Your pension benefit under the Plan has three parts:
1 |
The benefit you earned before January 1, 1998 which is equal to $45 per month x each year of credited service up to December 31, 1997. |
|---|
Note: If you have past service credits as a result of your employment with Woodwards Food Ltd or if you terminated your employment with Canada Safeway prior to December 31, 2005, you should contact the Plan Administrator for more information.
PLUS
| 2 | The benefit you earn after 1997 is a percentage of your earnings during each period as follows: |
|---|
| Year | Monthly Pension Formula |
|---|---|
| Jan 1, 1998 - Dec 31, 2000 | 1/12
x 1.0% of earnings |
| Jan 1, 2001 - Dec 31, 2001 | 1/12
x 1.1% of earnings |
| Jan 1, 2002 - Dec 31, 2002 | 1/12
x 1.2% of earnings |
| Jan 1, 2003 - Dec 31, 2004 | 1/12
x 1.3% of earnings |
| Jan 1, 2004 and after | 1/12
x 1.4% of earnings |
Note: The intention of the Trustees is to ultimately provide Plan members employed by Canada Safeway with a pension equal to 1.4% of earnings for each year after 1997. However, the constraints imposed by the phasing in of the increased employer contribution rates and the funding requirements of the Pension Benefits Standards Act mean that, initially, it was only possible to provide Plan members with the 1.4% of earnings formula in 2004.
PLUS
3 |
The benefit after 1997 provided from the employee contributions you make to the Plan |
|---|