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 BenefitsTrustees approve pension plan amendment (May 2007) By Lionel Railton, CEB, PPAC, Administrator Effective May 1, 2007, retirees will have the ability to return to work for unionized employers and continue to collect their pension benefits. Acting on Executive Board recommendations as well as member and employer requests, the Board of Trustees of the Operating Engineers’ Pension Plan approved an amendment to give retirees the opportunity to work up to 450 hours per plan year (May 1 to April 30) and still collect their pension benefits. The amendment is a result of the strong work picture and the lack of skilled workers to fill the “seats” of our contractors’ equipment and maintenance and supply needs. Subject to the final review of the plan’s actuary, the provisions of the plan and the British Columbia Pension Benefits Act, the following are the guidelines that will apply to retirees wishing to return to work: Working after age 65 Members Aged 65 or Older—You may return to work while continuing to receive your retirement pension. All employer pension contributions made after your retirement remain in the Pension Fund. You will not receive pension increases from those contributions. Instead, the contributions will be credited to the fund for the benefit of ALL members of the plan. Working between the ages of 55 through 65 Members Aged 55 to 65—Returning to work may result in your early pension payment ceasing. Eligibility to “retain” pension benefits after return to work Only under the following circumstances may you continue working while receiving an early retirement pension benefit from the plan. In order to work prior to age 65, you must comply with the following terms: • You must be, and remain, a member in good standing. • You must be registered on the Local Union’s Retirees Out of Work List as a member in receipt of an early retirement pension. • You will only be dispatched to work if, and when, there are no qualified Operating Engineers available to perform work in the classification for which a request from an employer has been received. • Early retirement pension benefits will continue provided you work less than 450 hours per plan year as an Operating Engineer. • Under no circumstances may you work more than 450 hours without the express written consent of the Administrator of the Plan and the Business Manager of the Local Union. • Retirees must receive clearance from the Local Union Dispatch Hall, acknowledge and agree in writing to the above terms prior to commencing work. Failure to comply with the foregoing requirements will result in the termination of your early retirement pension benefits. In addition, any pension payable on your subsequent retirement may be reduced to take into account any pension payments received as well as the difference between your age and age 65. All employer pension contributions made after your retirement remain in the Pension Fund. You do not receive pension credits from the contributions. Instead, the contributions will be credited to the fund for the benefit of ALL members of the plan. Members under age 65 and in receipt of a disability pension If you are receiving a disability pension and you return to work prior to age 65, this disability pension will stop being paid. Disability pension payments will not reduce your future retirement pension. All employer pension contributions received will be credited to your future pension entitlement. This Retiree Return to Work Policy will be reviewed annually by the Board of Trustees and their advisors and is subject to discontinuation should events warrant it. For further details on the policy or any other benefit or pension related questions, please feel free to call on us. Until next time, work safely. |
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