The Pension Plan resulted from Collective Agreements between Local Unions 254 and 424 of the International Brotherhood of Electrical Workers and the Electrical Contractors Association of Alberta. The Pension Plan is supported solely by Employer Contributions as specified in the Collective Agreements. The Rules and Regulations of the Pension Plan, as interpreted and applied by the Board of Trustees in conjunction with Applicable Pension Laws, will solely govern the amount of Benefits payable under the Pension Plan and Plan Members' rights to receive them.
Employees who become Plan Members will be entitled a monthly pension entitlement, or a lump-sum payment equal to the Commuted Value of the monthly pension, in accordance with the Pension Plan's Rules and Regulations. In the event of the Plan Member's death, the Pension Plan will pay a death Benefit to the Plan Member's Spouse, and if no Spouse, to the Plan Member's Beneficiary.
Statements will be mailed to Employees and Plan Members in accordance with legislated requirements. Plan Members have the right to examine, or to obtain from the Administrator, additional information and records referred to in Sections 37(2) and 37(3) of the Employment Pension Plans Act.
At any time an Employee or Plan Member requires further clarification of their pension entitlement, the Board of Trustees recommends the Employee or Plan Member seek advice from a financial advisor, legal counsel, or an Actuary.