Once you have an idea when you would like to retire, give the pension office a call and we can have pension estimates prepared for you. The estimates include pension options, and are done by our Actuary office in Toronto, and will be mailed to you by our office. You can then review them with your spouse, family and/or financial advisor. We will review the options with you in person or by telephone, whatever is most convenient.
Once you have had all of your questions answered and have made the decision on when to start your pension, we will complete the application forms together. They can be completed in our office or mailed to you. At that time, we will require proof of age for you and your spouse (can be a passport, birth certificate or citizenship) and band information (void cheque) for direct deposit.
Often we will have to wait for your final hours worked to be remitted to Local 18, and this may delay your pension a month, but if necessary it will be paid retroactive to your retirement age.
When we are completing your application forms, we will discuss your Welfare coverage (Health and Dental Benefits) as well as your Union Dues:
You will run out of any Welfare hour bank you have first, then if you are under age 65 and qualify, you may receive Welfare Bridging coverage as an early retiree, up to age 65. There is no charge for that. After 65, there is no further coverage through your Local 18 Plan, unless you are still running out an hour bank past 65. If you reach 65, your wife is under 65, she may qualify for Spousal Bridging benefits, which are available for a maximum of 7 years or until she reaches age 65, whichever comes first. The cost for that is $100 per month. More detail on these benefits can be found in your Benefits Booklet, or can be discussed with our office.
When you apply for your pension, we will also submit a letter the Union Office of Local 18, requesting reduced dues as a retiree. If you have a large Dues Trust Fund balance you may have the option to receive a portion of the Dues Trust Fund returned to you. This will be determined at the time of application.
We look forward to helping you on your way to a well-deserved retirement.