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Payment of Retirement Income

Your pension will be paid monthly for as long as you live regardless of any optional form of retirement benefit you may have chosen.

Your Retirement Income

When you retire on your Normal Retirement Date, which is the first day of the month coinciding with or next following your 65th birthday you will receive a monthly retirement benefit equal to the following:

(a) With respect to those who were Members of the Teamsters and Toronto & Vicinity Ready-Mix Producers’ Pension Plan as at December 31, 1997

(i) $43.80 per month for each twelve months of Credited Service from January 1, 1975 to December 31, 1997, plus

(b) With respect to those who were Members of the Teamsters and Ottawa & Vicinity Ready-Mix Producers’ Pension Plan as at December 31, 1997

(i) $20.00 per month for each twelve months of Credited Service from June 1, 1989 to December 31, 1990, plus

(ii) $30.00 per month for each twelve months of Credited Service from January 1, 1991 to December 31, 1997, plus

(c) With respect to all Members on or after January 1, 1998

(i) $16.00 per month for each $1,000 of contributions made on your behalf on or after January 1, 1998 and prior to January 1, 2013, plus

(ii) $11 per month for each $1,000 of contributions made on your behalf on or after January 1, 2013 and prior to January 1, 2015, plus

(iii) $12 per month for each $1,000 of contributions made on your behalf on or after January 1, 2015

As each Member’s age and service are quite different, we have not included examples of benefits on this website. However, each year you will receive a statement, which details your entitlement under the Plan.

In addition to your retirement income from this Plan you may also be eligible for benefits from the Canada Pension Plan and the Old Age Security Act. These benefits are described briefly by following this link.