Lay-off Resources & Information

Pensions

Defined Benefit Plan- Credited Service

(For employees hired prior to November 7th, 2016, with a Hybrid or Defined benefit plan)

• Pension credited service will continue in accordance with article 3 of the Pension plan text.

Retirement Incentives

*Reminder to members to keep your mailing information up to date with the company*

As the company will provide further information to employees who qualify (normal and regular early retirement) once the retirement Incentive canvass begins.

NEW -July 2024

• A re-canvass of existing retirement eligible employees will be conducted, as per the terms of the 2023 retirement incentive program.
  Such employees who previously did not elect to retire will be re-canvassed once more prior to January 2025. If any of these employees decline to accept the retirement incentive, they will be ineligible for any future retirement canvasses during this period.
• Commencing in January 2025, only employees who become retirement eligible on or after January 1, 2025, will be canvassed. Such employees will be canvassed once to determine their interest in accepting a retirement incentive.
• The parties will meet to discuss the process for conducting the retirement canvass for newly eligible employees.

Note: When the retirement incentive canvass begins, it is the intent of the Local to have a Retirement Incentive Information Seminar at our Local Union Hall once again, for those eligible.

Defined Contributions

NEW July 2024- Company mandatory contributions to the DC pension plan (or CAAT plan if applicable) will continue throughout the re-tooling period or until September 20, 2026, whichever is sooner.