The Trustees of the Cement Masons’ Pension Plan (Local 919) are pleased to advise that, as a result of an improvement in the Plan’s financial condition from the careful and consistent management of its assets, incoming contributions and target benefit levels, you will be receiving an increase to your pension benefits effective December 31, 2025.
Accrued pension benefits with respect to service and contributions after 2017
For members who had contributions in a Plan year exceeding $4,000 for periods after 2017, your accrued pension benefit will be increased such that the pension accrual rate of 0.25% that was applied for these contributions will increase to 1% of contributions. This improvement will only affect you if you were a member between January 1, 2018 to December 31, 2025 and you had contributions in excess of $4,000 remitted in a Plan year.
Across-the-board increase
In addition to the above, your accrued pension benefit will increase by 8%. This increase will apply after the increase above is applied.
Furthermore, starting January 1, 2026, members will now accrue monthly pension benefits equal to 1% of contributions; contributions in excess of $4,000 in a year will no longer accrue benefits at a lower rate.
Plan’s financial condition
The most recent actuarial valuation of the Plan as at December 31, 2024 showed the Plan had a funding excess. A portion of this excess was used to increase benefits as described above.
The Trustees of the Plan and their advisors are closely monitoring the economy and the Plan’s investments. Even after considering the current risks in markets, the Trustees are confident that the increase is reasonable and appropriate. After reflecting the increase, the Plan continues to have an excess, in accordance with pension legislation, to act as a cushion in the event that market conditions deteriorate further.
If you have any questions, please contact the Plan Administrator at 1-877-623-6368 or write via email to cementmasons@convyta.com.