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Plan Features

Summarizing the most important and relevant details of Your Pension Plan. Click on your Division below to learn more!

Calculating Your Pension Benefit print

Your pension benefit under the Plan has three parts:

1. The benefit you earned before January 1, 1999 which is equal to $46.50 per month x each year of credited service up to December 31, 1998.

PLUS

2. The benefit you earn after 1998 is a percentage of your earnings during each period as follows:

Year Monthly Pension Formula
January 1, 1999 - December 31, 2000 1/12 x 1.0% of earnings
January 1, 2001 - December 31, 2001 1/2 x 1.1% of earnings
January 1, 2002 - December 31, 2002 1/2 x 1.2% of earnings
January 1, 2003 - December 31, 2003 1/2 x 1.3% of earnings
January 1, 2004 and after 1/2 x 1.4% of earnings

NOTE: The intention of the Trustees is to ultimately provide Plan members employed by Tober Enterprises with a pension equal to 1.4% of earnings for each year after 1998. 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.

3. The benefit after 1998 provided from the employee contributions you make to the Plan.