The Carpenters Local 18 Benefit Plans were established as a result of collective bargaining. The Pension Plan began on January 1, 1973, and the Welfare Plan began on February 1, 1970. Both plans are governed by trust documents, plan documents, and applicable legislation.
Pension and Welfare benefits are financed by contributions received from employers in accordance with the Provincial Collective Agreement and from income generated through investments. The Trustees, with the aid of consultants, actuaries, and investment managers, ensure that contributions are sufficient to fund the Welfare and Pension benefits provided, while complying with all governing agencies and applicable legislation.
Contributions are remitted monthly by employers based on the current negotiated contribution rate. Members are advised to maintain pay stubs and all necessary information to verify the benefits reported against any records received from the Benefit Plans, such as annual pension statements. Record books are available from the Union office to assist members in tracking hours earned.