Once you have an idea of when you would like to retire, contact the pension office to have pension estimates prepared. These estimates, which include various pension options, are conducted by our Actuary office in Toronto and will be mailed to you. You can then review these options with your spouse, family, and/or financial advisor. We are available to review these options with you, either in person or by phone—whichever is most convenient.
After your questions are answered and you've decided when to start your pension, we will complete the application forms together. This can be done in our office or mailed to you. At that time, we will require proof of age for you and your spouse (passport, birth certificate, or citizenship) and banking information (void cheque) for direct deposit.
We may need to wait for your final hours worked to be remitted to Local 18, which might delay your pension by a month. If necessary, however, pension payments will be made retroactively to your retirement age.
Additional Steps During Retirement Application
When completing your application forms, we will also discuss your Welfare coverage (Health and Dental Benefits) and your Union Dues:
-
Welfare Coverage: Initially, any Welfare hour bank you have will be used up. If you are under age 65 and qualify, you may receive Welfare Bridging coverage as an early retiree, up to age 65, at no charge. After age 65, coverage through your Local 18 Plan will cease unless you still have an hour bank remaining.
-
Spousal Bridging Benefits: If you reach 65 and your spouse is under 65, they may qualify for Spousal Bridging benefits, available for a maximum of 7 years or until they reach age 65, whichever comes first. The cost for this coverage is $100 per month. More details on these benefits are available in your Benefits Booklet or can be discussed with our office.
Upon application for your pension, we will also send a letter to the Local 18 Union Office, requesting reduced dues for you as a retiree. If you have a significant Dues Trust Fund balance, you may be eligible to receive a portion of it returned to you. This will be determined at the time of application.
We look forward to assisting you on your way to a well-deserved retirement.