| Important Update from the Board of Trustees regarding Amendment to Restore Commuted Value Balance Payments ("Second Payments")
November 13, 2015
The Board of Trustees (the "Board") is pleased to advise that on November 3, 2015, approval was received from the Financial Institutions Commission ("FICOM") to restore commuted value balance payments ("Second Payments").
The Board has been working closely with FICOM and the Plan's actuary since the 2012 valuation, when benefits were reduced due to the Plan's financial situation and pension law requirements. The most recent valuation showed an improvement in the financial position of the Plan.
In consideration of this information, the Board presented a Plan amendment to FICOM that would restore the commuted value balance payments to those members affected by the benefit reductions.
Members who were affected by the amendment were each mailed a letter during the week of November 9, 2015. Please contact the Plan Office if you were affected by the amendment and did not receive a letter or if you have any questions or concerns regarding the amendment.
The Board of Trustees of the IWA-Forest Industry Pension Plan
| Annual Report 2014
August 06, 2015
The IWA-Forest Industry Pension Plan Annual Report 2014 is now available for viewing online.
| Long Term Disability Plan ("LTD Plan") - Benefit Improvements
July 01, 2015
We are pleased to announce that the Trustees of the LTD Plan ("Trustees") have approved the reinstatement of benefits that were in effect prior to August 1, 2009, for the current members of the LTD Plan.
LTD Plan Benefit Improvements (click to view)
The monthly payment improvements go into effect on July 1, 2015, and the extended health and dental benefit improvements on August 1, 2015.
In August of 2009, reductions were made to the benefits in the LTD Plan due to the economic downturn in the forest industry. At that time, the Trustees agreed that the benefits would be reinstated when the Trustees received advice from the Plan Actuary that the LTD Plan was stable and secure. Since the LTD Plan has now become financially secure and the long-term health of the Plan looks good, the Trustees have approved the reinstatement of these benefits going forward.