waiver has been signed by the spouse). If the member did not have a spouse, or a signed waiver is on file, the death benefit would be payable to the designated beneficiary or the member's estate.

We encourage you to contact our office with your pension questions. We can be reached at 604-552-2650 or 1-888-478-8111.

Thank you,

Gail Johnson, CEBS
Administrator