COPE 3781 INSURANCE CORPORATION OF BRITISH COLUMBIA PENSION PLAN
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1 COPE 3781 NSURANCE CORPORATON OF BRTSH COLUMBA PENSON PLAN Consolidated and Annotated incorporating all amendments made up to and including Amendment L 2 effective November 22, 2010! J 1 ) i t.)
2 ,r 1 Contents '. Section i-establishment of the Plan Establishment Funding 5 \ ' 1.03 Registered Status 6 \ i i Section 2-Definitions 7 " 2.01 Actuarial Equivalent Applicable Legislation Actuary Administrator Administrative Agent Beneficiary Canada Pension Plan Canada Pension Plan Monthly Earnings Combined Plan Commuted Value 8 \ 2.11 Consumer Price ndex Corporation 8.i 2.13 Credited nterest Early Retirement Date Earnings Effective Date Employee A Employment Transfer Date Excess Contributions Former Member Going Concern Asset Value Going Concern Funding Basis Highest Average Monthly Earnings CBC 2.24 ntegrated Earnings 2.25 Limited Member 2.26 Management Plan Member Member's Contributions Normal Retirement Date 2.31 Past Service Pension Commencement Date Pensionable Service Plan 14 # V6 - CSC PENSON PLAN
3 ! ; i ) i 2.35 Plan Year Postponed Retirement Date Recording Secretary Related Employer Retired Member Service Spouse Surplus Totally Disabled or Total Disability A Transferred Member Trust Agreement Trust Fund Trustees Vested Year's Maximum Pensionable Earnings or YMPE 17 Section 3-Eligibility and Enrollment Eligibility Re-employed Employees Re-employed Retired Members Procedure for Enrollment 19 Section 4-Contributions Member and Corporation Contributions Members in Receipt of Benefits under the Paid Sick Leave Plan Totally Disabled Members Members on Paid Leave of Absence Members on Unpaid Leave of Absence ncluding Parental Leave Remittance of Contributions No Withdrawal of Contributions While Employed 26 Section 5-Retirement Dates Normal Retirement Early Retirement Postponed Retirement 27 Section 6--Retirement Benefits Normal or Postponed Retirement Pension Early Retirement Pension Maximum Pension ndexation Maximum Pension Adjustment Refund of Excess Contributions 30 Section 7-Forms of Pension Payment Normal Form of Payment Optional Forms of Payment Limitation on Optional Forms for a Member with a Spouse Payment of Small Annuity 34 Section 8-Total Disability Benefit Accrual During Disability 35 i ;\ ii # ;(\ -CBC PENSON PLAN
4 1! 'j } Section 9-Pre-Retirement Death Benefits Commuted Value of Accrued Pension Death Benefit Recipient Form of Payment Alternative Survivor Pension 37 Section 10-Termination Benefits Termination Prior to Becoming Vested - Refund of Contributions Termination After Becoming Vested Early Commencement of Deferred Vested Pension Lump Sum Benefit Portability for Tenninated Member's Lump Sum Benefit Death Prior to Pension Commencement Date Portability For Death Benefit ndexation 41 Section ll-transfers to and from the Plan Reciprocal Agreements Portability Agreement for Employee Transfers Between The Plan and the Management Plan after December 31, 1998 and before January, Transfer Agreement for Employee Transfers Between the Plan and the Management Plan on and after January 1, Compliance with Legislation 44 Section 12-Amendment of the Plan Amendments to the Plan Division of the Plan Compliance with Legislation 45 Section 13-Revision or Termination of the Plan Plan Revision No Reduction in Present Value of Benefits Plan Termination Transfer of Benefits Partial Plan Termination Plan Merger or Consolidation Plan Division Plan Expansion Agreements 48 Section 14-Beneficiary Designation and Settlement of Death Benefits Procedure Payment to Member's Estate Designation of Secondary Beneficiary 50 Section 15-Payment of Benefits Application for Benefits Proof of Age and Spousal Status Payment to Minors and ncompetents Evidence of Survival Misstatement in Application for Pension Benefit 52 Section 16--Trust Fund 53 iii # ~ - CBC PENSON PLAN
5 16.01 General Provision of Benefits nvestments Section 17-Administration of the Plan Powers of the Trustees Employment of Professional Assistance Findings of Fact Member Records Reports Communication Plan's Records Section 18-General Provisions No Enlargement of Employment Rights Non-Assignability and Non-Commutability of Benefits Division of Pension Benefits on Marriage Breakdown Notices and Elections No Duplication of Benefits Construction Section 19-Arbitration of Disputes Referral of Disputes to Arbitration Method of Dispute Resolution ! j 1 j 1 i \, iv # v6 - CSC PENSON PLAN
6 Section -Establishment of the Plan 1.01 Establishment Prior to 1996, the nsurance Corporation of British Columbia (the "Corporation") sponsored the Retirement Plan for Management and Union-Exempt Employees of the nsurance Corporation of British Columbia and the Retirement Plan for Bargaining Unit Employees of the nsurance Corporation of British Columbia. The plans were administered from a single pension trust fund. Effective January 1, 1996, the Corporation merged the plans into a single registered pension plan, the Retirement Plan for Employees of the nsurance Corporation of British Columbia (the "Combined Plan"). Effective January, 1999, the Corporation divided the Combined Plan into two separate plans, and divided the pension fund into two separate funds. The new plans are the nsurance Corporation of British Columbia Pension Plan for Bargaining Unit Employees (the "Plan") and the nsurance Corporation of British Columbia Pension Plan for Management and Confidential Employees (the "Management Plan"). The provisions of the Plan as at January, 1999 are identical to the provisions of the Combined Plan immediately prior to the division. The Plan was restated to incorporate amendments made up to and including January, 2001 to comply with changes in the Pension Benefits Standards Act (British Columbia), plan improvements and minor housekeeping amendments. Effective April 2, 2001, the governance of the Plan was transferred to trustees jointly appointed by the Corporation and OPEU Local 378 (the "Trustees") and the Plan was renamed the "OPEU 378 / nsurance Corporation of British Columbia Pension Plan", also known as the "OPEU 378 / CBC Pension Plan", Effective June 20,2004, the members of the OPEU voted to separate from the US-based OPEU and formed a new Canadian union named COPE and the name of the Plan was therefore amended to reflect that change. Amended effective November 15, 2004 by Amendment 4 to the Plan Funding The Plan is funded pursuant to a trust agreement administered by the Trustees.
7 Registered Status The Plan, as amended from time to time, is subject to Section (Revision or Termination of the Plan) and to the continued registration thereof under: (a) the ncome Tax Act (Canada) and the regulations made thereunder or any other applicable tax laws; and the Pension Benefits Standards Act (British Columbia) and the regulations made thereunder. J
8 1 i i J Section 2-Definitions 7 1. The following words and phrases, when used in this Plan, shah have the following meanings unless the context clearly indicates otherwise. 1 J 2.01 Actuarial Equivalent "Actuarial Equivalent" means of an actuarially equivalent value using the actuarial assumptions adopted by the Trustees on the recommendation of the Actuary for the purpose of determining factors for calculating the optional form of pension payments, Commuted Values of pensions and other benefits under the Plan. The assumptions so used shall comply with Applicable Legislation Applicable Legislation "Applicable Legislation" means: (a) (c) the ncome Tax Act (Canada), as amended from time to time, the regulations made thereunder, the information circulars, interpretation bulletins and administrative guidelines of Canada Customs and Revenue Agency; the Pension B.enejits Standards Act (British Columbia), as amended from time to time, and the regulations made thereunder; and any other relevant statute Actuary "Actuary" means an independent qualified actuary, who is a Fellow of the Canadian nstitute of Actuaries, or a firm of independent qualified actuaries, at least one of whose members is a Fellow of the Canadian nstitute of Actuaries, as selected by the Trustees for purposes of the Plan Administrator "Administrator" means the Trustees Administrative Agent <ladministrative Agent" means the individual, firm or administrative unit of the Corporation appointed by the Corporation to administer the Plan and/or maintain the Plan records as agent of the Trustees in accordance with the Trust.
9 Beneficiary "Beneficiary" means the person last designated by a Member, Retired Member or Former Member to receive a benefit payable from the Plan upon the death of the Member, Retired Member or Former Member if a Spouse does not exist or if a Spouse has waived entitlement to the pension benefit in accordance with Applicable Legislation.. 1 i 2.07 Canada Pension Plan "Canada Pension Plan" means the Canada Pension Plan R.S.C c. C-8 and the regulations made thereunder, as amended from time to time Canada Pension Plan Monthly Earnings "Canada Pension Plan Monthly Earnings" means the lesser of: (a) the Member's Highest Average Monthly Earnings; and 11ih of the YMPE for the calendar year immediately preceding the calendar year in which the retirement, death or termination of employment of the Member occurs Combined Plan "Combined Plan" means the Retirement Plan for Employees of the nsurance Corporation of British Columbia that existed from January 1, 1996 until its division into this Plan and the Management Plan on January 1, Commuted Value "Commuted Value" means the lump sum value ofa pension benefit under the Plan, as determined by the Actuary, in accordance with the Recommendations for the Computation of Transfer Values from Registered Pension Plans issued by the Canadian nstitute of Actuaries, or such other basis as may be permitted or required from time to time under Applicable Legislation Consumer Price ndex "Consumer Price ndex" means the Consumer Price ndex for Canada - All tems as published by Statistics Canada under the authority of the Statistics Act (Canada) Corporation "Corporation" means the nsurance Corporation of British Columbia as continued under the nsurance Corporation Act, R.S.B.C. 1996, c. 228 as amended from time to time, and may, at the discretion of its board of directors, include for the purposes of the Plan any other corporation or entity that is an affiliate of the Corporation, within the meaning of the British Columbia Company Act R.S.B.C c Credited nterest "Credited nterest" means in respect of 1993 and subsequent Plan Years, interest compounded annually at the rate of interest calculated on the basis of the average of the yields of 5 year personal fixed term Chartered Bank deposit rates, published in the Bank
10 ; \,1, 9,!,,! 1 of Canada Review as CANSM Series B for December 31 st of the preceding Plan Year. Credited nterest for a Plan Year shall be computed as a full year's interest on a Member's Contributions with Credited nterest at the end of the previous Plan Year plus 1/2 year's interest on Member's Contributions made during the Plan Year. i j 11 i For a Plan Year in which a Member joined the Plan or became entitled to a benefit under the Plan, the amount of Credited nterest computed for that Plan Year shall be pro-rated based on the period after becoming a Member or prior to a benefit being paid, as applicable Early Retirement Date "Early Retirement Date" means the date a Member ceases employment with the Corporation, if between age 55 and age 65, as set out in Section 5.02 (Early Retirement) Earnings (a) "Earnings" means compensation paid regularly and on an ongoing basis in the form of salary or wages for services rendered to the Corporation. Earnings shall exclude amounts paid to an Employee for overtime, bonuses, call-out and standby premiums, and all other premiums and differentials not paid on a regular and ongoing basis. "Earnings", with respect to a Totally Disabled Employee during his or her period of Total Disability, is deemed to equal the Totally Disabled Member's Earnings immediately prior to becoming Totally Disabled, increased by the percentage difference between: (i) (ii) the average Consumer Price ndex for the calendar year immediately preceding the year for which Earnings are being determined; and the average Consumer Price ndex for the calendar year immediately preceding the year in which the payment of disability benefits commenced. (c) (d) "Earnings" means, with respect to an Employee who is on leave to a trade union, the compensation paid regularly and on an ongoing basis in the form of salary or wages to that Employee by the trade union. "Earnings", with respect to an Employee who is on an unpaid leave of absence and making Member's Contributions, is deemed to be equal to the Member's Earnings immediately prior to commencement of the unpaid leave. A Member's deemed Earnings must be such that the total amount in respect of all eligible periods of temporary absence or reduced pay of the Member does not exceed 5 years of full-time equivalent remuneration plus up to an additional 3 years offulltime equivalent remuneration for "periods of parenting" as defined in the ncome
11 10 Tax Act (Canada), or such other limit as permitted under the ncome Tax Act (Canada) Effective Date "Effective Date" means January 1, Employee "Employee" means a person employed by the Corporation on either a full-time basis or on a part-time basis who is covered by the certification of COPE 378 and who is not an active member of the Public Service Pension Plan. Amended effective November 15, 2004 by Amendment 4 to the Plan. 2.17A Employment Transfer Date "Employment Transfer Date" means the date upon which an Employee ceases to be an Employee because he or she is no longer covered by the certification of COPE 378, but is still employed by the Corporation. Amended effective October 4, 2010 by Amendment 11 to the Plan 2.18 Excess Contributions "Excess Contributions", calculated at Pension Commencement Date, date of termination of employment or date of death, means the amount by which a Member's, a Former Member's or a Retired Member's Contributions made on or after January, 1993, with Credited nterest, exceed 50% of the Commuted Value of the pension earned by the Member, Former Member or Retired Member in respect of Pensionable Service on or after January 1, 1993.! 2.19 Former Member "Former Member" means any Member who, upon terminating employment with the Corporation for any reason other than death, becomes entitled to a deferred pension from the Plan and has not transferred his or her entitlement out of the Plan Going Concern Asset Value "Going Concern Asset Value" means the smoothed asset value used by the Actuary in the going concern valuation of the Plan Going Concern Funding Basis "Going Concern Funding Basis" means the going concern actuarial valuation basis which includes assumptions that are based on the presumption that the Plan will continue in operation for the foreseeable future as it stands at the date of reference, even if a decision has been made to terminate the Plan. The assumptions shall contain deliberate margins of conservatism Highest Average Monthly Earnings (a) "Highest Average Monthly Earnings" means 11ih of the average of a Member's highest years of Earnings calculated over 5 years of Pensionable Service. For the
12 , i \ r 11 purpose of selecting a Member's highest years of Earnings, Earnings shall be annualized. Notwithstanding paragraph (a) above, if a Member has not completed 60 months of Pensionable Service, his or her Highest Average Monthly Earnings shall be calculated over his or her period of Pensionable Service CSC "CBC" means the nsurance Corporation of British Columbia ntegrated Earnings "ntegrated Earnings" means 75% of Earnings up to the YMPE plus 100% of Earnings in excess of the YMPE. Amended effective September 20, 2004 by Amendment 3 to the Plan Limited Member "Limited Member" means a Spouse or former Spouse as that term is defined in the Family Relations Act (British Columbia) and the regulations thereto Management Plan "Management Plan" means the nsurance Corporation of British Columbia Pension Plan for Management and Confidential Employees, being the other plan that resulted from the division of the Combined Plan on January 1, Member "Member" means an Employee who has been enrolled in the Plan pursuant to Section 3 (Eligibility and Enrollment) and who has not become a Transferred Member, Former Member or Retired Member, nor terminated employment with the Corporation. Amended effective October 4,2010 by Amendment 11 to the Plan Member's Contributions "Member's Contributions" means any and all contributions made by a Member pursuant to Section 4 hereof and, in the case of a Member who transferred directly from the Management Plan, all contributions made while a member of that plan. Amended effective May 14, 2002 by Amendment 1 to the Plan. Amended effective June 8, 2009 by Amendment 8 to the Plan 2.29 Normal Retirement Date "Normal Retirement Date" means, for the purpose of this Plan only, the date of a Member's normal retirement as set out in Section 5.01 (Normal Retirement). Sub-paragraph 2.30 deleted effective November 15, 2004 by Amendment 4 to the Plan.
13 Past Service "Past Service" means pensionable service credited prior to the Effective Date under the Combined Plan Pension Commencement Date "Pension Commencement Date" means the date upon which payment of a Member's pension benefit under the Plan commences., r, '.
14 Pensionable Service (a) "Pensionable Service" means a Member's Service with the Corporation during which time the Member was enrolled in the Plan and had not become a Transferred Member, Former Member or Retired Member. (! 1 \,, Amended effective October 4, 2010 by Amendment 11 to the Plan. For a Plan Year in which a Member works on a part-time basis, Pensionable Service shall be equal to the ratio (not to exceed 1) of the Member's actual hours worked during the Plan Year to the hours regularly scheduled to be worked by full-time Employees. (c) Specifically, Pensionable Service shall include: i!, /' 1,,, (,, i [i u (i) (ii) (iii) (iv) (v) (vi) (vii) a period of Total Disability; a period of paid [eave of absence; a period of approved unpaid leave of absence during which the Member makes Member's Contributions; any period required under applicable Workers Compensation Legislation; any period required for service in the Canadian Armed Forces during war services, immediately following which a Member returns to active service with the Corporation; a period of Past Service; in the case of a transfer of membership from the Management Plan before January 1, 2011, pensionable service accrued under that plan; and, t j Amended effective October 4, 2010 by Amendment 11 to the Plan. (viii) in the case of an ~mployee who has been employed by the Corporation more than once, as described in Sections 3.02 and Amended effective October 4, 2010 by Amendment 11 to the Plan. (d) (e) The Trustees may agree to a Member's written application for a period of leave to not be included as Pensionable Service and to the discontinuance of the Member's Contributions. Periods of unpaid leave of absence for which Pensionable Service is credited shall be limited to 5 years plus up to an additional 3 years for "periods of parenting" as
15 15 a union which has agreed to abide by the terms of the Plan and to make contributions pursuant to Section 4; if which is designated as a Related Employer for the purposes of the Plan by agreement between the Corporation and the Union, for as long as these conditions are maintained in force Retired Member "Retired Member" means any Member who is in receipt of a pension benefit pursuant to this Plan Service "Service" means continuous employment with the Corporation whether on a full-time or part-time basis. Service shall not be deemed to be interrupted or broken by:, ( J j 1.1' (a) (c) (d) (e) (f) statutory holidays; regular vacation periods; a period during which a Member is Totally Disabled, immediately following which the Member returns to active service with the Corporation; approved paid leave of absence or unpaid leave of absence, immediately following which a Member returns to active employment with the Corporation; notice periods in respect of termination of employment as required by legislation; or temporary suspension of employment, as permitted by legislation. Sub-paragraph (d) deleted, sub-paragraph (e) amended effective September 20, 2004 by Amendment 3 to the Plan; sub-paragraphs (e), (j) and (g) re-numbered Spouse "Spouse" means, at the time a determination of marital status is required, a person to whom a Member is: (a) legally married, provided the Member is not living separate and apart from that person for more than two (2) years, or.. / (c) not legally married but the Member and that person have been cohabiting continually in a conjugal relationship for at least 2 years and are not living separate and apart at the date marital status is determined, or not legally married, but the Member and that person are cohabiting in a conjugal relationship of some permanence at the date marital status is determined and are jointly the natural or adoptive parents of a child, both as defined by law.
16 16 t is provided, however, that if the above definition differs from the definition of spouse in other Applicable Legislation, such other definition shall take precedence, provided that such person qualifies as a spouse as defined at the relevant time by Applicable Legislation for the purpose of registered pension plans Surplus "Surplus" means the excess of the value of the Plan assets over the Plan liabilities as determined by the Actuary as of the date of a valuation of the Plan for funding purposes or the date of termination of the Plan, in accordance with Applicable Legislation. \.\ Totally Disabled or Total Disability "Totally Disabled" or "Total Disability" means certified as totally disabled by a medical practitioner and in receipt of wage replacement benefits under: (a) the COPE long term disability plan, or Workers Compensation Legislation. Amended effective November 15, 2004 by Amendment 4 to the Plan. Amended effective June 8, 2009 by Amendment 7 to the Plan.! '. l A Transferred Member "Transferred Member" means a Member who transfers directly to the Management Plan because he or she is no longer covered by the certification of COPE 378. Amended effective October 4,2010 by Amendment 11 to the Plan Trust Agreement "Trust Agreement" means the agreement executed by the Corporation, COPE and the Trustees dated April 2, 2001 and all amendments thereto. Amended effective November 15, 2004 by Amendment 4 to the Plan. l \ J 2.45 Trust Fund "Trust Fund" means the fund in which contributions under the Plan are received, and in which the assets of the Plan are held, invested, and administered under the terms of the Trust Agreement, and from which pensions and other payments under the Plan and Trust are disbursed Trustees "Trustees" means the Functioning Trustees as defined in the Trust Agreement. 2.46A Union "Union" means the Canadian Office and Professional Employees Union, Local 378. /
17 17 nserted effe(:tive November 15, 2004 by Amendment 4 to the Plan Vested A Member becomes "Vested" in his or her benefits under the Plan upon the earliest of: (a) Cb) (c) Cd) (e) completion of 5 years of Service; completion of2 years of Service while a Member of the Plan; for an Employee who transferred membership directly from the Management Plan, completion of2 years of Service while a Member of the Plan or of the Management Plan or of a combination of the Plan and the Management Plan; attainment of age 55; and termination of the Plan. Sub-paragraph (c) amended effective May by Amendment 1 to the Plan; subparagraphs (d) and (e) re-numbered Year's Maximum Pensionable Earnings or YMPE "Year's Maximum Pensionable Earnings" or "YMPE" means the Year's Maximum Pensionable Earnings as defined in the Canada Pension Plan. Words importing the singular number shall include the plural and vice versa unless the context requires otherwise. Words importing the masculine shall include the feminine and vice versa unless the context requires otherwise.
18 18 Section 3-Eligibility and Enrollment 3.01 Eligibility (a) An Employee may become a Member of the Plan on any day on or after his or her date of hire. '( (c) Notwithstanding the aforementioned, an Employee shall become a Member by no later than the first day of the month coincident with or next following his or her completion of2 years of Service except as provided in Section 3.03 (Reemployed Retired Members). Notwithstanding the aforementioned, an Employee who has been employed by the Corporation continuously since October, 1977 and who declined enrollment in all previous pension plans of the Corporation may elect to become a Member of the Plan prospectively on the first day of any month.! (d) An Employee who transfers membership directly from the Management Plan shall become a Member of the Plan immediately on his or her date of transfer.,1 Sub-paragraph (e) inserted effective May 14, 2002 by Amendment 1 to the Plan; renumbered as sub-paragraph (d) effective September 20, 2004 by Amendment 3 to the Plan. New sub-paragraph (c) inserted effective September 20, 2004 by Amendment 3 to the Plan. \ J Re-employed Employees (a) An Employee who is re-employed by the Corporation following his or her termination of employment with the Corporation while a Member of the Plan but who has not exercised his or her rights pursuant to Section (Portability for Terminated Member's Lump Sum Benefit) shall have his or her prior period(s) of Service, Pensionable Service and Earnings taken into consideration for the purpose of determining eligibility to re-join the Plan and vesting and benefits under the Plan. An Employee who is re-employed by the Corporation following his or her termination of employment with the Corporation while a Member of the Plan who has exercised his or her rights pursuant to Section (Portability for Terminated Member's Lump Sum Benefit) shall be treated as a new Employee. For such an Employee, prior periods of Service, Pensionable Service and Earnings while a Member of the Plan shall not be recognized for the purposes of determining eligibility, vesting or benefits under the Plan.
19 19 An Employee who is re-employed by the Corporation following his or her termination of employment with the Corporation while a Member of the Management Plan shall be treated as a new Employee. For such an Employee, prior periods of service, pensionable service and earnings with the Management Plan shall not be recognized for the purpose of determining eligibility, vesting or benefits under the Plan. Sub-paragraph (a) amended effective May 14,2002 by Amendment 1 to the Plan; sub-paragraph rep/aced effective May 14, 2002 by Amendment 1 to the Plan. Sub-paragraphs (a) and amended effective June 8, 2009 by Amendment 6 to the Plan Re-employed Retired Members (a) A Retired Member who is rehired by the Corporation as an Employee and who elects to suspend payment of his or her pension benefits from the Plan may reenroll in the Plan. On the earlier occurrence ofthat Member's retirement or death, payment of a benefit pursuant to this Plan shall re-commence. Such benefit shall be determined based on that Member's age, Service, Pensionable Service and Earnings as of the earlier of his or her subsequent retirement or death. (c) A Retired Member who is rehired by the Corporation as an Employee and who elects not to suspend payment of his or her pension benefits from the Plan shall not accrue additional benefits during his or her period of re-employment. An Employee who is re-employed by the Corporation following his or her retirement as a member of the Management Plan shall be treated as a new Employee. For such an Employee, prior periods of service, pensionable service and earnings with the Management Plan shall not be recognized for the purposes of determining eligibility, vesting or benefits under the Plan. Sub-paragraph (c) inserted effective May 14,2002 by Amendment 1 to the Plan. Sub-paragraph (c) amended effective June 8, 2009 by Amendment 6 to the Plan. (d) An Employee who is re-employed by the Corporation following his or her retirement while a Member of the Plan who has received a Commuted Value pursuant to Section 7.04 (Payment of Small Annuity) shall be treated as a new Employee. For such an Employee, prior periods of Service, Pensionable Service and Earnings while a Member of the Plan shall not be recognized for the purposes of determining eligibility, vesting or benefits under the Plan Sub-paragraph (d) inserted effective June 8, 2009 by Amendment 6 to the Plan Procedure for Enrollment An Employee who is eligible to join the Plan pursuant to this Section shall enroll in the Plan by filing with the Administrative Agent an application in the prescribed form
20 20 authorizing the Corporation to deduct, from the Employee's earnings, such amounts as are required pursuant to Section 4.01.
21 21 Section 4-Contributions, r! 4.01 Member and Corporation Contributions (a) For the period April 1, 2001 to August 20, 2002: (i) each Member shall contribute to the Plan, by regular payroll deductions, an amount equal to 3.4% of the Member's Earnings up to the YMPE, plus 5.0% of the Member's Earnings in excess of the YMPE, r (ii) (iii) the Corporation shall contribute an equal amount, and the Corporation shall contribute additional amounts if necessary to satisfy the minimum funding standards applicable to the Plan pursuant to Applicable Legislation. ) \ i For the period August 21, 2002 to December 31, 2002: (i) each Member shall contribute to the Plan, by regular payroll deductions, an amount equal to 4.9% of the Member's Earnings up to the YMPE, plus 6.5% of the Member's Earnings in excess of the YMPE, (ii) (iii) the Corporation shall contribute an equal amount, the Corporation shall contribute additional amounts if necessary to satisfy the minimum funding standards applicable to the Plan pursuant to Applicable Legislation, and,! j i (iv) such contributions shall commence within 30 days before or after August 21, 2002, such date to be determined at the discretion of the Trustees. f, ) (c) For the period commencing January 1,2003:., (i) (ii) (iii) (iv) the Corporation and each Member shall each contribute a percentage of the Member's ntegrated Earnings, such contributions shall commence within 30 days before or after January, 2003, such date to be determined at the discretion of the Trustees, notwithstanding paragraph (i), the contribution by a Member shall not exceed the maximum contribution allowed under Applicable Legislation. f such contribution by a Member would, in the absence of paragraph (iii), exceed the maximum contribution allowed under Applicable Legislation,
22 22 the Corporation contributions in respect of the Member will be increased by the shortfall in Member contributions caused by paragraph (iii). (v) The percentage referred to in paragraph 4.01 (c )(i) shall be one-half of the greater of: 1. the percentage that, in the opinion of the Actuary, based on the Going Concern Asset Value or such other asset valuation basis as is approved by the Trustees after receiving advice from the Actuary, and the Going Concern Funding Basis, provides for " i J (A) (B) the cost of benefits expected to be earned by the Members in respect of Credited Service in the year, minus, for the period January 1, 2003 to March 31, 20 0, 1.28% of Earnings in the year, provided the Plan has a going concern funding excess at least equal to 1.28% of total Earnings for the period to April 1,2026, and if there is not a sufficient going concern funding excess, such lower percentage of Earnings that would equal the going concern funding excess, and for the period commencing April 1, 2010, nil, plus 'j i ~, : r Amended effective June 7, 2010 by Amendment 10 to the Plan (C) if the Going Concern Funding Basis does not implicitly allow for the cost of Plan expenses, the average expenses expected to be charged to the Trust Fund in that year, plus, (D) the installments for that year, determined as described below, toward amortization of any unfunded liabilities or solvency defciencies, minus, i ~, (E) the installments for that year, determined as described below, toward amortization of any funding excesses, l 2. the percentage that meets the minimum funding standards applicable to the Plan pursuant to Applicable Legislation, and 3. such other percentage recommended by the Trustees as is agreed to by the Corporation and the COPE provided that such percentage is not in excess of that permitted by Applicable Legislation. Sub-paragraph 3. amended effective November 15, 2004 by Amendment 4 to the Plan. (d) For purposes of paragraph 4.01 (c)(v), ) }
23 23 (i) each unfunded liability and solvency deficiency detennined in each actuarial valuation conducted as of a date on or after December 31, 2002 shall be 1. amortized by monthly installments that represent a level percentage of total ntegrated Earnings over the maximum period pennitted by Applicable Legislation, or 2. if required to comply with Applicable Legislation, applied in such other manner as is acceptable to the Corporation and COPE and that will ensure that the Plan complies with Applicable Legislation, and (ii) the net actuarial gains, if any, determined in each going concern actuarial valuatiol;l conducted as of a date on or after December 31, 2002 shall be applied 1. first, to reduce or, if sufficient, to eliminate the outstanding balance of any going concern unfunded liability, with the oldest established unfunded liabilities being amortized or reduced before later ones, and the amortization payments in respect of each such reduced unfunded liability shall be eliminated or reduced pro-rata, as the case may be, for the remainder of the period determined in paragraph 4.01 (d)(i), 2. second, for the period January 1, 2003 to March 31, 2010, to the extent it is sufficient therefore, to establish or maintain a reserve sufficient to cover the present value of the first 1.28% of total Earnings for the period to April 1, 2026, and Amended effective June 7, 2010 by Amendment 10 to the Plan 3. third, if required to comply with Applicable Legislation, in such other manner as is acceptable to the Corporation and COPE and that will ensure that the Plan complies with Applicable Legislation, and 4. fourth, for the December 31, 2002 valuation, to fund benefit improvements, but only to the extent the Trustees detennine the Surplus is reasonable using a surplus projection method proposed by the Actuary and agreed to by the Trustees, and 5. fifth, for the December 31,2005 valuation, unless otherwise agreed to by the Corporation and COPE, for contribution rate stabilization, and (iii) the net actuarial gains, if any, determined in each solvency test required by
24 24 Applicable Legislation as of a date on or after December 31, 2002 shall be applied first to reduce or, if sufficient, to eliminate the outstanding balance of any solvency deficiencies in accordance with Applicable Legislation. Amended effective November 15, 2004 by Amendment 4 to the Plan. (e) Cf) An actuarial valuation of the assets and liabilities of the Plan shall be conducted, and the percentage referred to in paragraph 4.01(c)(i) shall be re-determined, by the Actuary as at December 31, 2002 and subsequently at such times as are determined by the Trustees, provided however, that the interval between such valuations and re-determinations shall not exceed three years. Each actuarial valuation shall be performed promptly after the date as of which it is being prepared. After each actuarial valuation, the newly-determined percentage shall take effect on the date determined by the Trustees, which date shall be within 90 days of the date the Trustees receive and approve the relevant actuarial valuation report Members in Receipt of Benefits under the Paid Sick Leave Plan A Member who is in receipt of benefits under the Corporation's paid sick leave plan shall continue to make Member's Contributions pursuant to Section 4.01 based on his or her Earnings immediately prior to commencement of benefits under the paid sick leave plan and the Corporation will also be required to make contributions pursuant to Section 4.01 in such circumstances Totally Disabled Members Notwithstanding Section 4.01, a Totally Disabled Member who is in receipt of wage replacement benefits under the COPE long term disability plan is not required to contribute to the Plan during the period of such Member's Total Disability. Amended effective June 8, 2009 by Amendment 7 to the Plan Members on Paid Leave of Absence A Member who is on a paid leave of absence shall continue to make contributions pursuant to Section 4.0 during such paid leave of absence. The Corporation will also be required to make contributions pursuant to Section 4.01 in such circumstances. Members on Unpaid Leave of Absence ncluding Parental Leave (a) f a Member is on an approved unpaid leave of absence including parental leave, the Member shall make Member's Contributions to the Plan in accordance with Section 4.01, based on the Member's Earnings as at the date such leave was granted. The Corporation will also be required to make contributions pursuant to Section 4.01 in such circumstances. i ~.,{ Amended effective November 22, 2010 by Amendment 12 to the Plan. The contributions required by Section 4.05(a) shall be remitted:
25 25 (i) (ii) (iii) on a monthly basis; in a lump sum, with Credited nterest, on return to active service with the Corporation; or on such other basis as may be decided upon by the Trustees. The Member must indicate to the Administrative Agent his or her selection of either (i), (ii) or (iii) above prior to the completion of the unpaid leave of absence and the Corporation is required to remit in accordance with such Member's selection. (c) The Trustees may agree to a period of leave not being included as Pensionable Service and to the discontinuance of the Member's contributions during the period on approved written application from the Member Remittance of Contributions (a) All contributions shall be deposited into the Trust Fund within 30 days following the period in respect of which the contributions were deducted. (c) (d) f the Corporation fails to remit contributions made by Members within 60 days after the end of the period specified in Subsection 4.06 (a), the Trustees shall notify the Superintendent of Pensions of such failure within 30 days of the conclusion of the 60 day period. All contributions required by the Corporation shall be kept separate and apart from the assets of the Corporation until such time as they are remitted to the Trustees. Once contributions by the Corporation have been made to the Plan, they are not refundable to the Corporation unless: (i) (ii) they were made in error; or they were payments in excess of the payments to be made to the Plan pursuant to this Section; or.1 i,, 1!! J (iii) they were made conditional upon approval by Canada Customs and Revenue Agency and such approval has not been received; and such refund is necessary to avoid the revocation of the Plan. A contribution refund to the Corporation shall only be made once approval by the Superintendent of Pensions (British Columbia) has been obtained.
26 No Withdrawal of Contributions While Employed A Member may not withdraw any portion of his or her contributions with Credited nterest, except as provided in the Plan.
27 27 Section 5-Retirement Dates 5.01 Normal Retirement The Normal Retirement Date of a Member or Transferred Member, for the purpose of the Plan, shall be the first day of the month coinciding with or next following a Member's or Transferred Member's 65 th birthday. Amended effective October 4, 2010 by Amendment 11 to the Plan. '\ [ j J i 1 i 5.02 Early Retirement The Early Retirement Date of a Member or Transferred Member, for the purpose of the Plan, shall be the first day of any month coincident with or next following the Member's or Transferred Member's 55 th birthday but prior to the Member's Normal Retirement Date. A Member or Transferred Member may retire on the first day of any month coincident with or following the Member's or Transferred Member's 55 th birthday. Amended effective October 4, 2010 by Amendment 11 to the Plan Postponed Retirement A Member may continue to contribute to the Plan and accrue pension benefits pursuant to the Plan up to a date no later than December 1 st of the calendar year in which the Member attains age 71. Amended effective June 8, 2009 by Amendment 5 to the Plan.
28 28 Section 6--Retirement Benefits 6.01 Normal or Postponed Retirement Pension A Member who elects to commence receipt of his or her pension benefit pursuant to this Plan on or after his or her Normal Retirement Date shall be entitled to receive a pension benefit for each year of Pensionable Service equal to: (a) 2% of the Member's Highest Average Monthly Earnings MNUS 0.7% of Canada Pension Plan Monthly Earnings. payable in equal monthly installments, commencing on the last day of the month in which the Member retires Early Retirement Pension (a) Early Retirement With mmediate Pension Commencement A Member who retires from active employment with the Corporation after age 55 and before age 65 and who elects to immediately commence receipt of his or her pension benefit under this Plan shall be entitled to receive a pension benefit determined pursuant to Section 6.01(a), reduced by either (i) or (ii) where: (i) if the Member has completed at least 10 years of Service, 3% times the lesser of: (A) the number of years by which the Member's age is less than 60; and (B) the number of years by which the sum of the Member's age and Service is less than 85. )' (ii) if the Member has not completed 10 years of Service, 5% times the lesser of: (A) the number of years by which the Member's age is less than 60; and (B) the number of years by which the sum of the Member's age and Service is less than 85.,\ j
29 29 The reduction in Section 6.0 shall take effect with the pension payment made on the last day of the month following the month of the Member's 65 th birthday.!;! Early Retirement with Deferred Pension Commencement A Member who retires from active employment with the Corporation after age 55 and before age 65 and who elects to defer commencement of his or her pension benefit under this Plan shall be entitled to receive a pension benefit determined pursuant to Section 6.02(a), where the reduction in (i) or (ii) is determined based on the Member's age on the Pension Commencement Date Maximum Pension (a) Notwithstanding the foregoing provisions, the monthly pension payable at commencement in accordance with Section 6.01 (Normal or Postponed Retirement Pension) shall not exceed 1121h of: (i) $1, or such other amount as is permitted from time to time by the ncome Tax Act (Canada), multiplied by: (ii) the Member's years of Pensionable Service. Notwithstanding the foregoing provisions, the monthly pension payable at commencement in accordance with Section 6.02 (Early Retirement Pension) shall not exceed the amount determined in accordance with Section 6.03(a) plus /3S th of: (i) 1121h of25% of the average of the YMPE for the 3 calendar years ending with the year the pension commences; multiplied by: (ii) the Member's years of Pensionable Service, not exceeding 35. Sub-paragraph 6.03(i) amended November 14,2002 to be effective April 2, 2001 by Amendment 2 to the Plan. (c) Notwithstanding the foregoing provisions, with effect from the Member's Normal Retirement Date, the monthly pension payable in accordance with Section 6.02 (Early Retirement Pension) shall not exceed the amount determined in accordance with Section 6.03(a) and increased in accordance with Section 6.04 (ndexation), multiplied by: (i) that number of the Member's years of Pensionable Service which is after December 31, 1991, reduced by 0.25% per month for each month, if any, by which the Pension Commencement Date preceded the earlier of the Member's 60 th birthday and the date on which the Member's age plus
30 30 years of service would have totalled 80 if the Member had remained in the employment of the Corporation plus: (ii) that number of the Member's years of Pensionable Service which is prior to January 1, 1992, reduced, if necessary, by multiplying by the ratio of the Actuarial Equivalent lump sum value of a pension at age 60 guaranteed to continue for 120 months to the Actuarial Equivalent lump sum value of a pension of equal monthly amount at the date the pension actually commenced, guaranteed to continue for 60 months. Amended November 14,2002 to be effective April 2, 2001 by Amendment 2 to the Plan. j 6.04 ndexation (a) Pensions in payment shall be adjusted in accordance with changes in the Consumer Price ndex, as described below, on January st, April 1 st, July 1 sl and October 1 sl of each year. Adjustments will be made equal to the percentage difference between the average Consumer Price ndex for the quarter ending three months prior to the adjustment date and the average Consumer Price ndex for the quarter ending six months prior to the adjustment date. Should there be a decrease in the Consumer Price ndex average at any time, the pension benefit will not be reduced but will remain the same until such time as the Consumer Price ndex average again exceeds the previous high at which the last increase was calculated Maximum Pension Adjustment n no event shall a Member's "pension adjustment" for a calendar year exceed the lesser of: (a) the "money purchase limit" for the calendar year; and 18% of the Member's "compensation" for the calendar year. The terms "pension adjustment", "money purchase limit" and "compensation" shall have the meanings prescribed in the ncome Tax Act (Canada) Refund of Excess Contributions A Member who retires on a Normal, Early or Postponed Retirement Date and who is entitled to Excess Contributions shall be paid such Excess Contributions in one of the following forms elected by the Member: (a) a single lump-sum cash payment;
31 ( 31 (c) (d) transfer to a "registered retirement savings plan" as described in the ncome Tax Act (Canada); transfer to another registered pension plan if permitted by the administrator of the other registered pension plan; or purchase of a deferred annuity from an insurance company. Transfers pursuant to this Subsection 6.06 shall take place within 60 days of the Member filing the relevant documents with the Administrative Agent. l, j
32 Section 7-Forms of Pension Payment Normal Form of Payment (a) The normal form of pension benefit is one which is payable in monthly installments for the lifetime of a Member commencing on the last day of the month in which the Member commences pension and ceasing with the installment due on the last day of the month in which the Member dies. f the Member dies before he or she has received 60 monthly installments or if the total pension payments made to the Member before his or her death does not equal the Member's Contributions with Credited nterest as of the Member's Pension Commencement Date, the remaining payments shall be continued to the Member's Beneficiary or, if none, to the personal representative of the Member's estate in his or her representative capacity until the later occurrence of 60 monthly payments or the total pension payments made equal the Member's Contributions with Credited nterest as of the Member's Pension Commencement Date. Sub-paragraph (a) amended effective June 8, 2009 by Amendment 6 to the Plan. Alternatively, at the option of the Member's Beneficiary or the personal representative of the Member's estate, the Commuted Value of the remaining payments may be made to the Beneficiary or, if none, to the personal representative ofthe Member's estate in his or her representative capacity in the form ofa single lump-sum cash payment, subject to withholding of tax, ifany Optional Forms of Payment (a) n lieu of the normal form of payment pursuant to Section 7.01 (Normal Form of Payment) and subject to paragraph below, a Member may elect, on a form prescribed by the Trustees, and filed with the Administrative Agent within the 90 day period immediately preceding the first pension payment, to receive an optional form of payment in the form of: ;. i \ \ J (i) (ii) (iii) a pension benefit payable for the life of the Member only; a pension benefit payable for the life of the Member and guaranteed for at least 120 monthly payments; a pension benefit paid at an actuarially increased level until the Member reaches age 65 and at an actuarially reduced level thereafter, with the intention that the Member's pension benefit under this Plan, the Canada Pension Plan and/or the Old Age Security Act will be a constant amount (subject to indexation);
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