RETIREMENT BENEFITS
WHEN CAN I RETIRE?
Your Normal Retirement Date is the first day of the month following or coinciding with your 65th birthday.
CAN I RETIRE EARLY?
Yes. You can retire as early as the first day of the month following your 55th birthday. You will lose a portion of your normal retirement pension for every month early you retire.
CAN I RETIRE LATE?
Yes, if you continue in employment with the Company after age 65 you will continue to make your required contributions and earn Credited Service under the Plan. You must retire no later than the December 31 of the year in which you turn age 71.
WHAT IS THE AMOUNT OF RETIREMENT BENEFIT I EARN EACH MONTH?
Eligible Employees of Saputo Milk Division and Agrifoods:
The amount of retirement benefit that you will earn each month subsequent to January 1, 1995 is calculated as 1.75% of Monthly Earnings where Earnings are calculated as your regular straight time earnings received from the Employer for the month.
Eligible Employees of Morris Industries Limited; Alsco Uniform & Linen Service Ltd.; Lilydale Co-operative Limited; Canadian Linen and Uniform Supply Co., Plastipak Industries, Great Western Saw Ltd., Saskatchewan Joint Board and Unemployed Workers Help and Counselling Centre:
The amount of retirement benefit that you will earn each month subsequent to your date of entry is calculated as 1.75% of Monthly Gross Earnings.
WHAT WILL BE MY RETIREMENT BENEFIT?
The total amount of your retirement benefit is the sum of:
your Prior Plan benefit, if any, plus
your purchased past service , if any, plus
your earned membership service
WHAT IS THE 50% COST RULE?
On your retirement, a "50% Test" will be made to ensure that you have not paid for more than 50% of the value of the benefit you receive from the Plan, excluding that portion of your benefit attributable to Purchased Past Service. Any excess contributions that you may have made will be refunded to you or, at your option, transferred to your RRSP.
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