Pension Plan

ABOUT THE PLAN

The Towboat Seamen Retirement Plan came into effect June 1, 1973.  It is recognized as a Defined Contribution Plan and is "Federally Registered" and is registered with the Office of the Superintendent of Financial Institutions Canada. 

• Eligibility
• Contributions
• Vesting
• Termination from the Plan
• Service

This Plan is a Jointly Trusteed Board, meaning there are representatives from both union and management.

Your Board of Trustees:

• Terry Engler (Chair) Local 400, Marine Section International Longshore & Warehouse Union
• Ryan Bergeron, Seafarers' International Union
• Brian Siemens, Seaspan International Ltd.
• Brian Sims, Council of Marine Carriers

Eligibility:

Who is eligible for membership in the Plan?

 All employees who are represented by either the International Longshore and Warehouse Union Local 400 or the Seafarers’ International Union of Canada, and who are employed by a signatory employer.

You will be eligible for membership on the first day of the month following completion of three months of service.

Contributions:

How much does my employer contribute to the Plan?

Your employer contributes fixed percentage of your basic monthly wage, as set out in your Collective Agreement.

Am I required to contribute to the current Plan?

No.           

May I make additional contributions to the Plan?

Yes, providing you are an active member in the Plan, the Plan will accept voluntary contributions from you. You will need to make sure that contributions to all your registered plans do not exceed the CRA annual limit, presently set at 18% of your total taxable income to the maximum limits allowed. You will be issued a tax receipt for these additional contributions. 

Additional voluntary contributions may be made through your Employer by way of payroll deduction or through the Plan  Administrator.  These voluntary contributions are not locked into the Plan.

Do my contributions earn interest?

Yes. Interest is credited to your accounts at a rate equal to the rate the fund earns, less the costs of running the Plan.

 

 

 

Vesting:

What does "Vested" mean?

A "Vested Member" is entitled to the benefits in the Plan.  All employees will become vested after they have completed three months of continuous service with the Employer, and who are members of one of the Unions.

 

Termination from the Plan:

What does "Terminated" mean?

Termination of employment will be deemed to have occurred if the Participant does not work for any Employer signatory under the Towboat Seamen Retirement Plan for a period of at least 6 consecutive months)

Termination of employment will also be deemed to occur when no contributions have been made in respect of that Participant by any of the Participating Employers for a period of twenty-four consecutive months.

What if I am terminated and am now re-employed by a contributing employer?

If you have left your contributions in the Plan, then new contributions will be added to your account and your status will change from Terminated Vested to Active Vested.

If you have taken your money out of the Plan, you will be treated as a new employee and will have to participate in the Plan for 3 months to become a vested member in the Plan.

 

 

 

Service:

There are two kinds of service under the Plan:

• past service is the period of time that you worked prior to June 1, 1973. In order to be eligible for past service you must have worked continuously for the same employer from June 1, 1973 to March 1, 1989.

  In 2007 these benefits have been commuted to contribution dollars and the total value has been recorded in your Employer contribution account.

• current service is all service after June 1, 1973 for which contributions have been made to the Plan on your behalf.