LiUNA Local 493 has 2 Pension Funds for our members. The primary fund, which is a defined benefit plan, is the Labourers’ Pension Fund of Central and Eastern Canada. Most employers under collective agreements with LiUNA make contributions based on hours worked to this fund on behalf of our members. Please click here to see the Labourers’ Pension Fund website for more information. Our supplemental pension fund is a defined contribution plan held with Industrial Alliance. Most employers under collective agreements with LiUNA Local 493 make contributions based on hours worked to this fund on behalf of our members. This is exclusively for Local 493 members. Please click here to see the Supplemental Pension Booklet for more information.
A defined benefit plan, such as the Labourers’ Pension Fund provides for guaranteed specific payments based on a set formula that takes into account age, years of credited service and contributions. Contributions go into a pool of funds, which are invested to provide benefit payments. Upon retirement you will start to receive your monthly pension. Please click here to see the Central Eastern Pension Fund website for more information. A defined contribution plan, such as our Supplemental Pension Plan provide benefit payments based on the funds in your own individual investment account and how well it performs over your lifetime in the plan. You have the option of how you want these funds invested. Upon retirement you have the option to buy an annuity or transfer your funds to a locked in fund. You would be best to seek a financial planner to assist you with these decisions. Please click here to see the Supplemental Pension Booklet for more information.
You are able to make self-payments to the Labourer’s Pension Fund. Please click here to see the Central Eastern Pension Fund website for more information. You cannot make self-payments to the Supplemental Pension Fund.
You may elect to terminate your membership in the Labourer’s Pension Fund plan after 24 consecutive months without any pension contributions. A signed “Voluntary Election to Terminate Membership Form” must be completed and sent to the Labourers’ Pension Fund office. See more information here. You can find the applicable form here. Your membership in the Supplemental Pension Fund will be terminated after 12 months with no contributions. You are immediately entitled to the accumulated value. You will be provided with an Options Statement where you can transfer the locked in amount. Please click here to see the Supplemental Pension Booklet for more information.
If you have a spouse, the benefit will be payable to your spouse, unless they have waived their rights in a manner permitted by applicable legislation. Please click here for detailed information on changing your beneficiary under the Labourer’s Pension Fund. Please contact Lorna at 705-674-2515 or email email@example.com for information under the Supplemental Pension Fund. You can find the Beneficiary Designation form here.
You can apply for the Labourer’s Pension Fund by logging into lpfcec.org/member-ui/login and complete the online application. If you do not have your member log in information, contact the Pension office at 1-866-932-1100. You may also download an application form here, or contact the pension office to receive one. If you require personal assistance with your application, feel free to call the Local 493 Benefit office at 705-805-5601 to set up an appointment. Contact Lorna at 705-674-2515 or firstname.lastname@example.org for your Supplemental Pension.