BENEFITS ON TERMINATION FROM THE PLAN
If you stop working for a participating employer so that no further contributions are made to the Plan on your behalf, you will be terminated from the Plan at the end of the two calendar years in which no contributions are made on your behalf. For example, if you stopped working in February 2001, you will be terminated from the Plan at December 31, 2003. A termination statement will be mailed out to you following termination.
If you have completed 2 or more years of service, you will be entitled to a vested pension payable at age 65, equal to the full pension credits you have accumulated. The 2 years need not be consecutive so long as there is not a break of two calendar years in which you worked no hours. If you have less than 2 years of service, no benefits are payable.
In establishing your years of service for this purpose: past service will not be counted, and
with respect to service after your employer joined the Plan, service will be counted at the rate of 1 year for each year in which we receive contributions for 350 or more hours.
If you are below age 55 at the time of termination of your membership in the Plan you may elect to have your pension cancelled and in lieu thereof to transfer the value of that pension:
to your new employer's pension plan, provided that plan is willing to accept such a transfer; or
to a "locked-in" vehicle with the financial institution of your choice ["locked-in" means that it cannot be cashed out and must be used to provide a lifetime pension]; or
to purchase a lifetime annuity from an insurance company.
Under certain very limited circumstances prescribed under Provincial pension laws, in the case of small pensions or pensions with small values, the Plan will pay you a cash settlement of the full value of your pension credits in lieu of a deferred pension, and in full settlement of your rights under the Plan.
If your membership in the Plan is terminated and you subsequently rejoin the Plan at some later date, you will be treated as a new member for all purposes of the Plan and your prior and new periods of service will not be combined for purposes of determining eligibility for benefits or calculating the amounts of benefits.
Prairie Teamsters Administration Services Ltd.
209, 7260 - 12 St SE Calgary, Alberta T2H 2S5
Telephone 403-252-6924 - Toll Free1-877-817-7526 - Fax 403-253-3231