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Important Update from the Board of Trustees on Changes to the Pension Plan
June 09, 2014

Important Update from the Board of Trustees on Changes to the Pension Plan

Further to our website posting of January 29, 2014, this is to advise members that the amendments to our Plan have been approved by the Financial Institutions Commission of BC and are now final.

The following is a brief summary of the approved amendments:

  • Removal of the "Involuntary Job Loss" provision for eligible members experiencing an involuntary job loss on or after July 1, 2014;
  • Cancellation of commuted value balance payments due after March 1, 2014.  Please be advised that a letter to each member affected by this amendment was mailed on June 4, 2014;
  • Members who choose to postpone their pension until after age 65 will no longer be entitled to an actuarial increase based on their postponed retirement date;
  • What is known as the "50% Rule" with regard to employee contributions will be suspended from March 1, 2014 until December 31, 2015.  This rule affects a small group of members who leave the Plan and take a commuted value of their benefit and have been members for only a short time.

Active and deferred members for whom we have an address on file, will receive detailed letters regarding these amendments with their Annual Pension Statements in mid June.  Pensioners will also be mailed letters regarding these changes.

Should you have any questions or concerns, please contact our office at 604-433-5862 or toll-free at 1-800-913-0022, with caution that call volume will be higher than usual.  Should you wish to visit the Plan office to discuss these changes, please ensure that you have made an appointment prior to your visit to confirm that our staff will be able to meet with you.

Important Information from the Board of Trustees on Changes to the Pension Plan
January 29, 2014

IMPORTANT INFORMATION FROM THE BOARD OF TRUSTEES ON CHANGES TO THE PENSION PLAN

Please take a moment to review this important letter from the Board of Trustees regarding amendments to the IWA-Forest Industry Pension Plan (click the following link):

       Update from the Board of Trustees on Solvency Funding of the Plan and Proposed Changes

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