CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats)

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1 CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) 2004

2 Printed April 2005

3 Table of contents ABOUT THE PENSION PLAN... 5 PERSONAL INFORMATION... 7 FUNDING... 9 Required member contributions... 9 Required employer contributions... 9 Additional (member) voluntary contributions (AVC)... 9 Credited investment earnings Pension account balance Work and contribution history for BENEFITS Estimated and projected purchasing power of DC account What are the benefit entitlements if you die prior to retirement? Russell LifePoints Balanced portfolios and TD Lancaster Short-Term Investment Fund (STIF) FINANCIAL STATEMENT YOUR PERSONAL ESTATE CHECKLIST AN EXPLANATION OF YOUR PENSION PLAN Foreword Funding RETIREMENT DATES FORMS OF PENSION BENEFITS ON TERMINATION OF PLAN MEMBERSHIP...42 DEATH BENEFITS Benefits in the event of death prior to retirement... 44

4 Canadian Merchant Service Guild DISABILITY BENEFITS INVESTMENT MANAGEMENT APPROACH About SEI Investments SEI Money Market Fund Balanced 40/60 Fund Balanced 60/40 Fund Growth 80/20 Fund SELECTING AN APPROPRIATE FUND What is your Investor Profile? Investor Profile Questionaire OTHER DETAILS ABOUT YOUR PLAN Calculation of investment earnings Marriage breakdown Spousal waivers Assignment and collateral Investment policy and asset mix Administration of the plan Change of address Recovery of search fees Pension examples GLOSSARY OF TERMS RIGHTS TO INFORMATION

5 Western Branch Pension Plan Towboats About the pension plan The Canadian Merchant Service Guild Western Branch Pension Plan (Towboats) was founded on June 1, 1968 as the result of the collective agreement reached between members of the Council of Marine Carriers and the Canadian Merchant Service Guild. A joint board of trustees composed of three management and three union trustees manages the plan. For the purpose of the Canada Revenue Agency (CRA), the Income Tax Act and the regulations, the plan is recognized as a specified multi-employer pension plan (SMEPP). Until December 31, 1998, it had two distinct parts: a defined contribution (DC) or money purchase provision, and a defined benefit (DB) provision. PLAN CONVERSION EFFECTIVE JANUARY 1, 1999 Effective January 1, 1999, the defined benefit (DB) provision of the plan was converted to a defined contribution (DC) arrangement. Consequently, the plan is recognized as a defined contribution or money purchase plan. Members who had a vested entitlement under the defined benefit provision of the plan as of December 31, 1998, were given two options: Option A, converting the portion of their pension benefit earned from employer contributions to a money purchase arrangement effective January 1, 1999; or Option B, securing the employer funded benefit by authorizing the purchase of an immediate or deferred annuity equal in value to the entitlement promised to them prior to the conversion of the pension plan. The commuted value of each member s vested benefit calculated as of January 1, 1999 was deposited to the account of each member who chose Option A. The commuted value was based on the amount of pension payable to the member at his retirement date that would produce the highest present value determined in accordance with the Recommendations for the Computation of 5

6 Canadian Merchant Service Guild Transfer Values for Registered Pension Plans, issued by the Canadian Institute of Actuaries. The value credited to a member s account, however, could not exceed the prescribed amount as defined under subsection 8517 (1) of the Income Tax Act. Your opening account balance can be referenced under the heading pension account balance found on page 10 of this booklet. Both the employer s and your contributions are accumulated in a defined contribution account to which investment earnings are credited at the end of the fiscal year, based on the performance of the investments. In other words, a member s account will be credited with interest, gains and losses as can reasonably be attributed to the operation of the fund. At retirement, the amount of money in your account is used to either purchase a life annuity or a life income fund (LIF) of your choice from the financial institution offering the most competitive rates. Your plan has to conform to the Canada Revenue Agency regulations and the federal Pension Benefits Standards Act. These laws and regulations directly affect the assets in which the fund invests and type of benefit the plan can pay out. 6

7 Western Branch Pension Plan Towboats Personal information Name: SIN: Date of birth: Beneficiary: (Name) (SIN) (DOB) (Beneficiary) Spouse: (Name 2) Spouse s SIN: (SIN 2) Spouse s date of birth: (DOB 2) If your personal information is incomplete, or where personal figures regarding your benefits cannot be calculated, the corresponding field will show N/A. It is important to update any missing or incorrect information on your file. Simply contact the plan administrator, Coughlin & Associates Ltd., as indicated on the last page of this booklet. RESPECTING YOUR PERSONAL INFORMATION The administrator of your group pension plan is Coughlin & Associates Ltd. At Coughlin, we recognize and respect every individual s right to privacy. When personal information is provided to us, we establish a confidential file that is kept in the offices of Coughlin, or the offices of an organization authorized by Coughlin. We use the information to administer the group pension plan. We limit access to information in your file to Coughlin staff or persons authorized by Coughlin who require it to perform their duties, to persons to whom you have granted access, and to persons authorized by law. Coughlin uses your Social Insurance Number for the purposes of government reporting, identification and administration of your pension plan. Coughlin may exchange your personal information 7

8 Canadian Merchant Service Guild with the following persons, organizations or parties: financial institutions; government agencies; insurance companies; employers or former employers; your local union, plan trustees, pension advisory committee members, actuaries and auditors. Coughlin may use the personal information on file to provide you with additional information regarding any benefits to which you are entitled. 8

9 Western Branch Pension Plan Towboats Funding REQUIRED MEMBER CONTRIBUTIONS As outlined in the collective agreement between the Guild and certain members of the Council of Marine Carriers, you are required to contribute 7.5 per cent of your basic wages by payroll deduction. If you are party to a different collective agreement, the rate of contribution may differ. Contributions are remitted to the plan on a regular monthly basis. REQUIRED EMPLOYER CONTRIBUTIONS As set out in the collective agreement effective October 1, 2000, your employer(s) is/are required to contribute to the plan an amount equal to 8.5 per cent of your basic wages on a regular monthly basis. One per cent goes toward a disability fund and is not credited to your account (see pages 45-48). The employer contributions made on your behalf are not a taxable benefit to you until you collect a benefit. Employer contributions are included in the pension adjustment (PA) reported on your T4 to the Canada Revenue Agency each year. The one per cent disability contribution should not be included in the PA. ADDITIONAL (MEMBER)VOLUNTARY CONTRIBUTIONS (AVC) If you wish, you may make additional voluntary contributions (AVCs) to the plan by completing the appropriate application. The total additional amount that you may contribute to this plan and/or any RRSP is determined by tax rules that became effective in If you plan to make AVCs, it is your responsibility to ensure that you are familiar with the applicable legislation. If you are not sure, consult a tax adviser. To qualify as pension plan contributions, contributions must be made before December 31 of each year. 9

10 Canadian Merchant Service Guild CREDITED INVESTMENT EARNINGS The net rate of return credited to your account will take into consideration a portfolio change effective July 1, 2004, if you so elected. The net rate of return earned by the (new merge field 1) fund in 2004 was (new merge field 2). The net rate of return earned by the (merge field 1) fund to June 30, 2004 was (merge field 2) and the net rate of return earned by the (merge field 3) fund from July 1, 2004 to December 31, 2004 was (merge field 4). This rate was applied to your member contributions, employer contributions and additional voluntary contributions as shown below. PENSION ACCOUNT BALANCE Opening account balance (January 1, 2004)...$000,000,000 Member required contributions for $000,000,000 Employer required contributions for $000,000,000 Total contributions for $000,000,000 Investment earnings (loss) for 2004 on required contributions and account balance...$000,000,000 Subtotal...$000,000,000 Opening balance of assets transferred from other plan(s)...$000,000,000 Assets transferred in 2004 from other plan(s)...$000,000,000 Investment earnings (loss) for 2004 on transferred assets...$000,000,000 Subtotal...$000,000,000 10

11 Western Branch Pension Plan Towboats Opening balance of additional voluntary contributions (AVCs)...$000,000,000 AVCs made in $000,000,000 Investment earnings (loss) for 2004 on AVCs...$000,000,000 Subtotal...$000,000,000 Closing account balance (December 31, 2004)...$000,000,000 NOTE: The total contributions received in 2004 do not include the one per cent disability contributions made on your behalf to the disability account. WORK AND CONTRIBUTION HISTORY FOR 2004 The pension plan funding falls under the terms of the collective agreement, which defines the funding requirements. The following table summarizes the contributions received by the administrator on your behalf. It is very important that you verify and reconcile this data immediately. Should there be any discrepancies, please notify the administrator as quickly as possible. 11

12 Canadian Merchant Service Guild Work Month Name of Basic Contributions month processed employer earnings Employer member AVCs YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00,

13 Western Branch Pension Plan Towboats YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, YYYY/MM YYYY/MM XXXXXXXXXXXXXXXXXXXXXXXXX $000, $00, $00, $00, NOTE: Only contributions remitted between February 1 and the year-end closing date (usually January 31 of following year) are listed above. Any current year remittances received after closing will appear in the next booklet. In connection with the annual audit of our records, please review your statement for pensionable earnings. Report contribution inaccuracies directly to our auditors: Bouris Wilson LLP, 1701 Woodward Drive, Ottawa, Ontario, K2C 0R4; Attn. Mr. James C. Dykstra, CA, (fax ; and to the plan administrator, Coughlin & Associates Ltd. 13

14 Canadian Merchant Service Guild Benefits ESTIMATED AND PROJECTED PURCHASING POWER OF DC ACCOUNT The following table identifies the estimated monthly pension that can be provided at age 65, including government programs. It also outlines what can be purchased from member and employer contributions, transfers-in from other plans and AVCs, where applicable. Please refer to the assumptions, indicated by the asterix(s), used to determine the data listed below. Estimate at age 65 At January 1, 2005 Source Estimated monthly pension 1. from pension account balance*... $000,000, from AVCs and investment returns*... $000,000, from funds transferred in from other plans with investment returns*... $000,000,000 Total estimated projected pension available at age $000,000, the present CPP benefit payable at 65 is**... $ the present OAS benefit payable at 65 is**... $ Total available at age $000,000,000 * Using the assumptions that the fund will earn 5.0 per cent per annum from January 1, 2005 until you reach age 65 and a joint and last survivor annuity is purchased, reducing to 60 per cent with a five-year guarantee when the interest rate is 5.5 per cent. ** Assumes you are eligible for the maximum benefit provided by government-sponsored programs (CPP & OAS). 14

15 Western Branch Pension Plan Towboats Based on the above assumptions, if you wish to retire at age N/A, the following table illustrates the estimated monthly pension that can be provided based on the earnings to date from government programs as well as purchases from member and employer contributions, transfers-in from other plans and AVCs, where applicable. Please refer to the assumptions used in determining these figures. Estimate at age N/A At January 1, 2005 Source Estimated monthly pension 1. from pension account balance*... $000,000, from AVCs and investment returns*... $000,000, from funds transferred in from other plans with investment returns*... $000,000,000 Total estimated projected pension available at age N/A... $000,000, the present CPP benefit payable at N/A is**... $ the present OAS benefit is not payable before N/A Total available at age N/A... $000,000,000 * Using the assumptions that the fund earns 5.0 per cent per annum from January 1, 2005 until you reach age N/A and a joint and last survivor annuity is purchased, reducing to 60 per cent with a five-year guarantee when the interest rate is 5.5 per cent. ** Assumes the early retirement reduction factor for CPP remains at six per cent per year of early retirement. 15

16 Canadian Merchant Service Guild If you wish to retire at age N/A, the following table, based on the above assumptions, illustrates the estimated monthly pension that can be provided based on the earnings to date from government programs as well as purchases from member and employer contributions, transfers-in from other plans and AVCs, where applicable. Please refer to the assumptions used in determining these figures. Estimate at age N/A At January 1, 2005 Source Estimated monthly pension 1. from pension account balance*... $000,000, from AVCs and investment returns*... $000,000, from funds transferred in from other plans with investment returns*... $000,000,000 Total estimated projected pension available at age N/A... $000,000, the present CPP benefit payable at N/A is**... N/A 5. the present OAS benefit is not payable before N/A Total available at age N/A... $000,000,000 * Using the assumptions that the fund earns 5.0 per cent per annum from January 1, 2005 until you reach age N/A and a joint and last survivor annuity is purchased, reducing to 60 per cent with a five-year guarantee when the interest rate is 5.5 per cent. ** CPP is not available before age

17 Western Branch Pension Plan Towboats WHAT ARE THE BENEFIT ENTITLEMENTS IF YOU DIE PRIOR TO RETIREMENT? Had you died on December 31, 2004, your benefits would have been payable as follows: Where death occurs before retirement: a) the pension account balance with investment earnings... $000,000,000 b) the value of funds transferred from other plans with investment earnings... $000,000,000 c) the additional voluntary contributions with investment earnings... $000,000,000 Death benefit value... $000,000,000 If you do not have a spouse, your beneficiary or estate will receive a lump sum refund of the death benefit, less applicable taxes. If you have a spouse at the time of your death, your spouse will receive the amount accumulated in your pension account and any accrued investment earnings as a death benefit. The spouse may transfer the death benefit to a locked-in registered retirement savings plan (LIRRSP) or purchase an immediate or deferred life annuity or life income fund from an insurance company. 17

18 Canadian Merchant Service Guild RUSSELL LIFEPOINTS BALANCED PORTFOLIOS AND TD LANCASTER SHORT-TERM INVESTMENT FUND (STIF) Performance to December 31, 2004 GROSS ANNUALIZED 1 year 2 year 3 year 4 year 5 year STIF Balanced Income Portfolio* Balanced Growth Portfolio* Long-Term Growth Portfolio* GROSS ANNUAL STIF Balanced Income Portfolio* Balanced Growth Portfolio* Long-Term Growth Portfolio* Note: All reported rates of return and net asset unit values are expressed in Canadian dollar terms and are gross of management fees. Historical returns are for illustration only and are not indicative of future performance. The indicated rates of return are historical annual compounded total returns including changes in unit values and reinvestment of all distributions and do not take into account investment advisory fees, account sales, redemption, distribution or optional charges payable by any securityholder which would have reduced returns. * The performance history of the LifePoints Funds is based on the actual performance of the underlying investments of the Russell Group of Funds. As of March 1/98, performance of these funds is based on actual fund unit prices. Copyright Frank Russell Canada Limited

19 Western Branch Pension Plan Towboats 2004 financial statement The following information has been taken from the 2004 auditor s report. CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (TOWBOATS) Statement of changes in net assets available for benefits for the year ended December 31, 2004 Increase in assets Investment income Income from managed portfolio $572,946 $797,413 Interest income on current account 32,635 50,687 Net income on security transactions 4,434,568 3,697,709 Increase (decrease) in market value 5,649,450 7,991,883 Contributions Mandatory-employers 2,794,705 2,770,431 Mandatory-members 2,790,976 2,753,536 Disability 264, ,809 Voluntary 94,433 64,715 Transfer in 0 198,765 Total increase in assets $16,634,625 $18,554,948 19

20 Canadian Merchant Service Guild Decrease in assets Plan operation Administrative expenses $315,130 $311,865 Investment management fees 381, ,718 Benefits and refunds paid Purchase of retirement annuities 204, ,520 Death benefits 1,487,027 1,386,526 Refunds on termination and retirement 9,269,549 8,217,645 Total decrease in assets $11,658,140 $10,457,274 Increase (decrease) in net assets $4,976,485 $8,097,674 Net assets available for benefits at start of year 130,551, ,153,428 Transfer from contingency reserve 187, ,000 Net assets available for benefits at end of year $135,714,835 $130,551,102 20

21 Western Branch Pension Plan Towboats Your personal estate checklist IMPORTANT ACTIONS TO TAKE NOW 1. Draw up a will, if you have not already done so. Without a will, payments from your estate may be delayed and your intentions regarding the distribution of your estate may not be followed. Review your will and/or legal documents once a year for: changes in beneficiaries resulting from birth, death, marriage, etc.; changes in your financial situation resulting from maturity of children, illness, significant changes in assets, etc.; changes in federal or provincial tax, probate or property law that may affect your will; and changes in executors, trustees, and guardians for your children. 2. Review your insurance program to ensure it meets your present needs. 3. Verify the beneficiaries that you have named for your pension and insurance benefits. If you would like to change your beneficiaries, or name a beneficiary where you have none on record, complete a new beneficiary designation form available from the plan administrator. If you wish to designate someone other than your legal spouse, a spousal waiver must be signed and notarized. Refer to page Record your private financial matters on the following page: 21

22 Canadian Merchant Service Guild LOCATION OF IMPORTANT DOCUMENTS WILL My will is located at My executor is My lawyer is PERSONAL LIFE INSURANCE POLICIES Company Beneficiary Amount Bank accounts Bank Branch Account no. REGISTERED RETIREMENT SAVINGS PLANS Company Branch Account no. 22

23 Western Branch Pension Plan Towboats SAFETY DEPOSIT BOX Bank Branch Box no. OTHER IMPORTANT DOCUMENTS Mortgage Birth certificate Marriage certificate Passport 23

24 Canadian Merchant Service Guild PERSONAL ESTATE CHECKLIST 24

25 Western Branch Pension Plan Towboats An explanation of your pension plan FOREWORD This section is intended to be a factual, concise explanation of the major terms of your pension plan. Whether you are a new employee or one who has been a member of the plan for some time, you have an interest in the benefits that the plan provides and in the contributions that you and your employer make to fund these benefits. There are many areas where you will be required to make decisions that will eventually affect your benefits and those of your family. A careful study of this booklet will help you make the choices appropriate to meet your personal circumstances. The information contained in this booklet is correct and up to date as of December 31, Any future changes that may affect your benefits will be communicated to you. This booklet is not a legal document. If there is any conflict between it and the formal text of the pension plan, then the wording of the formal text will apply. MEMBERSHIP IN THE PLAN If you are a member of the Canadian Merchant Service Guild and employed by a company that is a signatory to a collective agreement between the Guild and the Council of Marine Carriers and/or other participating companies, you are required to participate in the plan. 25

26 Canadian Merchant Service Guild ENROLMENT CARD You must complete an enrolment card and submit it to the plan administrator. Enrolment cards may be obtained from your employer, the Guild or the plan administrator. To ensure accurate and efficient administration of your pension funds, all the information requested on the card must be provided. BENEFICIARY The enrolment card allows you to designate a beneficiary of your pension benefits. According to the federal Pension Benefits Standards Act 1985, if you have a spouse, either legal or commonlaw, he/she will automatically be the beneficiary of your pension benefits. A spouse may continue to retain certain rights to your pension benefits despite a breakdown in your marriage or common-law relationship. If you do not have a spouse at the time of your death, your named beneficiary or estate will be entitled to a refund of the accrued benefit. A designation or change of beneficiary must always be provided in writing to the administrator. The request must be dated and signed. FUNDING Required member contributions Please refer to page 9 for details. Required employer contributions Please refer to page 9 for details. Additional voluntary contributions (AVCs) Please refer to page 9 for details. 26

27 Western Branch Pension Plan Towboats PENSION BENEFITS FROM YOUR REQUIRED CONTRIBUTIONS AND THOSE OF YOUR EMPLOYER Upon your retirement, at or after age 50, your total contributions with investment earnings may be used to purchase a life annuity or a life income fund (LIF). The amount of pension that can be provided to you will depend on your age, the investment earnings of the fund and the interest rates prevailing at the time of your retirement. Pension examples are given on page 33 & 77 of this booklet. You may also transfer the total of your account with investment earnings to a locked-in registered retirement savings plan (LIRRSP). PENSION BENEFITS FROM ADDITIONAL VOLUNTARY CONTRIBUTIONS Upon your retirement, the total amount of your additional voluntary contributions with investment earnings may be used to purchase a life annuity or LIF for you. Alternatively, you can elect to have the total sum transferred to your own RRSP, or receive a cash refund with investment earnings, less withholding tax. 27

28 Canadian Merchant Service Guild Retirement dates You should notify the administrator at least two months prior to the effective date of your retirement. The administrator will send the appropriate forms for completion and will outline your retirement options. Retirement options will be provided no more than once in any six-month interval. To receive your pension benefits, you must complete the retirement application. You must also supply proof of age (a birth certificate, baptismal certificate or other acceptable evidence of age) and marriage certificate if the pension elected extends benefits to your spouse. An important note: to qualify for retirement benefits, the administrator must be in receipt of a letter from your most recent employer stating that you are retiring and have relinquished your seniority. Retirement benefits may not be paid until all employer contributions, including those payable on lay days, have been paid and received by the administrator. As per the collective agreement, employers are not obligated to remit contributions until the end of the month following the last month worked. Therefore, lay days and the final employer remittance may result in the first pension payment being delayed beyond your last day worked. INDIVIDUAL FINANCIAL SERVICES The administrator has an individual financial consultant on staff who is available to assist you. There is no consultation fee. You may contact the administrator to arrange an appointment to discuss your retirement, financial planning, estate planning, investments, life insurance and other financial matters. 28

29 Western Branch Pension Plan Towboats In order to allow sufficient time for a proper consultation and thorough planning, it is recommended that you arrange to discuss your pre-retirement planning and investment strategies at least three to five years prior to your anticipated retirement date. You should also schedule a visit with your financial advisor six months prior to your effective date of retirement or when your financial, marital or employment situation changes. Sessions are scheduled every quarter. NORMAL RETIREMENT DATE The normal retirement date of the plan is the first day of the month coinciding with or following your 60th birthday. CONTINUED EMPLOYMENT AFTER AGE 60 You may continue to contribute to the plan if you continue to be employed under the terms of the collective agreement after age 60. At retirement, your pension will be calculated in the same way as if you were retiring at age 60. The latest date at which your pension must commence is the end of the year in which you attain age 69. (See Postponed Retirement Date on the next page). EARLY RETIREMENT DATE You may retire earlier than age 60. An earlier retirement may be taken as early as of the first day of any month coinciding with or following your attainment of age 50. Early retirement will impact the amount of pension you will receive. PENSION FROM YOUR OWN CONTRIBUTIONS AND THOSE OF YOUR EMPLOYER The amount of pension you receive will be that which your pension account earnings can purchase for you from the most competitive federally licensed financial institution at the time you retire. Given that benefits are paid for life, and have to be paid over 29

30 Canadian Merchant Service Guild a longer period of time, your monthly benefit will be reduced by early retirement. Pensions payable on early retirement are subject to the same conditions governing the availability of optional forms of pensions as those payable on normal retirement. POSTPONED RETIREMENT DATE You may postpone your retirement date beyond age 60. However, the Canada Revenue Agency requires that all pensions commence payment by the end of the calendar year in which you attain age 69. A member who defers application for retirement benefits beyond the normal retirement date of age 60 will be entitled to the purchasing power of his pension account balance. In the event that you make application for your pension beyond the normal retirement date, your pension will not commence retroactively to your normal retirement date. Your pension will begin no earlier than the first of the month in which the necessary forms and supporting documents are completed and delivered to the administrator. RETURNING TO WORK AFTER YOU BEGIN RECEIVING A PENSION If you retire and begin drawing a pension or you transfer the assets to a locked-in registered retirement savings plan and subsequently return to work for a participating employer of the CMSG Western Branch Pension Plan (Towboats), a new account will be established in your name. Contributions made on your behalf after your retirement will be immediately vested and subject to the terms applicable to transfer/portability options set out by the plan text for pre-retirement contributions. Once you retire permanently, you may apply to receive the additional benefits that may be purchased with your accumulated pension account balance. 30

31 Western Branch Pension Plan Towboats INTEREST CREDIT POLICY AT RETIREMENT The funds are invested in the financial markets, which fluctuate daily. The value of your pension account balance will be calculated at retirement once the plan administrator has received all contributions leading up to your effective retirement date. The administrator maintains a unitization model which is updated monthly when all accounting and financial information is available from the various sources. Currently, it takes from one to two weeks from month-end to receive all information necessary to calculate the net investment earnings. For example, November s net investment return is available in early December. Retirees will be credited with net investment earnings or losses based on the most recent declared monthly unitization rate pro-rated to the date funds are paid out of the pension plan. For example, when the November unitization rate is declared on December 10th and funds are available to be paid on or after December 10th, but before the next month s unitization is declared, the interest calculation will be based on the year-to-date November 30th unitization rate, pro-rated to the date the funds are paid out of the plan. 31

32 Canadian Merchant Service Guild Example: Pension was purchased on December 10th. November unitization rate was declared on December 10th. November year-to-date net investment return was seven per cent for portfolio A. Interest factor used to calculate interest rate to December 10th of current year would be determined as follows: Same investment portfolio all year 7% x 365 DAYS X 344 DAYS = 7.2% 334 DAYS 365 DAYS If you submitted an election form to change portfolio mid-year (July 1st), interest will be calculated on the estimated rate of return of your portfolio from January 1st to June 30th. The remainder of the interest will be calculated using the estimated rate of return of the new portfolio for the balance of the calendar year. Change of portfolio mid-year - July 1st Year-to-date net investment return at June 30th was four per cent for portfolio A and year-to-date net investment return at November 30th was five per cent for portfolio B. Interest rate for portfolio A January 1st to June 30th 4% x 365 DAYS x 181 DAYS = 4.0% 181 DAYS 365 DAYS Interest rate for portfolio B July 1st to December 10th 5% x 365 DAYS x 163 DAYS = 2.4% 334 DAYS 365 DAYS 32

33 Western Branch Pension Plan Towboats Forms of pension HOW YOUR PENSION WILL BE PAID Federal pension legislation has a direct effect on how your pension is paid to you. If you have a spouse at the time of your retirement, you must choose a form of pension that will continue to be paid to him/her in the event that you die first. This is called the mandatory form of pension (see exceptions in Section B. on this page). If you do not have a spouse, your pension will be paid to you in one of the optional forms described below. A. NORMAL FORM OF PENSION Monthly pension benefits will be payable commencing on your retirement date. The pension consists of a joint and last survivor annuity reducing to 60 per cent on the death of the member and features a guarantee period of five years. Under this form of payment, you will receive a monthly income as long as you live. Should you predecease your spouse, the payments will continue to him/her at the full amount until the end of the guarantee period, at which time, they will reduce to 60 per cent and continue for the spouse s lifetime. When both you and your spouse are deceased, payments cease. In the event that both you and your spouse die within the five-year guarantee period, the payments will continue to your designated beneficiary or estate until the end of the guarantee period. B. MANDATORY FORM OF PENSION The federal Pension Benefits Standards Act requires that members with a spouse receive a pension in a form that will continue at a chosen percentage for the spouse s lifetime on the member s death. 33

34 Canadian Merchant Service Guild The law requires that, if you have a spouse, you must take a reduced pension that will continue at a minimum level of 60 per cent on the death of either you or your spouse. If you wish, you can provide a pension income greater than 60 per cent to your spouse (payments of up to 100 per cent are possible), but you cannot provide less. The only exceptions to this rule are: 1. if you do not have a spouse; or 2. your spouse agrees to waive his or her rights to a survivor pension. This can only be done by your spouse completing a special spousal waiver form that is available from the plan administrator. All spousal waivers must be notarized and bear an official seal. Please refer to page 75 for more information Definition of spouse For the purposes of the plan, a spouse means a person to whom you are legally married, or if you are not legally married, a common-law spouse means a person who has lived with you for at least one year and whom you have publicly represented as being your spouse. C. OTHER OPTIONAL FORMS OF PENSION In cases where the mandatory form of pension does not apply, the plan provides for other optional forms of pension. These include either a life annuity or a life income fund (LIF): Life annuities 1. Single life annuity with no guaranteed period Under this form of payment, you will receive a monthly income for as long as you live. The monthly income will cease upon your death. No death benefits are payable to a spouse, beneficiary or estate. This arrangement may suit you if you are single and have no dependants to support. 34

35 Western Branch Pension Plan Towboats 2. Single life annuity with a minimum guaranteed period This form of pension pays a monthly income for as long as you live. Should you die before a specified number of payments have been made (usually five, 10 or 15 years), the balance of the payments will continue to a named beneficiary or to your estate. Since there is a guarantee that payments will be made for a specified period, the amount of pension income you will receive is less than the life annuity only option. Example: If you choose a life annuity with a 10-year guarantee, you will receive a monthly payment as long as you live, with the provision that if you were to die before receiving 120 monthly payments, your named beneficiary or estate will continue to receive the balance of your monthly payments until a total of 120 payments have been made. As an alternative to the continuation of monthly instalments, the present value of the remaining payments may be paid in a lump sum. Once this provision has been met, no further payment will be made. 3. Joint and last survivor annuity Under this arrangement, you will receive a monthly income as long as you live. Should you predecease the joint annuitant (your spouse), payments will continue to your spouse at the chosen percentage for the spouse s lifetime. When both you and your spouse are deceased, payments cease. Your plan will offer a variety of survivor benefits. The most common are 50, 60, 66 2/3, 75 or 100 per cent of the amount payable immediately prior to your death. 4. Joint and last survivor annuity with a guaranteed payment period Under this form of payment, you will receive a monthly income as long as you live. Should you predecease your 35

36 Canadian Merchant Service Guild spouse, payments will continue to your spouse at the full amount until the end of the chosen guarantee period, at which time, they will reduce based on the level of survivor benefit chosen and continue for the spouse s lifetime. When both you and your spouse are deceased, payments cease. In the event that both you and your spouse die within the guarantee period, the payments will continue to your designated beneficiary or estate until the end of the chosen guarantee period. As there is a provision for payments to continue to a joint survivor for life as well, the amount of pension income you will receive under Option 3 or 4 is less than the single life annuity with or without a guarantee period. This type of annuity can help married couples with their retirement planning. Life income fund (LIF) A LIF is an alternative to a life annuity. LIFs provide increased flexibility by enabling individuals to defer the purchase of an annuity to the end of the year in which they turn 80 years of age. The 2005 Federal Budget proposes to eliminate the requirement to convert federally regulated pension funds held in a LIF to an annuity at age 80. These changes will be reflected in next year s booklet. While in the LIF, locked-in monies provide an adjustable flow of retirement income within a specified range of minimum or maximum withdrawals. At the same time, control over the balance of the locked-in capital and its investment is retained by the purchaser. Plus, investment earnings continue to accrue on a taxsheltered basis. In essence, the LIF is like a bank account for the time between your retirement age and the end of the year in which you turn age 80. You must draw an income from this account within the prescribed minimum and maximum payment levels. At no time can you cash-in your account. 36

37 Western Branch Pension Plan Towboats One advantage of the LIF is that you may time the purchase of the annuity. Your purchasing power can be greatly affected by the interest rates in effect on the date of purchase. A LIF offers the potential for you to wait for a peak in interest rates while still earning a retirement income. At death, the surviving spouse is automatically entitled to the balance in the LIF contract. The funds retain their locked-in status and may be used to purchase a life annuity, be transferred to another LIF or transferred to a locked-in registered retirement savings plan (LIRRSP). If you do not have a spouse and die prior to purchasing an annuity, the remaining principal in the LIF is refunded to your named beneficiary or estate, less the applicable taxes. WHAT IS THE MINIMUM WITHDRAWAL FORMULA? The minimum withdrawal formula is calculated by dividing the balance in the LIF at January 1 of each year by 90, less the planholder s age on the same date. Minimum withdrawal formula: Amount in LIF at start of year 90 - Planholder s age at start of year = minimum dollar withdrawal in year WHAT IS THE MAXIMUM WITHDRAWAL FORMULA? Regulations permit cash withdrawals up to the maximum during the initial fiscal year of a LIF, provided the planholder is 50 years of age and the transfer has not been made from another LIF. In the initial year, the maximum is pro-rated based on the number of months the fund has been in existence. 37

38 Canadian Merchant Service Guild The maximum withdrawal formula is designed to ensure that sufficient money remains in the LIF to purchase a life annuity at age 80. The interest rate used to calculate the maximum annual withdrawal may be determined by: 1. using an interest rate not to exceed six per cent for all years; or 2. using an interest rate that is not higher than the prescribed rate (published in the Bank of Canada Review under identification number CANSIM V122487, formerly B14013) for the first 15 years and a rate that does not exceed six per cent for the remaining years. The interest rate chosen will ultimately affect the balance in the fund that is available for the purchase of a life annuity. A lower interest rate results in a lower maximum annual withdrawal amount. As a consequence, the balance available to purchase an annuity at age 80 may be higher. It should be noted that this interest factor has no connection to the interest rate generated by the investments supporting the LIF. The investment options available in a LIF provide the potential for an increase or reduction in future income. As a result, the maximum amount available to be withdrawn will change every year. Maximum withdrawal formula: Amount in LIF at start of year Present value of payments of $1 per year to end at age 90 = maximum dollar withdrawal in year 38

39 Western Branch Pension Plan Towboats The following table shows the minimum and maximum percentage of the LIF balance at start of the year, which must be withdrawn annually. The minimum withdrawal rates expressed as a percentage of the LIF balance (as per the table) are fixed. The dollar amount of the withdrawal must be calculated yearly based on this fixed percentage. The maximum annual withdrawal at each age must be recalculated on January 1 of each fiscal year. The dollar amount of the withdrawal must be calculated yearly based on the applicable percentage for that year. Minimum withdrawal Maximum withdrawal Age at as a percentage as a percentage start of the LIF balance of the LIF balance of year at start of the year at start of the year % 5.67% % 5.71% % 5.76% % 5.80% % 5.85% % 5.90% % 5.96% % 6.02% % 6.08% % 6.16% 60* 3.33% 6.24% % 6.32% % 6.42% % 6.52% % 6.63% % 6.75% % 6.89% % 7.04% % 7.20% 39

40 Canadian Merchant Service Guild Minimum withdrawal Maximum withdrawal Age at as a percentage as a percentage start of the LIF balance of the LIF balance of year at start of the year at start of the year % 7.39% % 7.59% % 7.82% % 8.08% % 8.38% % 8.72% % 9.11% % 9.55% % 10.07% % 10.68% % 11.40% * For example, the minimum annual withdrawal at the start of the year for a person aged 60 whose LIF has a balance of $200,000 is: $200,000 x 3.33 per cent = $6,660 (the minimum withdrawal for the fiscal year). In the first year of the LIF, the minimum withdrawal amount is zero. The planholder must begin receiving annual payments at least equal to the minimum before the end of the second year. If the planholder does not initiate the withdrawal, the carrier must make the payment to the planholder. NOTE: The preceding table is based on the CANSIM V122487, formerly B14013 interest rate (November 2004 of 4.87 per cent for the first 15 years following January 1, 2005 and 6.0 per cent thereafter. The CANSIM V is the Government of Canada marketable bonds, average yield for maturities over 10 years. This is a monthly rate published by the Bank of Canada. This is the approved rate used in the calculation of the maximum withdrawal as a percentage of the LIF balance at the start of the year. 40

41 Western Branch Pension Plan Towboats * For example, the maximum annual withdrawal for a person aged 60 whose LIF has a balance of $200,000 is as follows: $200,000 x 6.24 per cent = $12,480 (the maximum withdrawal for the fiscal year) WHAT HAPPENS IF THE LIF PLANHOLDER DIES BEFORE A LIFE ANNUITY HAS BEEN PURCHASED? If the planholder dies before a life annuity has been purchased, the planholder s spouse or, if there is no spouse, another named beneficiary or the estate, is entitled to receive a benefit equal to the balance in the fund. A spouse who is not living separate and apart from the owner of the LIF at the owner s date of death will be entitled to receive a death benefit equal to the balance of the LIF. The balance of the LIF can either be used to acquire an immediate or deferred life annuity, be transferred to another LIF, or transferred to a locked-in registered retirement savings plan. 41

42 Canadian Merchant Service Guild Benefits on termination of plan membership You are entitled to receive a termination benefit 18 months after you have terminated your employment in the towboat industry. 1. TERMINATION BEFORE COMPLETION OF TWO YEARS OF PLAN MEMBERSHIP If you have less than two years of membership at the time you leave the plan, you will be entitled to a refund of all your required and additional voluntary plan contributions together with the credited investment earnings (loss) to the date of your termination from the plan. 2. TERMINATION AFTER TWO YEARS OF PLAN MEMBERSHIP If you have more than two years of plan membership, you are not permitted to receive any refund of your required contributions in cash. However, you will receive a pension at age 60 or earlier based on your contributions and those of your employer. You have the choice of: transferring your accumulated member and employer contributions with investment earnings (loss) to a lockedin registered retirement savings plan (LIRRSP) or life income fund; transferring them to another registered pension plan; or establishing a deferred annuity or life income fund in your name. 42

43 Western Branch Pension Plan Towboats Additional voluntary contributions may be refunded in cash or transferred to an RRSP at any time. A former plan member who is entitled to receive a deferred life annuity commencing at or after age 50 can apply to have his/ her accumulated member and employer contributions with investment earnings (loss) transferred to a locked-in registered retirement savings plan (LIRRSP) once he/she has satisfied the required waiting period. Within 30 days following receipt of notification of his termination of plan membership, the plan administrator will provide a former plan member with a written statement outlining the benefits to which he/she is entitled under the terms of the plan. The 18-month waiting period has been extended to all members over age 50 who wish to transfer their pension benefits to a LIRRSP or a LIF. To waive the 18-month waiting period, active members may submit proof of termination of employment to the plan administrator. A letter from the member s employer is required. It must provide the termination or retirement date and confirm that the termination or resignation has resulted in a loss of seniority and all benefits. It must also confirm that all pension contributions, including those payable on lay days, have been remitted to the plan. The 18-month waiting period is automatically waived for disabled members wishing to retire. INTEREST CREDIT POLICY ON TERMINATION Please refer to page 31, Interest Credit Policy at Retirement. The same methodology applies. 43

44 Canadian Merchant Service Guild Death benefits BENEFITS IN THE EVENT OF DEATH PRIOR TO RETIREMENT Amount of death benefit The death benefit payable in the event of your death shall be the sum of your required member and employer contributions and any additional voluntary contributions credited with investment earnings. Death prior to retirement If you have a spouse at the time of your death, then (s)he will receive a pension commencing on or before his/her 60th birthday. The spouse may elect to transfer the death benefit to a LIRRSP, a LIF, or request the purchase of an immediate or deferred annuity on his/her behalf. In the absence of a spouse, the death benefit will be payable as a lump sum cash settlement, less applicable taxes, to your designated beneficiary or your estate. Interest credit policy at death Please refer to page 31, Interest Credit Policy at Retirement. The same methodology applies. 44

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