TERMINATIONS

Summary

Forms

Booklet

Termination Occurs

Termination occurs:

immediately when you cease to be a Member of the Brotherhood,
after a period of 24 months from the last contribution received if you have transferred out of Local 18, or
at the end of two consecutive years during each of which you have not earned any Credited Hours.

If termination occurs, you will receive a termination package from the Plan Administration Office within 30 to 60 days, as required under legislation.

Entitlement

If you are 53 or over when termination occurs, you are entitled to commence your pension at any time, in accordance with the early, normal, or postponed retirement provisions.

If you are under age 53 when termination occurs, instead of receiving a deferred pension, you may elect a lump sum payment equal to the Commuted Value of your accrued pension under the Plan payable in the Normal Form of Pension multiplied by the latest transfer ratios, where such transfer ratio shall be determined by the Actuary on a quarterly basis in accordance with Applicable Legislation:

to a pension fund related to another registered pension plan if the administrator of the other plan agrees to accept the payment, or,
into a registered retirement savings plan prescribed by Applicable Legislation, or,
for the purchase of a deferred life annuity contract as permitted and prescribed by Applicable Legislation under which payment will not commence earlier than that provided under this Plan.