LCC Worker Benefit Plans

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Pension

I’m retired…. Now what?

You’ve worked long and hard and have finally reached that time in your life where you don’t have to report to anyone (except your spouse of course)… unless you have an address change.

Now that you are retired, your Pension Payments from your Pension Plan will be sent to you directly through CIBC Mellon. Your pension will be paid to you monthly on the 1st of the month in one of two ways: a cheque by mail or by direct deposit into your bank account.

You will receive important information from time to time from both our office as well as CIBC Mellon, therefore, it is essential to keep your address current with us both. To notify us of an address change, please email or phone the Worker Benefit Plans Office c/o Ellement Consulting Group.

Can I still work after I retire?

Yes, you can work full or part-time after you retire and collect your pension. If you under the age of 71 and you return to work full-time you will be enrolled in the Defined Contribution Pension Plan. If you are under the age of 71 and your return to work on a part-time basis, working less than 24 hours per week, you will be enrolled in the Defined Contribution Plan, if you earn at least 35% of the YMPE in each of two consecutive calendar years. If you are over the age of 71 when you return to work, you will continue to collect your pension, however, you are no longer eligible to earn a pension benefit for your service. (Canada Revenue Agency does not permit the earning of pension beyond the end of the year in which you turn age 71.).

What happens to my pension when I die?

If You Have a Spouse on the Date You Retire

If you have a spouse, the normal form of payment is a lifetime pension with a five-year guaranteed term and a 66-2/3% surviving spouse’s pension (known as a joint and survivor pension). This means if you die within five years of retiring, your spouse will continue to receive 100% of your monthly pension for the balance of the five years. After that, 66-2/3% of your pension will continue to your spouse for the rest of his or her lifetime. If you die after the end of the five-year guaranteed term, your spouse will begin to receive 66-2/3% of your pension immediately. You may elect others forms of pension. If you elect a pension that provides for larger survivor benefits, your pension will be decreased to pay for the increased survivor benefit.

If You Do Not Have a Spouse on the Date You Retire

If you don’t have a spouse, the normal payment form is a lifetime pension with a 10-year guarantee. This means that if you die within 10 years of retiring, your designated beneficiary or estate will receive 100% of your monthly pension for the balance of the 10 years. You may elect others forms of pension. If you elect a pension that provides for a longer guarantee, your pension will be decreased to pay for the increased benefit.

If you are still working but contemplating retirement, please visit our “Active Workers” site.

 

 
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