News
Pension Benefit Increase – Effective January 2025
Dear Active & Retired Members
Thanks to the strong and stable ongoing financial health of the Carpenters Local 18 Pension Plan, an increase in pension benefits has been approved by the Pension Plan Board of Trustees.
ACTIVE & INACTIVE MEMBERS
Effective January 1, 2025, all pension benefits earned up to January 1, 2025, will be increased by 10%. Note that we are currently in the process of implementing this increase and the Normal Retirement Pension Benefit quoted on your Statement of Accrued Benefits as at December 31, 2024 does not reflect this increase. The increase will be reflected in the future Statements of Accrued Benefits you will receive.
In addition to the increase applicable to earned benefits, there will also be an increase to the pension rate at which future pension is earned. Currently, you earn an annual pension equal to $0.90 for each Credited Hour earned. Effective January 1, 2025, the formula will increase to $1.00 for each Credited Hour earned on or after that date.
RETIRED MEMBERS
Pensions in pay will also have this 10% increase applied retroactively to January 1, 2025. A lump sum payment will be made representing the increase applicable to the January 1, 2025 to April 1, 2025 payments. You should see the increase starting on your May 1, 2025 monthly payment. Your Dec. 31, 2024 Retiree Statement will not reflect this change in amount yet but you will see it on your Dec. 31, 2026 Retiree Statement.