| Pension Plan (Tober Enterprises Division) |
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Cash
Payment of Small Benefits
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| If, when you terminate your membership
under the Plan, the commuted value of your pension is less than
20% of the Year's Maximum Pensionable Earnings, you may opt
to have the commuted value of your benefit paid to you in cash.
Alternatively, you may request that the commuted value of your
benefit be transferred to your own RRSP; the transfer does not
have to be to an approved locked-in vehicle as referred to here.
If, when you retire from the Plan, the commuted value of your annual pension is less than 10% of the Year's Maximum Pensionable Earnings, you may opt to have the commuted value of your benefit paid to you in cash. Alternatively, you may request that the commuted value of your benefit be transferred to your own RRSP. The Year's Maximum Pensionable Earnings is the amount defined under the Canada Pension Plan and is adjusted annually. In 2000, the YMPE was equal to $37,600. The cash payment option as described above came into effect on December 17, 1999 as a result of changes to the BC PBSA and does not apply to pensions that are already in payment from the Plan. |
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