Plan Overview
The Cement Masons’ Pension Plan is one of the key benefits of being a OPCMIA Local 919 Union member, enabling you to have added income once you retire. If you are working as a Cement Mason or Plasterer under a Cement Masons’ or Plasterers’ collective agreement, your employer contributes to your pension — anywhere from $2.50 to $5.50 per hour* worked. These contributions are pooled and invested to provide a pension for you when you retire.
Note: Rates depend on the contracted agreement with the employer. Also note that the Pension Plan is employer-paid. You cannot directly contribute yourself.
How the Plan Works
The plan is called a “target benefit” pension plan, which means the amount of pension you earn in any year is based on the amount your employers paid in during the year along with the benefit formula for that year. (Note that the “normal” retirement date is considered the end of the month in which you turn 65. You may choose to retire before or after age 65, which would result in an increase or decrease to your pension depending on your age at retirement.)
Annual records are used to calculate your pension when you retire. Every June you will receive a statement of your contributions received for the year, the benefit you earned and your total accumulated pension. Your benefits for a year are calculated on December 31st and added to the benefits you earned in previous years to come up with your total.
To qualify:
- You must work as an OPCMIA Local 919 member in two consecutive calendar years, with at least 350 hours of contributions in each year.
- You must be a member in good standing of Local 919 at the end of the required two years.
Administration of the Plan
The Pension Plan is administered by a Board of Trustees, most of whom are Union members like you. All members of the Board must take special training to act as Trustees. The investments are managed by professional money managers employed by the Trustees. The Board of Trustees have engaged the services of Bilsland Griffith Benefit Administrators to administer the Cement Masons’ Pension Plan.
The Cement Masons’ Pension Plan is 100% funded at present. The Trustees are confident that the Plan is financially sound, and that the risk of a reduction is very small. It is important to understand that, like any investment, the value of the pension fund can fluctuate due to market conditions.
Reminders
- If something doesn’t look right on your statement or you haven’t received a statement, contact the office right away at 1-877-623-6368 or [email protected].
- Notify the office immediately if you have not received your annual statement by July 31st, you move or change your mailing address.
- Pension funds cannot be accessed before retirement, except in exceptional circumstances.
- By law, pension funds cannot be used as collateral for a loan or to purchase a car or house.