PEnsiON
A PENSION PLAN FOR LIFE
The IUOE Local 115’s commitment to ensuring a comfortable retirement for its members reflects the importance of valuing and supporting workers throughout their careers and into retirement.
Thank you for reading this post, don't forget to subscribe!The Operating Engineers’ Pension Plan (OEPP) aims to ensure that members have a stable and comfortable retirement by providing lifetime retirement income. This is in addition to the Canada Pension Plan and Old Age Security benefits.
The Operating Engineers’ Pension Plan has a long history, having been established on May 1, 1970. The Pension Plan is a target-benefit plan designed to provide a predictable monthly income for life. There are more than 300 contributing employers, making the plan robust and well-supported. It is professionally managed by top investment consultants and overseen by a dedicated Board of Trustees and the Plan Administrator.
Financials are published yearly and provided to our members to ensure transparency and confidence in our investments. Like all pension plans, there is always a possibility for the Plan to increase or decrease. In 2023, members enjoyed an increase in their pensions of 11.5%, and in 2024 another 4.5% increase. Funding projections from our actuary indicate pensions will remain steady for the foreseeable future.
HOW THE PLAN WORKS
- Your contribution rates are set in your Collective Agreement and paid by your employer. While you are not required to personally contribute to your plan, you are able to top up your hours yearly to a maximum of 3,000.
- All individual and employer contributions are tracked, and the Pension Plan provides a yearly snapshot of your personal pension earnings. You can see how your pension is growing over time, and can help you make informed decisions about additional contributions or adjustments to your retirement plans.
- Normal retirement occurs the month following your 65th birthday. However, you may be eligible to retire as early as age 55 at a reduced benefit.
- Once you decide to retire and your application has been accepted, you will be provided with monthly payments. The amount you receive will be based on contributions made on your behalf by your employer during your working career, along with any self-payments you made.
Enjoy your retirement.
You
deserve
it!
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